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In recent decades, most industrial countries have seen a sharp rise in the size of government and a large accumulation of public debt. An increasing number of countries have adopted formal fiscal rules to deal with high public debt levels, such as balanced-budget rules or multiyear frameworks that limit discretionary fiscal policy. This paper studies the design of fiscal rules and frameworks, focusing on the experiences in France, Germany, Italy, and Spain.
|Author||Enrica Detragiache , Gabriel di Bella|
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