http://worldcat.org/entity/work/id/991238

Rules-based fiscal policy in emerging markets background, analysis and prospects

Inspired by the experience of some advanced economies and to enhance creditworthiness, recently a number of emerging market economies adopted rules limiting government deficits, expenditures, or indebtedness. The volume consists of 15 chapters - written by distinguished policy analysts and academicians - that focus on the potential usefulness of fiscal rules for these economies and highlight their brief experience with rules. Grouped under three parts, all chapters have a practical orientation, though with conceptual grounding. The first part sets the stage for the rest of the volume with an analysis of fiscal policy under large macroeconomic volatility and high capital mobility, with close attention to political determinants. The second part examines design options at the national level, including on the basis of experience in Brazil, Mexico, Venezuela and Central Europe. The third part is devoted to design issues at the subnational level, focusing mainly on Argentina and India. In each part, lessons from advanced economies are discussed.

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