Machine generated contents note: List of Tables * List of Figures * Foreword * Acknowledgements * List of Contributors * Introduction--J.Ayuso-i-Casals, S.Deroose, E.Flores& L.Moulin * PART I: FISCAL RULES AND INSTITUTIONS AS USEFUL DEVICES TO ADDRESS THE DEFICIT BIAS * Dealing With the Deficit...

Fiscal rules specify quantitative targets for key budgetary aggregates. In this paper, we review the experience with such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find that the fiscal rule of the 1980s exerted some but not...

Kennedy, Robbins and Delorme examine the importance of fiscal rules in determining budgetary outcomes. After briefly reviewing the rationale for rules, the paper compares the rules introduced in several countries at the national and subnational levels. It notes that while several countries have...

The lack of budget transparency and projections accuracy have been among the determinants of the last four decades high deficit and debt, as the recent 2008-2009 economic crisis has highlighted. In order to improve fiscal policy process and budget transparency, the European Union (EU) stated...

National fiscal frameworks (NFFs) represent a set of domestic arrangements to enhance the predictability and transparency of public finances. This chapter looks into a specific aspect of institutional convergence: the development of NFFs in the EU-11 countries following their EU accession. The...