Fiscal decentralization (FD) and fiscal rules (FR) are institutional mechanisms that have been implemented in increasing number of countries by varying measures. This paper investigates empirically the effect of FR on the effectiveness of FD in achieving fiscal discipline. Panel evidence...

This article extends the model of Von Hagen and Harden that analyzed the impact of fiscal discipline on budgetary outcomes. We modify the model by adding monetary discipline to interact with fiscal discipline in order to analyze the effects of both on budgetary outcomes. The model predicts that...

The outburst of COVID-19 pandemic led to wide ranging social and economic problems to surface around the world since the beginning of 2020. A recently released data by the IMF report fiscal measures that countries adopted to cope with the crisis. Exploiting these novel data, we investigate the...