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

Rules-Based Fiscal Policy in Emerging Markets

Background, Analysis and Prospects

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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. FABRIZIO BALASSONE Bank of Italy, Italy OLAV BJERKHOLT University of Oslo, Norway MIGUEL BRAUN University of San Andres, Colombia MARCO BUTI European Commission, International ANDRES CONESA Secretariat of Finance, Mexico FABRIZIO CORICELLI University of Siena, Italy ALLAN DRAZEN Tel Aviv University, Israel VALERIO ERCOLANI University of Siena, Italy DANIELE FRANCO Bank of Italy, Italy GABRIELE GIUDICE European Commission, Italy ILAN GOLDFAJN Central Bank of Brazil, Brazil CHRISTIAN Y. GONZALEZ Georgetown University, USA EDUARDO R. GUARDIA State of Sao Paulo, Brazil RICARDO HAUSMANN Harvard University, USA KALPANA KOCHHAR International Monetary Fund, USA IRENE NICULESCU Central University of Venezuela and Ministry of Finance, Venezuela GUILLERMO PERRY The World Bank, USA CATRIONA PURFIELD International Monetary Fund, USA DAVID ROSENBLATT The World Bank, USA ALLEN SCHICK Brookings Institution and University of Maryland, USA MOISES J. SCHWARTZ Secretariat of Finance, Mexico ALEJANDRO SOMUANO Secretariat of Finance, Mexico J. ALFREDO TIJERINA Secretariat of Finance, Mexico MARIANO TOMMASI University of San Andres, Colombia STEVEN B. WEBB The World Bank, USA STEFANIA ZOTTERI Bank of Italy, Italy

List of Tablesp. vii
List of Figures and Boxp. ix
List of Contributorsp. x
Acknowledgmentsp. xi
Forewordp. xii
Overview of Fiscal Policy Rules in Emerging Marketsp. 1
Political Economy and Macroeconomic Settingp. 13
Fiscal Rules from a Political Economy Perspectivep. 15
Good Credit Ratios, Bad Credit Ratings: The Role of Debt Structurep. 30
Can Fiscal Rules Help Reduce Macroeconomic Volatility?p. 53
Fiscal Policy and High Capital Mobilityp. 66
Fiscal Institutions versus Political Willp. 81
Design Issues at the National Levelp. 95
EMU Fiscal Rules: What Can and Cannot be Exportedp. 97
Fiscal Rules and Debt Sustainability in Brazilp. 114
Fiscal Rules in Mexico: Evolution and Prospectsp. 131
Fiscal Rules on the Road to an Enlarged European Unionp. 146
Fiscal Rules for Economies with Nonrenewable Resources: Norway and Venezuelap. 164
Design Issues at the Subnational Levelp. 181
Subnational Fiscal Rules: A Game Theoretic Approachp. 183
Rules-Based Adjustment in a Highly Decentralized Context: The Case of Indiap. 198
Fiscal Rules for Subnational Governments: Lessons from the EMUp. 219
Rules for Stabilizing Intergovernmental Transfers in Latin Americap. 235
Referencesp. 250
Author Indexp. 268
Subject Indexp. 271
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9781403920850
ISBN-10: 1403920850
Series: Procyclicality of Financial Systems in Asia
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 286
Published: 1st December 2004
Country of Publication: US
Dimensions (cm): 21.59 x 13.97  x 1.91
Weight (kg): 0.49
Edition Number: 1