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inclinationtoincreasepublicspendingandtocreateexcessive
deficitandpublicdebtthereby.Therulesoffiscalpolicycan,thus,
beregardedaasakindofaself-restraintofpublicauthorities11.
Thekeyroleamongthemisplayedbyquantitative(numerical)
rules.Thesesetthemaximumlevelofselectedfiscalindicators
andputamarkedbarriertothefreedomofpublicauthoritiesin
theirpursuanceofthepolicy.Thenumericalrulesoffiscalpolicy
canbedividedintothoselimitingthelevelofthedebt,deficit,
andpublicexpendituresoroutows12.
102020Fiscalpolicyrules:determinantsofeficiency
Inordertobeeńective,fiscalpolicyrulesshouldbecharacter-
isedbyanumberoffeatureslistedintheliterature,theirinternal
structurebeingofimportanceaswell.Thesolutionsadoptedin
thatrespectshouldbe:
1)adequatetotheobjectives;
2)binding,bothatthestageofbudgetdevelopmentand
implementation13;
3)preciseindeterminingthescopeoftheimposedlimita-
tions;
4)basedoncommonlyacceptedaccountingstandards;
5)simple,soastoeasilywinpublicacceptanceforthelimita-
tionsderivingfromtherules;
6)ofthebroadestpossiblesubjectivescope,afeaturemost
importantinthelightofthetransferstakingplacebe-
tweenspecificentitiesinthesectorofpublicfinance14.
Therulesoffiscalpolicymustfunctionasacoherentsystem
themselves,whilebeingconsistentwitheconomicandmonetary
11J.M.Poterba,DoBudgetRulesWork?,HNationalBureauofEconomicRe-
searchWorkingPaper”1996,no.5550,p.9.
12A.Schaechter,T.Kinda,N.Budina,A.Weber,FiscalRulesinResponseto
theCrisis-Towardthe“Next-Generation”Rules.ANewDataset,HIMFWork-
ingPaper”2012,no.12/187,p.8.
13R.P
.Inman,DoBalancedBudgetRulesWork?U.S.ExperienceandPossi-
bleLessonsfortheEMU,WorkingPaperSeriesno.5838,HNationalBureau
ofEconomicResearch”1996,p.4.
14G.Kopits,S.Symansky,FiscalPolicyRules,OccasionalPaperno.162,
HInternationalMonetaryFund”1998,pp.18-19.
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