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This paper summarizes recent international evidence on the design, functioning and effects of fiscal rules. Special attention is paid to small open economies such as the Czech Republic. This paper discusses pros and cons of the rules focusing on different types of fiscal constraints (e.g., budget balances, debt, expenditures, and revenue); surveys their impact on key macroeconomic variables; and considers with the efficiency of fiscal rules Vis-?-vis the current financial crisis. In this paper, representative national and supranational fiscal rules are also reviewed with an emphasis on the enforceability of such rules.
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