Maria Teresa Ferretti | Akateeminen Kirjakauppa

In recent decades, most industrial countries have seen a sharp rise in the size of government and a large accumulation of public debt. An increasing number of countries have adopted formal fiscal rules to deal with high public debt levels, such as balanced-budget rules or multiyear frameworks that limit discretionary fiscal policy. This paper studies the design of fiscal rules and frameworks, focusing on the experiences in France, Germany, Italy, and Spain.