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9781403920850

Rules-Based Fiscal Policy in Emerging Markets Background, Analysis and Prospects

by
  • ISBN13:

    9781403920850

  • ISBN10:

    1403920850

  • Format: Hardcover
  • Copyright: 2004-11-27
  • Publisher: Palgrave Macmillan
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Summary

Inspired by the experience of some advanced economies, a number of emerging market economies have recently adopted rules limiting the budget deficit, expenditure level, or indebtedness of the public sector, while others consider them for eventual adoption. This volume brings together policy analysts to discuss the rationale, suitability, and usefulness of fiscal policy rules in emerging market economies. Grouped under three main parts (political economy and macroeconomic setting; design issues at the national level; design issues at the subnational level), the chapters have a practical orientation, based on conceptual grounding.

Author Biography

George Kopits is Assistant Director of the fiscal affairs department at the International Monetary Fund.

Table of Contents

List of Tables vii
List of Figures and Box ix
List of Contributors x
Acknowledgments xi
Foreword xii
1 Overview of Fiscal Policy Rules in Emerging Markets 1(12)
George Kopits
Part I Political Economy and Macroeconomic Setting 13(82)
2 Fiscal Rules from a Political Economy Perspective
15(15)
Allan Drazen
3 Good Credit Ratios, Bad Credit Ratings: The Role of Debt Structure
30(23)
Ricardo Hausmann
4 Can Fiscal Rules Help Reduce Macroeconomic Volatility?
53(13)
Guillermo Perry
5 Fiscal Policy and High Capital Mobility
66(15)
George Kopits
6 Fiscal Institutions versus Political Will
81(16)
Allen Schick
Part II Design Issues at the National Level 95(86)
7 EMU Fiscal Rules: What Can and Cannot be Exported
97(17)
Marco Buti and Gabriele Giudice
8 Fiscal Rules and Debt Sustainability in Brazil
114(17)
Ilan Goldfajn and Eduardo Refinetti Guardia
9 Fiscal Rules in Mexico: Evolution and Prospects
131(15)
Andrés Conesa, Moisés J. Schwartz, Alejandro Somuano, and J. Alfredo Tijerina
10 Fiscal Rules on the Road to an Enlarged European Union
146(18)
Fabrizio Coricelli and Valerio Ercolani
11 Fiscal Rules for Economies with Nonrenewable Resources: Norway and Venezuela
164(17)
Olav Bjerkholt and Irene Niculescu
Part III Design Issues at the Subnational Level 181(69)
12 Subnational Fiscal Rules: A Game Theoretic Approach
183(15)
Miguel Braun and Mariano Tommasi
13 Rules-Based Adjustment in a Highly Decentralized Context: The Case of India
198(21)
Kalpana Kochhar and Catriona Purfeld
14 Fiscal Rules for Subnational Governments: Lessons from the EMU
219(16)
Fabrizio Balassone, Daniele Franco, and Stefania Zotteri
15 Rules for Stabilizing Intergovernmental Transfers in Latin America
235(15)
Christian Y. Gonzalez, David Rosenblatt, and Steven B. Webb
References 250(18)
Author Index 268(3)
Subject Index 271

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