Fiscal Rules Commodity Crash (PDF 1.21 MB)
Fiscal Rules Commodity Crash Summary (PDF 204.25 KB)
CountriesAzerbaijan, Bolivia, Botswana, Brazil, Burkina Faso, Cameroon, Chile, Colombia, Dem. Rep. of Congo, Ecuador, Equatorial Guinea, Gabon, Ghana, India, Kyrgyz Republic, Liberia, Malaysia, Mexico, Mongolia, Niger, Norway, Papua New Guinea, Philippines, Dem. Rep. of Congo, Russia, Tanzania, Uganda, United States, Venezuela,
StakeholdersCivil society actors, Government officials, Journalists and media, Parliaments and political parties, Private sector
The authors of this paper reviewed the use of fiscal rules across countries assessed in the Resource Governance Index (RGI). For each of the 34 RGI countries with fiscal rules, they reviewed the evidence on the rule’s characteristics, the compliance with the rule, and oversight of this compliance. They analyzed levels of compliance in 2015 and 2016, the years directly following the commodity price crash. The research provides new insight into how these fiscal rules performed during serious economic shocks.
The analysis sheds light on large gaps in compliance and oversight of fiscal rules, and the paper provides policy recommendations on how fiscal rules can be further strengthened.