Do Budget Rules Work?

Topics:
Budgeting,
Financial Regulations
Tags:
Finance,
Financial Accounting,
Institution,
National Bureau Of Economic Research,
U.S.
Source:
NBER.org: National Bureau of Economic Research

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Overview: The design of budget rules and institutions, long a neglected area in public finance and macroeconomics, has recently been thrust to center stage by the debate over a balanced budget amendment and other deficit-reduction measures in the United States. This paper describes the existing evidence on how budget rules affect fiscal policy outcomes. Several distinct strands of empirical evidence, from the U.S. federal experience with anti-deficit rules, from U.S. state experience with balanced budget rules, and from international comparisons of budget outcomes in nations with different fiscal institutions, suggest that fiscal institutions do matter. These results reject the institutional irrelevance view.

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Format: PDF | Size: 2,252KB | Date: Mar 1997 | Pages: 61

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