Home  Journals  Finance and Credit  32 (368) – 2009 August

Fiscal rules in the conditions of crisis economy

Available online: 26 August 2009

Subject Heading: The budgetary control

JEL Classification: 

Fiscal rules considered as a set of institutional restrictions in the sphere of budgetary policy, have become very popular among different countries as a result of general problems connected with maintenance of macroeconomic and financial stability. There are some general requirements, such as within the European Union, and also the individual restrictions accepted by any country. This article shows how fiscal rules in the conditions of crisis economy are applied in Great Britain and the Russian Federation. To restore a gold rule used in fiscal policy in the medium term is considered to be a reasonable suggestion. There is a conclusion that fiscal rules act as a significant policy tool, consisting of the whole complex of measures which can and should change depending on the business cycle and features of social and economic position of each country.

Keywords: fiscal rules, budgetary system, business cycle

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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