IMF paper finds stronger and more complex fiscal rules following crises

IMF headquarters in Washington DC

A working paper, published by the International Monetary Fund in July, examines the development of fiscal rules over time, suggesting that rules were strengthened periodically, increasing in complexity as governments attempted to balance sustainability with a flexible response to crises.

The authors, Andrea Schaechter, Tidiane Kinda, Nina Budina and Anke Weber, compile a dataset of 81 countries from 1985 to March 2012, finding that development of fiscal rules came in waves, responding to bank

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