IMF: budget responsibility laws do not guarantee improved fiscal policy
An IMF paper published on Monday says fiscal responsibility laws have had little direct impact on fiscal performance.
Carlos Caceres, Ana Corbacho, Leandro Medina - the paper's authors - investigate whether fiscal performance (measured as the level of primary fiscal balances and their volatility) improved after the implementation of budget responsibility laws, which are permanent institutional devices to enhance the credibility, predictability, and transparency of fiscal policy. The research is
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