Evaluating Designs for a Fiscal Rule in Bulgaria [electronic resource] Andritzky, Jochen R..
- Washington, D.C. : International Monetary Fund, 2011.
- IMF eLibrary
IMF Working Papers; Working Paper No. 11/272.
IMF Working Papers; Working Paper No. 11/272
- Government document
1 online resource (25 p.)
- Local subjects:
- Annual budget.
Fiscal affairs department.
Fiscal responsibility law.
General government expenditure.
Medium-term fiscal framework.
National fiscal rules.
Policy Designs and Consistency.
Prudent fiscal policy.
Public Expenditures, Investment, and Finance.
Public financial management.
Reserve management policy.
- The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria''s organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling.
- Description based on print version record.
- Andritzky, Jochen R.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
|Location||Notes||Your Loan Policy|
|Description||Status||Barcode||Your Loan Policy|