Policy Instruments for Sound Fiscal Policies

1. Introduction: The Role of Fiscal Rules and Institutions in Shaping Budgetary Outcomes
Joaquim Ayuso-i-Casals, Servaas Deroose, Elena Flores, Laurent Moulin

Part I. Fiscal Rules and Institutions as Useful Devices to Address the Deficit Bias

2. Dealing with the Deficit Bias: Principles and Policies
Signe Krogstrup, Charles Wyplosz

3. The Discipline-Enhancing Role of Fiscal Institutions: Theory and Empirical Evidence
Xavier Debrun, Manmohan S. Kumar

4. The Surplus Factor
Teunis Broesens, Peter Wierts

5. Comments on Part I
Carlos Martínez-Mongay

Part II. Forms of Governance, Rules and Institutions

6. The Design of Fiscal Rules and Forms of Governance in European Union Countries
Mark Hallerberg, Rolf Strauch, Jürgen Hagen

7. National Fiscal Institutions and the Stability and Growth Pact: Are ‘Delegation’ States at a Disadvantage?
Dermot Hodson

8. Comments on Part II
Charles Wyplosz

Part III. Specific Institutional Arrangements to Improve Fiscal Policy

9. Rainy Day Funds: Can They Make a Difference in Europe?
Fabrizio Balassone, Daniele Franco, Stefania Zotteri

10. Beyond the SGP: Features and Effects of EU National-Level Fiscal Rules
Joaquim Ayuso-i-Casals, Diana González Hernandez, Laurent Moulin, Alessandro Turrini

11. Who Provides Signals to Voters about Government Competence on Fiscal Matters? The Importance of Independent Watchdogs
Eloïse Stéclebout-Orseau, Mark Hallerberg

12. Optimal Debt Policy, and an Institutional Proposal to Help in Its Implementation
Tatiana Kirsanova, Campbell Leith, Simon Wren-Lewis

13. Comments on Part III
Teresa Ter-Minassian

Part IV. Country-Specific Experiences

14. The Swedish Budget ‘Model’: A Genuine Beauty or in Need of a Face Lift?
Robert Boije, Jonas Fischer

15. Fiscal Councils, Independent Forecasts and the Budgetary Process: Lessons from the Belgian Case
Igor Lebrun

16. Comments on Part IV
Lars Jonung

Keywords: Business and Management, Management, Economic Policy, Risk Management, Public Finance, Business Finance