EFFECT OF GLOBAL CRISIS ON FISCAL RULE IMPLEMENTATIONS: AN ANALYSIS OF SELECTED COUNTRIES EXAMPLES

Abstract

Author(s): Mehtap KARAYAZI

The 2008 global economic crisis has been the most severe crisis of the last century, except for the war periods and the Great Depression. An important reason for this effect undoubtedly is the financial liberalization process and increasing interaction between the financial system of countries since the 1990s. While the global crisis has adversely affected the macroeconomic indicators of many countries it has also led to changes in monetary and fiscal policy preferences. The fiscal rules that came to the fore after the 1970s and became widespread after the 1990s are numerical constraints imposed on financial indicators to ensure macroeconomic stability and fiscal discipline. So what changes have been made in fiscal rule implementations during the global crisis? During the crisis period as the debt ratios and budget deficits of the countries were on the increase trend, some deviations from the limits defined by the fiscal rules were realized. In order to compensate for this, while some countries have revised their fiscal rules, some countries have stopped implementing fiscal rules, and some countries have begun implementing new rules for the first time oradditionaly to existing rules.

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