This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142
countries over the period 1985–2015. Our instrumental variable strategy exploits the …

Rather than stabilising aggregate demand, discretionary fiscal policy tends to amplify
cyclical fluctuations of output. The commonly accepted reasons are political economy and …

EU fiscal rules are meant to keep public finances on a sustainable path. This paper presents
a new database that tracks numerical compliance with the four main rules of the Stability and …

Do governments in Latin America tend to be optimistic when preparing budgetary
projections? We address this question by constructing a novel dataset of the authorities' …

We analyze politicians' expectations about future compliance with a fiscal rule, and in
particular the dependence of the expectations on their role in parliament (opposition vs …

The Caucasus and Central Asia (CCA) countries are at an important juncture in their
economic transition. Following significant economic progress during the 2000s, recent …

This study examines the limitations of political equilibrium in fiscal policy formation by short-
sighted governments that represent only the currently living generations, as compared to an …

The post-pandemic economic reality seeks deep economic policies adjustment, including
redesigning fiscal rules. This paper contributes to feeds the debate by investigating the side …

Durante el período 1997-2003, posterior al fortalecimiento de la descentralización, se
implementaron un conjunto de reglas fiscales subnacionales y en los años 2011 y 2021 se …

The 2011 reform of the Stability and Growth Pact (1996) strengthened the European
Commission's monitoring of EU member states' public finance. Failure to comply with the 3 …