IMF Seminars, Conferences and Workshops
IMF BOOK FORUM
Rules-Based Fiscal Policy in Emerging Markets
Wednesday, October 6, 2004, 10:30 am to 12:00 pm
Room 2-530 (Non IMF/Bank Staff ID holders enter via the IMF Center)
720 19th St. N.W., Washington, D.C.
Opening Remarks by Agustín Carstens, Deputy Managing Director, IMF
Transcript of the proceedings
In the past decade, industrialized countries such as New Zealand, Australia and the United Kingdom put in place rules to constrain the behavior of fiscal policy; so has the European Union through its famous Stability and Growth Pact. Inspired by this experience, a number of emerging market countries—particularly in Latin America—have explored the use of rules in limiting the budget deficit, expenditure levels, or the indebtedness of the public sector. These constraints are typically applied through fiscal responsibility legislation. Can such rules help enforce fiscal discipline in emerging markets? This forum, which brings together senior policymakers from these countries to discuss the merits and drawbacks of adopting fiscal policy rules, marks the release of a new book, Rules-Based Fiscal Policy in Emerging Markets: Background, Analysis and Prospects (Palgrave MacMillan), edited by George Kopits.