Policy Instruments for Sound Fiscal Policies
Fiscal Rules and Institutions

Editors: Joaquim Ayuso-i-Casals, Servaas Deroose, Elena Flores, Laurent Moulin



This volume contributes to empirical research on the role of national fiscal rules and institutions in shaping fiscal policies. It provides original, policy-oriented analysis on a number of questions and gives illuminating conclusions about the devices which promote sound and sustainable policy. Contributors are leading experts.

Table of contents (16 chapters)

Front Matter

Introduction: The Role of Fiscal Rules and Institutions in Shaping Budgetary Outcomes
Introduction: The Role of Fiscal Rules and Institutions in Shaping Budgetary Outcomes
Pages 1-20

Fiscal Rules and Institutions as Useful Devices to Address the Deficit Bias
Front Matter
Pages 21-21
Dealing with the Deficit Bias: Principles and Policies
Pages 23-50
The Discipline-Enhancing Role of Fiscal Institutions: Theory and Empirical Evidence
Pages 51-88
The Surplus Factor
Pages 89-117
Comments on Part I
Pages 118-123

Forms of Governance, Rules and Institutions
Front Matter
Pages 125-125
The Design of Fiscal Rules and Forms of Governance in European Union Countries
Pages 127-148
National Fiscal Institutions and the Stability and Growth Pact: Are ‘Delegation’ States at a Disadvantage?
Pages 149-172
Comments on Part II
Pages 173-176

Specific Institutional Arrangements to Improve Fiscal Policy
Front Matter
Pages 177-177
Rainy Day Funds: Can They Make a Difference in Europe?
Pages 179-203
Beyond the SGP: Features and Effects of EU National-Level Fiscal Rules
Pages 204-240
Who Provides Signals to Voters about Government Competence on Fiscal Matters? The Importance of Independent Watchdogs
Pages 241-255
Optimal Debt Policy, and an Institutional Proposal to Help in Its Implementation
Pages 256-283
Comments on Part III
Pages 284-287

Country-Specific Experiences
Front Matter
Pages 289-289
The Swedish Budget ‘Model’: A Genuine Beauty or in Need of a Face Lift?
Pages 291-319
Fiscal Councils, Independent Forecasts and the Budgetary Process: Lessons from the Belgian Case
Pages 320-345
Comments on Part IV
Pages 346-348

Back Matter
Pages 349-356