Fiscal rules have gained popularity as tools to strengthen debt sustainability by constraining policy discretion … debt stabilization. International experience and empirical evidence regarding the working of fiscal rules suggest that … fiscal rule performance. In addition, fiscal rules should be complemented with credible medium-term fiscal frameworks and …

. Along this trend, interest payments increased even in the presence of active fiscal rules in some countries. How should debt …

. At the same time, they may impair fiscal transparency and offer politicians discretion in the presence of strict fiscal … rules if these only constrain the core udget. Using a comprehensive micro-data set of German SOEs, this paper studies a …

Fiscal rules are a frequent policy measure to restrict deficit-taking among incumbent politicians. In times of … structural transformation, fiscal rules have become subject to criticism for undermining public investments. We review 20 … existing empirical studies examining the impact of numerical fiscal rules on public investments. We also discuss whether more …

emerging countries, with a specific focus on Latin America and the Caribbean, a region where fiscal rules have become … 2000 and 2020, we first document that complying with fiscal rules makes a difference: countries that comply with their … fiscal rules show, on average, lower sovereign bond spreads, higher credit ratings, and lower probability of public debt …

This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands … on subnational fiscal rules is still evolving, including their effectiveness (for example, Heinemann, Moessinger, and … sections. The first section defines fiscal rules. The second section discusses the rationale for subnational rules. The third …