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Theoretical and Applied Economics
No. 2 / 2014 (591)

Fiscal consolidation through fiscal rules?

Alexandra ADAM
Bucharest University of Economic Studies
Silvia Elena IACOB
Bucharest University of Economic Studies

Abstract. Following the financial crisis, the budget deficits and public debt have recorded levels that no one would have considered a few years ago. Therefore, efforts are needed to achieve fiscal consolidation. Both in academic debates and policy many believe that fiscal rules should be the central element of a successful strategy, idea argued by the fact that a rule would restrict the discretionary actions of the government, thus strengthening the fiscal consolidation. However, there are differences when it comes to precisely specifying a rule.

Therefore, in this article we want to analyze how much policy makers can rely on fiscal rules, factors necessary to achieve a high degree of effectiveness of fiscal rules, if a fiscal rule should be based on the budget balance level or the debt balance level and we will analyze whether the restrictions imposed ex-ante to the fiscal policy are superior to the ex-post penalties.

Keywords: fiscal consolidation, fiscal rules, credibility, budgetary deficit, public debt.

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