Rules-based fiscal policy in emerging markets : background, analysis and prospects / edited by George Kopits.

Format:

Book

Contributor:

Kopits, George.

Language:

English

Subjects (All):

Fiscal policy--Developing countries--Case studies.

Fiscal policy.

Developing countries.

Genre:

Case studies.

Physical Description:

xiii, 286 pages : illustrations ; 23 cm

Place of Publication:

Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2004.

Summary:

Inspired by the experience of some advanced economies and to enhance creditworthiness, recently a number of emerging market economies adopted rules limiting government deficits, expenditures or indebtedness. The volume consists of 15 chapters - written by distinguished policy analysts and academicians - that focus on the potential usefulness of fiscal rules for these economies and highlight their brief experience with rules. Grouped under three parts, all chapters have a practical orientation, though with conceptual grounding. The first part sets the stage for the rest of the volume with an analysis of fiscal policy under large macroeconomic volatility and high capital mobility, with close attention to political determinants. The second part examines design options at the national level, including on the basis of experience in Brazil, Mexico, Venezuela and Central Europe. The third part is devoted to design issues at the subnational level, focusing mainly on Argentina and India. In each part, lessons from advanced economies are discussed.

Contents:

1 Overview of Fiscal Policy Rules in Emerging Markets / George Kopits 1

Part I Political Economy and Macroeconomic Setting 13

2 Fiscal Rules from a Political Economy Perspective / Allan Drazen 15

3 Good Credit Ratios, Bad Credit Ratings: The Role of Debt Structure / Ricardo Hausmann 30

4 Can Fiscal Rules Help Reduce Macroeconomic Volatility? / Guillermo Perry 53

5 Fiscal Policy and High Capital Mobility / George Kopits 66

6 Fiscal Institutions versus Political Will / Allen Schick 81

Part II Design Issues at the National Level 95

7 EMU Fiscal Rules: What Can and Cannot be Exported / Marco Buti, Gabriele Giudice 97

8 Fiscal Rules and Debt Sustainability in Brazil / Ilan Goldfain, Eduardo Refinetti Guardia 114

9 Fiscal Rules in Mexico: Evolution and Prospects / Andres Conesa, Moises J. Schwartz, Alejandro Somuano, J. Alfredo Tijerina 131

10 Fiscal Rules on the Road to an Enlarged European Union / Fabrizio Coricelli, Valerio Ercolani 146

11 Fiscal Rules for Economies with Nonrenewable Resources: Norway and Venezuela / Olav Bjerkholt, Irene Niculescu 164

Part III Design Issues at the Subnational Level 181

12 Subnational Fiscal Rules: A Game Theoretic Approach / Miguel Braun, Mariano Tommasi 183

13 Rules-Based Adjustment in a Highly Decentralized Context: The Case of India / Kalpana Kochhar, Catriona Purfield 198

14 Fiscal Rules for Subnational Governments: Lessons from the EMU / Fabrizio Balassone, Daniele Franco, Stefania Zotteri 219

15 Rules for Stabilizing Intergovernmental Transfers in Latin America / Christian Y. Gonzalez, David Rosenblatt, Steven B. Webb 235.

Notes:

Includes bibliographical references (pages 250-267) and indexes.

ISBN:

1403920850

OCLC:

54670205