Should Advanced Countries Adopt a Fiscal Responsibility Law?

Fiscal Responsibility Laws (FRLs) appear to be more popular in middle-income countries than advanced countries, even though their success is limited. The reasons why few advanced countries have a FRL include: the existing legal framework for the budget system is adequate; supranational rules and political agreements in EU countries; failed attempts to include quantitative fiscal rules in laws; lack of consensus or interest in attaining the goals of FRL-type legislation; and lack of need for a law to regulate fiscal transparency, accountability and macro-fiscal stabilization. Without commitment to fiscal discipline, adoption of a FRL may not contribute to attaining fiscal consolidation goals.
Publication date: November 2010
ISBN: 9781455209545
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Economics- Macroeconomics , Public Finance , accountability , law , budget , fiscal policy , fiscal rules , fiscal stability , Fiscal Policies and Behavior of Economic Agents: General , National Government Expenditures and Related Policies: General , National Deficit Surplus , National Budget , Deficit , and Debt: Other

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