Why Do Countries Have Fiscal Rules?
Reforms of fiscal institutions and fiscal rules are motivated by several objectives: strengthening fiscal solvency and sustainability, contributing to macroeconomic stabilization, and making fiscal policy more resilient to government corruption and private-sector lobby. These objectives are shared by most fiscal policy makers worldwide. So why do some countries adopt fiscal rules while others do not? This question boils down to identifying the conditions under which some countries decide to adopt fiscal rules and maintain them over time.
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