IMF research supports creation of fiscal responsibility laws

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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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