Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
policyconsiderations.Anditshouldbeborneinmindthateven
thebestsolutionswillnothavethedesiredeńect,iftheyarenot
accompaniedbyrelevantpublicfinancereforms.Theseshould
beundertakeningoodeconomictimeswhenlossesoftheag-
gregateddemandcausedbyamorestringentfiscalpolicycanbe
compensatedforbyquickeconomicgrowth.Intimesofeconom-
icshocks,suchreformsmightleadtoanaggravationofthecrisis
causedbyadisturbanceoftheoperationoftheautomaticstabi-
lisersoftheeconomy;highsocialcostsrelatedtoitwouldthen
becomeagoodargumentjustifyinganeedtochangeorremove
theconstraintsimposedbythefiscalrules.Theissueofthelegal
standingoftheregulationswherebytheconstraintsareimposed
isofimportanceinthatrespect.Theymustnotbeonesthatcan
befreelyamendedbytheentitysubjecttothelimitations,orelse
theeńectivenessofthelatterwouldbeillusory,relyingheavilyon
externalfactors15.Nowonderthemoststablearethosefiscalrules
imposedbyinternationalorganisations.Alsotherulessetforth
byconstitutionsaretraditionallyregardedasonesofhighstand-
ing,althoughtheirstabilityseemsdubiousattimes.Unlessthey
aresuitedfordirectapplication,theirscopemaybemodifiedby
downstreamlegislationgivingthehigher-orderactstheiractual
meaning.ThefiscalrulesimposedbymeansofactsofParliament
arebindinginnatureaswell.Thegovernmentmay,however,take
theinitiativetoamendthemifitsfreedomtocarryoutfiscalpol-
icyisexcessivelylimitedand,aparliamentarymajoritybeingto
hand,themodificationoffiscalrulesbecomesverylikely.
Quiteadińerentissue,addressedintheliterature,aretheeńorts
takentoassesstheeńectiveness(power)offiscalpolicyrules.
Consideringthehighlyvolatilebusinessandinstitutionalen-
vironmentinwhichtherulesareapplicable,nomeasureshave
beendevelopedsofartounmistakablyassesstheimpactexerted
bythemonfiscalpolicy.Asaresult,theeńectivenessoffiscal
policyrulesisassessedbyreferringtotheabovementionedde-
siredcharacteristicsoftherules.Thisapproachhasbroughtabout
anumberofindicesoftheeńectivenessoffiscalpolicyrules16.
15A.Alesina,R.Perotti,ThePoliticalEconomy…,p.33.
16E.g.D.Sutherland,R.Price,I.Joumard,FiscalRulesforSub-Central
Governments:DesignandImpact,HOECDWorkingPaper”2006,no.1;
A.Schaechter,T.Kinda,N.Budina,A.Weber,FiscalRules…
CHAPTER1.FISCALSTABILITY
19
