Fiscal rules and international financial market access
Published on June 30, 2020–Updated on June 30, 2020
Focus on research
Fiscal rules and international financial market access
Fiscal policy is a powerful instrument to regulate the economic activity in order to address many development challenges and promote sound macroeconomic conditions in developing countries. A large literature examines the role of fiscal rules in improving fiscal outcomes. Fiscal rules impose numerical limits on budgetary aggregates. However, few studies investigate the link between fiscal rules and financial market access. This paper aims to explore the effects of various types of fiscal rules and their interactions on financial market access in developing countries. Our findings confirm that the adoption of fiscal rules is an instrument for policy makers to improve developing countries’ financial market access.
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