IMF research supports creation of fiscal responsibility laws
Philippine example highlights flaws in “non-binding” ceiling on budget deficit, author says
Fiscal policy deployed in the Philippines between 1980 and 2016 was not appropriate to rein in the budget deficit, according to research from the International Monetary Fund.
In a paper that looks at the challenges of implementing a rule-based fiscal responsibility framework, Serhan Cevik is critical of the Philippine example.
“While the national government’s non-binding ceiling on the overall budget deficit is helpful, it does not constitute an appropriate operational target to guide fiscal
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