{
  "title": "Independent Fiscal Councils: Recent Trends and Performance",
  "publication": "IMF Working Papers, March 23, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/03/23/independent-fiscal-councils-recent-trends-and-performance-45726",
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  "summary": "Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging.",
  "sections": [
    {
      "heading": "Authors and publication",
      "content": "- Roel M. W. J. Beetsma\n- Xavier Debrun\n- Xiangming Fang\n- Young-Bae Kim\n- Victor Duarte Lledo\n- Samba Mbaye\n- Xiaoxiao Zhang\n- March 23, 2018\n- IMF Working Papers, Working Paper No. 2018/068\n- Issue: 068\n- Volume: 2018\n- Pages: 28\n- DOI: https://doi.org/10.5089/9781484348284.001\n- Stock No: WPIEA2018068\n- ISBN: 9781484348284\n- ISSN: 1018-5941"
    },
    {
      "heading": "Research focus and dataset",
      "content": "- Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies.\n- The analysis uses the IMF Fiscal Council Dataset, latest vintage 2016.\n- The study focuses on two tasks expected to strengthen fiscal performance:\n  - the preparation or assessment of forecasts, and\n  - the monitoring of compliance with fiscal rules."
    },
    {
      "heading": "Main empirical findings",
      "content": "- Tentative econometric evidence suggests:\n  - the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts.\n  - the presence of a fiscal council is associated with greater compliance with fiscal rules."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Budget planning and preparation; Fiscal councils; Fiscal policy; Fiscal rules; Fiscal stance; Public financial management (PFM)\n- Keywords: absolute value; bond yield; Budget planning and preparation; council interaction; EU law; Europe; fiscal council; Fiscal councils; fiscal forecasts; fiscal rule compliance; Fiscal rules; Fiscal stance; Global; government effectiveness; IFC dummy; independent fiscal councils; interest rate; output gap; public finance; WP"
    },
    {
      "heading": "Additional publication notes",
      "content": "- Publication type: IMF Working Papers\n- Preview citation provided in Chicago format, including an access date of 9/17/2026 in the cited preview.\n\nIndependent Fiscal Councils: Recent Trends and Performance, IMF Working Paper No. 2018/068\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/03/23/independent-fiscal-councils-recent-trends-and-performance-45726"
    }
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    "Authors: Roel M. W. J. Beetsma, Xavier Debrun, Xiangming Fang, Young-Bae Kim, Victor Duarte Lledo, Samba Mbaye, Xiaoxiao Zhang",
    "Published: March 23, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484348284.001",
    "Roel M. W. J. Beetsma",
    "Xavier Debrun",
    "Xiangming Fang",
    "Young-Bae Kim",
    "Victor Duarte Lledo",
    "Samba Mbaye",
    "Xiaoxiao Zhang",
    "March 23, 2018",
    "IMF Working Papers, Working Paper No. 2018/068",
    "Issue: 068",
    "Volume: 2018",
    "Pages: 28",
    "DOI: https://doi.org/10.5089/9781484348284.001",
    "Stock No: WPIEA2018068",
    "ISBN: 9781484348284",
    "ISSN: 1018-5941",
    "Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies.",
    "The analysis uses the IMF Fiscal Council Dataset, latest vintage 2016.",
    "The study focuses on two tasks expected to strengthen fiscal performance:",
    "Tentative econometric evidence suggests:",
    "Subject: Budget planning and preparation; Fiscal councils; Fiscal policy; Fiscal rules; Fiscal stance; Public financial management (PFM)",
    "Keywords: absolute value; bond yield; Budget planning and preparation; council interaction; EU law; Europe; fiscal council; Fiscal councils; fiscal forecasts; fiscal rule compliance; Fiscal rules; Fiscal stance; Global; government effectiveness; IFC dummy; independent fiscal councils; interest rate; output gap; public finance; WP",
    "Publication type: IMF Working Papers",
    "Preview citation provided in Chicago format, including an access date of 9/17/2026 in the cited preview."
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