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Fiscal rules are a frequent policy measure to restrict deficit-taking among incumbent politicians. In times of increased and sustained investment needs to mitigate the consequences of climate change, and to promote the digital and structural transformation, fiscal rules have become subject to...
Persistent link: https://www.econbiz.de/10014279327
fiscal rules on public investment and public debt sustainability. Our main results are as follows. First, the implementation … fiscal sustainability issues. Nevertheless, our quantitative results are limited to short spans of analysis. With a long …
Persistent link: https://www.econbiz.de/10012587002
We develop a simple two-period principal-agent model in which a present-biased government, the agent, chooses public investment levels given a deficit rule imposed by the principal. The principal sets a deficit cap to curb current debt-financed consumption. In doing so, it also reduces long-term...
Persistent link: https://www.econbiz.de/10015190377
Uncertainty about the future preferences of the government may induce policy makers to run excessive budget deficits. As a solution to this problem, economists have proposed to impose a binding debt rule. In this paper we argue that a binding debt rule does not eliminate the distortions due to...
Persistent link: https://www.econbiz.de/10010371104
The core emphasis of rules-based fiscal legislation at the subnational level in India is to achieve debt sustainability …
Persistent link: https://www.econbiz.de/10011591040
procyclical biases in public investment, flexible fiscal rules can add a growth-enhancing dimension to fiscal sustainability …
Persistent link: https://www.econbiz.de/10012167402
Persistent link: https://www.econbiz.de/10011705915
We investigate the relation between existing fiscal rules and investments in the context of a fiscal crisis in Brazil. We analyze existing fiscal rules at national and subnational levels, their enforcement, and proposed alternatives. Using narrative analysis, case studies, interviews, empirical...
Persistent link: https://www.econbiz.de/10012586295
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