Rules-Based Fiscal Policy in Emerging Markets

GEORGE KOPITS, Assistant Director of the fiscal affairs department at the International Monetary Fund, has provided technical advice on fiscal policy issues in Asia, Latin America and Europe. He has published and lectured extensively in this area. Previously he was with the US Treasury Department.

• Overview of Fiscal Policy Rules in Emerging Markets; G.Kopits PART I: POLITICAL ECONOMY AND MACROECONOMIC SETTING Fiscal Rules from a Political Economy Perspective; A.Drazen Good Debt Ratios, Bad Credit Ratings: The Role of Debt Structure; R.Hausmann Can Fiscal Rules Help Reduce Macroeconomic Volatility?; G.Perry Fiscal Policy and High Capital Mobility; G.Kopits Fiscal Institutions Versus Political Will; A.Schick PART II: DESIGN ISSUES AT THE NATIONAL LEVEL EMU Fiscal Rules: What Can and Cannot Be Exported; M.Buti & G.Giudice Fiscal Rules and Debt Sustainability in Brazil; I.Goldfajn & E.R.Guardia Fiscal Rules in Mexico: Evolution and Prospects; A.Conesa , M.J.Schwartz , A.Somuano & J.A.Tijerina Fiscal Rules on the Road to an Enlarged European Union; F.Coricelli & V.Ercolani Fiscal Rules for Economies with Nonrenewable Resources: Norway and Venezuela; O.Bjerkholt & I.Niculescu PART III: DESIGN ISSUES AT THE SUBNATIONAL LEVEL Subnational Fiscal Rules: A Game Theoretic Approach; M.Braun & M.Tommasi Rules-Based Adjustment in a Highly Decentralized Context: The Case of India; K.Kochhar & C.Purfield Fiscal Rules for Subnational Governments: Lessons from the EMU; F.Balassone, D.Franco & S.Zotteri Rules for Stabilizing Intergovernmental Transfers in Latin America; C.Y.Gonzalez, D.Rosenblat t & S.B.Webb