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Palgrave Macmillan

Rules-Based Fiscal Policy in Emerging Markets

Background, Analysis and Prospects

  • Book
  • © 2004

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Editors:
  1. George Kopits
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Part of the book series: Procyclicality of Financial Systems in Asia (IMF)

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Table of contents (15 chapters)

  1. Front Matter

    Pages i-xiii
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  2. Overview of Fiscal Policy Rules in Emerging Markets

    1. Overview of Fiscal Policy Rules in Emerging Markets

      • George Kopits
      Pages 1-11

  3. Political Economy and Macroeconomic Setting

    1. Front Matter

      Pages 13-13
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    2. Fiscal Rules from a Political Economy Perspective

      • Allan Drazen
      Pages 15-29

    3. Good Credit Ratios, Bad Credit Ratings: The Role of Debt Structure

      • Ricardo Hausmann
      Pages 30-52

    4. Can Fiscal Rules Help Reduce Macroeconomic Volatility?

      • Guillermo Perry
      Pages 53-65

    5. Fiscal Policy and High Capital Mobility

      • George Kopits
      Pages 66-80

    6. Fiscal Institutions versus Political Will

      • Allen Schick
      Pages 81-94

  4. Design Issues at the National Level

    1. Front Matter

      Pages 95-95
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    2. EMU Fiscal Rules: What Can and Cannot be Exported

      • Marco Buti, Gabriele Giudice
      Pages 97-113

    3. Fiscal Rules and Debt Sustainability in Brazil

      • Ilan Goldfajn, Eduardo Refinetti Guardia
      Pages 114-130

    4. Fiscal Rules in Mexico: Evolution and Prospects

      • Andrés Conesa, Moisés J. Schwartz, Alejandro Somuano, J. Alfredo Tijerina
      Pages 131-145

    5. Fiscal Rules on the Road to an Enlarged European Union

      • Fabrizio Coricelli, Valerio Ercolani
      Pages 146-163

    6. Fiscal Rules for Economies with Nonrenewable Resources: Norway and Venezuela

      • Olav Bjerkholt, Irene Niculescu
      Pages 164-179

  5. Design Issues at the Subnational Level

    1. Front Matter

      Pages 181-181
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    2. Subnational Fiscal Rules: A Game Theoretic Approach

      • Miguel Braun, Mariano Tommasi
      Pages 183-197

    3. Rules-Based Adjustment in a Highly Decentralized Context: The Case of India

      • Kalpana Kochhar, Catriona Purfield
      Pages 198-218

    4. Fiscal Rules for Subnational Governments: Lessons from the EMU

      • Fabrizio Balassone, Daniele Franco, Stefania Zotteri
      Pages 219-234

    5. Rules for Stabilizing Intergovernmental Transfers in Latin America

      • Christian Y. Gonzalez, David Rosenblatt, Steven B. Webb
      Pages 235-249

  6. Back Matter

    Pages 250-286
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Keywords

About this book

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.

About the authors

FABRIZIO BALASSONE Bank of Italy, Italy OLAV BJERKHOLT University of Oslo, Norway MIGUEL BRAUN University of San Andres, Colombia MARCO BUTI European Commission, International ANDRÉS 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 MOISÉS 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

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