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PB2012-03: Imperatives for a Fiscal Responsibility Law

Fiscal responsibility laws/frameworks (FRLs) are instruments that can guide governments in the pursuit of their fiscal consolidation goals. Many countries across the globe have adopted an FRL to help their governments commit to fiscal prudence, stability and sustainability. Country experiences suggest that FRLs complement, rather than stand independent of, the existing budgetary processes or fiscal policies/frameworks. From a survey of the literature, this paper provides a cursory review of existing FRLs across countries, summarizes features of successful FRLs and offers policy options which the Philippine Congress can consider during debates and discourses on the existing fiscal responsibility bills.

Congressional Policy, Budget and Research Department
Authors Keywords
Manaois-Battung, Shimmadar Princess; budget deficit; fiscal consolidation; fiscal responsibility law; fiscal responsibility framework; fiscal responsibility bills; FRLS; budget accord; successful FRLs;
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Published in 2012 and available in the CPBRD Library or can be downloaded as full text Downloaded 372 times since October 08, 2015