| Description |
1 online resource (26 pages) : illustrations |
| Series |
IMF working paper ; WP/11/272 |
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IMF working paper ; WP/11/272.
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| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Fiscal Rule 101: Objectives, Principles, and Preconditions; A. Objectives; B. Principles, Trade-offs, and Options; C. Preconditions; III. Criteria for the Evaluation of Fiscal Rules; A. Fiscal Sustainability; B. Reserve Preservation; C. Countercyclicality; D. Transparency and Unambiguity; E. Guidance; IV. Alternative Numerical Designs of a Fiscal Rule in Bulgaria; A. The Growth-Adjusted Balance Rule; B. The Expenditure Rule with Deficit Ceiling; V. Assessment of Fiscal Rule Designs; A. Fiscal Sustainability |
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B. Reserve PreservationC. Countercyclicality; D. Transparency and Unambiguity; E. Guidance; VI. Conclusion; Footnotes |
| Summary |
The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria's organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling |
| Notes |
At head of title: Fiscal Affairs Department |
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Title from PDF title page (IMF Web site, viewed November 23, 2011) |
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"November 2011." |
| Bibliography |
Includes bibliographical references |
| Subject |
Fiscal policy -- Bulgaria -- Econometric models
|
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Budget deficits -- Bulgaria -- Econometric models
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Budget deficits -- Econometric models
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Fiscal policy -- Econometric models
|
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Bulgaria
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| Form |
Electronic book
|
| Author |
International Monetary Fund. Fiscal Affairs Department, issuing body.
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| ISBN |
1283562111 |
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9781283562119 |
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9781463956035 |
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1463956037 |
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