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...

Cover -- Title Page -- Copyright Page -- Content -- Figures and Tables -- Acknowledgments -- Abbreviations -- Executive Summary -- 1 Background of Results-Based Budget Management -- Introduction -- Goals of Public Financial Management Reform -- Brief History of Budget Reforms -- Sequencing...