2012年-IMF国际货币组织全球_Fiscal_Rules_at_a_Glance_Country_Details_from_a_New_Dataset_62页_676kb

Summary of Fiscal Rules in 81 Countries (1985–2012)

This paper presents a detailed analysis of fiscal rules in 81 countries from 1985 to end-September 2012. The dataset includes four types of fiscal rules: budget balance rules (BBR), debt rules (DR), expenditure rules (ER), and revenue rules (RR), and applies to the central or general government or the public sector. It serves as an update to the July 2012 Working Paper and is also available through an electronic data visualization tool at http://www.imf.org/external/datamapper/FiscalRules/map/map.htm.

The paper outlines the core principles for identifying fiscal rules:

• Rules must have numerical targets on fiscal aggregates.
• They must be binding for at least three years and not frequently revised.
• They apply to central or general government and not to subnational levels.
• The focus is on de jure arrangements, not on their practical implementation.

Each country's fiscal rules are summarized in a table that includes the type of rule, statutory basis, coverage, formal enforcement procedure, independent body involvement, and escape clauses. The paper also discusses supranational fiscal rules such as those within the European Union (EU), Eastern Caribbean Currency Union (ECCU), West African Economic and Monetary Union (WAMU), and Central African Economic and Monetary Community (CAEMC).

Key Characteristics of Fiscal Rules

• Budget Balance Rules (BBR): Set targets for the budget deficit or surplus, often tied to GDP. Some countries have structural deficit targets, while others focus on cyclical adjustments.
• Debt Rules (DR): Establish limits on public debt relative to GDP. These often include escape clauses for economic downturns or natural disasters.
• Expenditure Rules (ER): Control the growth of government spending, usually in relation to GDP or other indicators. Some countries have multi-year expenditure ceilings.
• Revenue Rules (RR): Limit the growth of tax revenue or require it to be in line with GDP growth. These are often part of broader fiscal frameworks.

Supporting Features

• Independent monitoring bodies are common, such as the Federal Fiscal Responsibility Council in Austria or Auditor General in Canada.
• Formal enforcement procedures exist in some countries, allowing for penalties or sanctions in case of non-compliance.
• Escape clauses are typically well-specified and may be triggered by specific economic conditions, such as negative GDP growth or natural disasters.

Country-Specific Highlights

• Argentina: Fiscal rules are based on the Fiscal Responsibility Law (FRL), with budget balance and expenditure rules introduced in 2000. These rules have been de facto suspended since 2009. The FRL also includes a borrowing constraint and encourages the creation of fiscal countercyclical funds.
• Australia: The Charter of Budget Honesty Act (1998) formalized the fiscal policy framework. The rules include deficit targets, expenditure ceilings, and tax revenue limits. A structural deficit limit of 0.35% of GDP for the federal level was introduced in 2017.
• Bulgaria: The Fiscal Responsibility Law (2000) includes debt, expenditure, and budget balance rules. A deficit ceiling of 2% of GDP was introduced in 2012. However, the debt rule (2003) has not been binding since its adoption.
• Brazil: The Fiscal Responsibility Law (2000) includes debt and expenditure rules. The debt-to-GDP ceiling is set at 60%, with an escape clause for GDP growth below 1% or natural disasters.
• Canada: The budget balance, debt, and expenditure rules (1998) are based on political commitment and include escape clauses for economic conditions. The debt ceiling is set at 3% of GDP, while the debt-to-GDP limit is not binding.
• Chile: The budget balance rule (2001) is based on structural revenues, with a surplus target of 1% of GDP. The rule was revised in 2008 and 2009, and the current administration (2010–14) has set a target path for convergence to a structural deficit of 1% of GDP by 2014.

Supranational Fiscal Rules

• EU: Fiscal rules are part of the European Union's fiscal governance framework, including the European Stability and Growth Pact (ESGP), which sets debt and deficit limits.
• ECCU: The Eastern Caribbean Currency Union (1998) includes budget balance and debt rules.
• WAMU: The West African Economic and Monetary Union (2000) includes budget balance and debt rules.
• CAEMC: The Central African Economic and Monetary Community (2002) includes budget balance and debt rules.

Conclusion

This dataset provides a comprehensive overview of fiscal rules across a wide range of countries, highlighting their statutory basis, coverage, enforcement mechanisms, and escape clauses. It serves as a valuable resource for empirical analysis and cross-country comparisons, offering insights into fiscal governance and policy frameworks. The paper emphasizes the importance of legal binding, independent monitoring, and flexibility in response to economic shocks as key features of effective fiscal rules.