{
  "title": "The Return to Fiscal Rules",
  "publication": "Staff Discussion Notes, October 11, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/staff-discussion-notes/issues/2022/10/11/the-return-to-fiscal-rules-523709",
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  "summary": "Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging.\n- Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies.\n- Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility.\n- This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability.\n- A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility."
    },
    {
      "heading": "Key themes and concepts",
      "content": "- Fiscal Anchors\n- Fiscal councils\n- Fiscal Credibility\n- Fiscal governance\n- Fiscal Limits\n- Fiscal Rules\n- countercyclical fiscal policy\n- debt rule\n- debt threshold\n- debt vulnerability\n- Independent Fiscal Institutions\n- policy error\n- Public Debt Sustainability"
    },
    {
      "heading": "Publication and authorship",
      "content": "- Title: The Return to Fiscal Rules\n- By Francesca Caselli, Hamid R Davoodi, Carlos Goncalves, Gee Hee Hong, Paulo A Medas, Anh D. M. Nguyen, Jiae Yoo\n- Date: October 11, 2022\n- Series: Staff Discussion Notes No. 2022/002\n- Issue: 002\n- Volume: 2022\n- Pages: 36\n- DOI: https://doi.org/10.5089/9798400219467.006\n- Stock No: SDNEA2022002\n- ISBN: 9798400219467\n- ISSN: 2617-6750\n- Subject: Economic sectors, Financial crises, Fiscal policy, Public debt\n- Keywords: countercyclical fiscal policy, debt rule, debt threshold, debt vulnerability, Fiscal Anchors, Fiscal councils, Fiscal Credibility, Fiscal governance, Fiscal Limits, Fiscal Rules, Global, IMF Staff Discussion Note 2022/002, Independent Fiscal Institutions, policy error, Public Debt Sustainability\n\nStaff Discussion Note — The Return to Fiscal Rules (Staff Discussion Notes 2022, 002).\n\n---\n\n Content in this bundle\n\n- Staff Discussion Note\n  - Staff Discussion Note (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Staff Discussion Note (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/staff-discussion-notes/issues/2022/10/11/the-return-to-fiscal-rules-523709"
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    "Authors: Francesca Caselli, Hamid R Davoodi, Carlos Goncalves, Gee Hee Hong, Paulo A Medas, Anh D. M. Nguyen, Jiae Yoo",
    "Published: October 11, 2022",
    "Series: Staff Discussion Notes",
    "DOI: https://doi.org/10.5089/9798400219467.006",
    "Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging.",
    "Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies.",
    "Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility.",
    "This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability.",
    "A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility.",
    "Fiscal Anchors",
    "Fiscal councils",
    "Fiscal Credibility",
    "Fiscal governance",
    "Fiscal Limits",
    "Fiscal Rules",
    "countercyclical fiscal policy",
    "debt rule",
    "debt threshold",
    "debt vulnerability",
    "Independent Fiscal Institutions",
    "policy error",
    "Public Debt Sustainability",
    "Title: The Return to Fiscal Rules",
    "By Francesca Caselli, Hamid R Davoodi, Carlos Goncalves, Gee Hee Hong, Paulo A Medas, Anh D. M. Nguyen, Jiae Yoo",
    "Date: October 11, 2022",
    "Series: Staff Discussion Notes No. 2022/002",
    "Issue: 002",
    "Volume: 2022",
    "Pages: 36",
    "DOI: https://doi.org/10.5089/9798400219467.006",
    "Stock No: SDNEA2022002",
    "ISBN: 9798400219467",
    "ISSN: 2617-6750",
    "Subject: Economic sectors, Financial crises, Fiscal policy, Public debt",
    "Keywords: countercyclical fiscal policy, debt rule, debt threshold, debt vulnerability, Fiscal Anchors, Fiscal councils, Fiscal Credibility, Fiscal governance, Fiscal Limits, Fiscal Rules, Global, IMF Staff Discussion Note 2022/002, Independent Fiscal Institutions, policy error, Public Debt Sustainability",
    "**Staff Discussion Note**"
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