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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

This Book Forum is free and open to the public.

For security reasons, please RSVP to or (202) 623 4129. A picture ID will be required; persons and bags will be screened.

Please arrive 10-15 minutes early to allow for these additional measures. Visitors should enter through the IMF Center, 720 19th St. NW.

Only IMF/World Bank Staff ID holders should use IMF main entrance at 700 19th St. NW.

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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.


Agustín Carstens, Deputy Managing Director, IMF (Moderator)

Bhabani P. Misra, Executive Director for Bangladesh, Bhutan, India and Sri Lanka, IMF

George Kopits, Member, Monetary Council, National Bank of Hungary

H.E. Mrs. Ngozi Okonjo-Iweala, Minister of Finance, Nigeria

Joaquim Levy, Secretary of the National Treasury, Ministry of Finance, Brazil