## Independent Fiscal Councils: Recent Trends and Performance

_IMF Working Papers, March 23, 2018_

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**Canonical URL:** [Independent Fiscal Councils: Recent Trends and Performance](https://www.imf.org/en/publications/wp/issues/2018/03/23/independent-fiscal-councils-recent-trends-and-performance-45726)

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## Bibliographic details
- 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

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### Authors and publication
- 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

### Research focus and dataset
- 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:
  - the preparation or assessment of forecasts, and
  - the monitoring of compliance with fiscal rules.

### Main empirical findings
- Tentative econometric evidence suggests:
  - the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts.
  - the presence of a fiscal council is associated with greater compliance with fiscal rules.

### Subjects and keywords
- 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

### Additional publication notes
- Publication type: IMF Working Papers
- Preview citation provided in Chicago format, including an access date of 9/17/2026 in the cited preview.

*Independent Fiscal Councils: Recent Trends and Performance, IMF Working Paper No. 2018/068*

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_Source: https://www.imf.org/en/publications/wp/issues/2018/03/23/independent-fiscal-councils-recent-trends-and-performance-45726_