Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise — A New Dataset

Author/Editor: Xavier Debrun ; Tidiane Kinda
Publication Date: April 08, 2014
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Summary: Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules.
Series: Working Paper No. 14/58
Subject(s): Fiscal policy | Fiscal management | Cross country analysis | Economic models

Publication Date: April 08, 2014
ISBN/ISSN: 9781475516135/1018-5941 Format: Paper
Stock No: WPIEA2014058 Pages: 35
US$18.00 (Academic Rate:
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