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Strengthening Post-Crisis Fiscal Credibility :, Fiscal Councils on the Rise — A New Dataset, Xavier Debrun, Tidiane Kinda

Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules
Table Of Contents
Cover; Contents; I. Introduction; II. Fiscal Councils and the Credibility of Fiscal Rules; A. Fiscal Rule and Partisan Deficit Bias; B. Introducing a Fiscal Council; III. Fiscal Councils on the Rise; A. The Fiscal Council Dataset; Tables; 1. List of Fiscal Councils in the Dataset; Box; 1. Fiscal Council Dataset: Variables Description; B. Fiscal Councils: Main Trends and Features; Figures; 1. Number of Fiscal Councils; 2. Institutional Models of Fiscal Councils; 3. Remits and Number of Technical Staff (FTE) in Fiscal Councils; 2. Fiscal Councils' Remits
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (36 p.)
Specific Material Designation
Form Of Item

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