Policy Instruments for Sound Fiscal Policies PDF ePub eBook

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Policy Instruments for Sound Fiscal Policies free pdf Economic literature has extensively analysed how taxes, government spending and budget balances should be set over the cycle in order to ensure the conduct of an appropriate fiscal policy. However, experience has shown that governments do not always pursue sound and sustainable policies. Rather, they have a tendency to implement pro-cyclical policies, in both good and bad times, while debt ratios have increased in many countries over the past few decades due to protracted budgetary deficits. The causes of this deficit bias and the tendency to conduct pro-cyclical budgetary policies are related to the common pool problem, policy makers' short-term approach, and voters' fiscal illusion. These elements can lead to an inappropriate use of discretionary decision making and time-inconsistent fiscal policies, which is particularly worrisome in the context of EMU due to their potentially adverse spillover effects. Policy makers and academics generally agree that the institutional setting of a country critically determines the quality of economic policy making. In particular, the elements that form domestic fiscal frameworks, namely fiscal rules and institutions and budgetary procedures, are key factors influencing the conduct of budgetary policy and limiting the emergence of a deficit bias and the implementation of pro-cyclical fiscal policies. This book focuses on two of these elements: numerical budgetary rules and independent fiscal institutions. The role of these institutional arrangements in shaping budgetary outcomes as well as some specific country experiences are analyzed and assessed throughout this volume, leading to conclusions on the instrumental character of these devices in promoting sound and sustainable fiscal policy.

About Joaquim Ayuso-I-Casals

JOAQUIM AYUSO-I-CASALS is currently working as an economist and policy analyst in the Directorate-General for Economic and Financial Affaires at the European Commission. He deals with fiscal policy issues in the context of the Economic and Monetary Union and, in particular, with the quality and institutional aspects of public finances. He is a former professor at the University Pompeu Fabra of Barcelona. SERVAAS DEROOSE is Director of the Macroeconomy of the euro area and the Union in the Directorate-General for Economic and Financial Affairs at the European Commission, and a member of the Economic and Financial Committee. He has written numerous articles on different issues, including the Stability and Growth Pact and economic policies in EMU. ELENA FLORES is Director in charge of Economies of Member States in the Directorate-General for Economic and Financial Affairs at the European Commission. She held other important positions in the past in the Commission, such as Head of Units in charge of euro introduction, financial markets developments and public finances, respectively. She was also advisor in the cabinet of the Commissioner responsible for Economic and Financial Affairs (1999-2002). LAURENT MOULIN is a staff member of the European Commission on special leave. He is currently working at the IMF as an Economist in charge of monitoring some IMF Member States' economies. In the Directorate-General for Economic and Financial Affaires at the European Commission, he worked on issues related to the analysis of fiscal policies in the EU, the euro area and the Member States and methodological work on the implementation of the Stability and Growth Pact.

Details Book

Author : Joaquim Ayuso-I-Casals
Publisher : Office for Official Publications of the European Communities
Data Published : 14 October 2009
ISBN : 927909310X
EAN : 9789279093104
Format Book : PDF, Epub, DOCx, TXT
Number of Pages : 400 pages
Age + : 15 years
Language : English
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