Can fiscal transparency, accountability and macro-fiscal stabilization be imposed by adopting a fiscal responsibility … world, this paper concludes that FRLs enhance fiscal transparency and accountability. However, the adoption of a FRL for … law (FRL)? Skeptics argue that law is impotent or that the existing legal framework for the budget system suffices. In …

The objective of the proposal of a system of fiscal rules for Venezuela is twofold: to achieve the stabilization and … sustainability of public finances, and to provide foundations for policies aimed at restoring the country's basic macroeconomic … state of the subject on fiscal rules and – being Venezuela an oil country – focus on their main aspects and restrictions in …

. Fiscal and structural policies in an economy without monetary policy levers are of paramount importance to protect stability … indebtedness. There have been recent efforts at fiscal tightening, but more needs to be done to address structural rigidities and …-term budget plans, public sector restructuring, pension and health reforms, improvements of market competition, and the labor …

In this paper, I demonstrate that an indicator which is commonly used to assess the long-term fiscal sustainability of … than the growth rate of GDP. I illustrate this finding based on simulations prepared for the Fifth Sustainability Report …-interest environment and the assumption that relevant interest rates continue to be low if there are substantial challenges for fiscal …