Re-Emergence of Fiscal Rule after 2008 Global Crisis: An Evaluation for the European Union and OECD Countries

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Today, independent financial regulations are increasingly becoming popular as it is considered to strengthen and discipline fiscal policy. Including both developed and developing ones, fiscal rules have been implemented in a number of countries, provide significant benefits to enforce fiscal discipline. The main purpose of the fiscal rules is to de-politicize the fiscal policy as much as possible, given efforts of politicians to increase their votes, those of voters to maximize their benefits, and those of bureaucrats to expand their budgets have increased budgets deficits. Starting with global crisis of 2008, rules-based fiscal policies are discussed widely both in theory and they are practised in various countries. So, it has come up again and more strongly in the world’s and Turkey’s agenda. As result of the global crisis of 2008, it has become evident that unlimited power of governments may lead to fiscal and economic disasters. The new measures have become more necessary than ever both at constitutional and legal level. The purpose of this research is to investigate the fiscal rule whether it complies with Turkish economy. Hence, some practises from developed as well as developing countries have been analysed comparatively

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fiscal rule , global crisis , budget deficit , public debt

Afyon Kocatepe University Journal Of Social Sciences

198

Afyon Kocatepe University Journal Of Social Sciences