Fiscal Rules and the Budget Process

Gian Maria Milesi-Ferretti ()

Giornale degli Economisti, 1997, vol. 56, issue 1-2, 5-40

Abstract: This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a “fiscal deficit bias” and the empirical evidence on the economic, political and institutional factors leading to this bias. In the context of these findings, it discusses the potential role of legal constraints on the level of key fiscal variables and of reforms in budgetary procedures in enhancing fiscal discipline. It also evaluates proposals for budgetary reform in Italy.

Keywords: fiscal deficit; government spending; fiscal rules; budget process (search for similar items in EconPapers)
JEL-codes: E62 H61 H62 (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (10)

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Working Paper: Fiscal Rules and the Budget Process (1997)
Working Paper: Fiscal Rules and the Budget Process (1996)
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