INTERNATIONAL EXPERIENCE OF USING FISCAL RULES IN THE CONTEXT OF MACROECONOMIC STABILITY

Author:

Vynnychenko Nataliia, Sumy State University (2 Rymskogo-Korsakova Str., Sumy, Ukraine).

Lyulyov Olexiy, Sumy State University (2 Rymskogo-Korsakova Str., Sumy, Ukraine).

Language: ukrainian

Annotation:

The article is analyzed the international experience of application of fiscal rules for the purpose of further study their influence on the estimates of the economy and study the rise of conditions under which they have deviations. It is determined the intensity of fiscal rules of budget management over the past thirty years through the number and type of rules, which are simultaneously operated in the countries. It is analyzed the number of countries in the budget management systems. There was one, two, three or more fiscal rules in terms of types of such rules in the last thirty years. It is revealed that during the investigated period there are two popular combinations: a significant number of fiscal rules or a combination of four variants such rules, which indicates acceptability for most countries, compliance with models of moderate or complex regulation. It is quite difficult to identify the priority a choice of such rules, which would define the priority for their implementation. Analysis of regulations, that control the use of fiscal rules has shown that they can be fixed in five forms, of which there are constitutional constraints and the most soft regulations provide political commitments.

Key words:

international experience; budgetary sphere; budget policy; budget management; fiscal rules; debt rules; rules of the budget balance; rules of expenditure; rules of income

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