December 23, 2009Matthew Olivier
Yesterday, the IMF made available the Fiscal Rules-Anchoring Expectations for Sustainable Public Finances paper that describes the usefulness of fiscal rules in supporting fiscal consolidation and discusses the fiscal frameworks that could be adopted as countries emerge from the current worldwide economic crisis. Published on Dec 16, 2009, this paper was requested by the G-20 and the IMFC and represents the IMF’s ongoing analytical research on economic strategies to be adopted after the crisis.
The paper addresses how in many cases the current global crisis has strained the rules and presents the case that in order to move forward beyond the current economic crisis, that rules-based frameworks can be useful in anchoring expectations regarding fiscal sustainability.
The authors of the paper agreed that rules based frameworks could play an important role in enhancing confidence and anchor expectations regarding fiscal sustainability. And that it was is essential for these frameworks to be tailored to countries’ circumstances.
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