Fiscal Responsibility Laws (FRLs) appear to be more popular in middle-income countries than advanced countries, even though their success is limited. The reasons why few advanced countries have a FRL include: the existing legal framework for the budget system is adequate; supranational rules and...

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible...

With increasing frequency, the IMF has assisted middle-income countries, especially emerging economies, in adopting the types of budget reforms that have been introduced in many Organization for Economic Cooperation and Development (OECD) countries - reforms that emphasize performance and...

Spain showed strong growth performance marked by robust job creation and a solid fiscal position. Executive Directors supported the National Reform Program (NRP), which focuses on improving productivity, market flexibility, and competitiveness. They commended the appreciable fiscal surplus,...

This paper examines India's experience with fiscal rules with a view to inform the design of a possible successor fiscal framework to the FRBMA. Among several proposals to strengthen the FRBMA, a framework that focuses medium-term fiscal policy on debt sustainability by the use of a medium term...

Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the...

This report provides a reassessment of fiscal transparency practices in Estonia in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency. It presents a description of practices prepared by IMF staff on the basis of discussions with the authorities and their...

With a modest recovery in the global economy underway, and amid rising concerns about the sharp increase in government debt in several countries, debate has increasingly focused on the need to identify and implement fiscal exit strategies. This paper reviews the medium-term plans of 25 countries...

Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how governments manage their fiscal policies in light of changing oil-market conditions and...

The Austrian government is about to introduce a new fiscal management framework. The first step is to introduce a medium-term budgetary framework, including an expenditure rule. The paper focuses on this first step. The purpose is to describe and evaluate the Austrian model in light of other...