01844cas a2200265 a 4500 AALejournalIMF005010 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451869484 1018-5941 BD-DhAAL BD-DhAAL Symansky, Steven. A New Fiscal Rule : Should Israel 'Go Swiss?' / Steven Symansky, Xavier Debrun, Natan Epstein. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We propose a fiscal rule that fulfills a specific debt reduction objective while maintaining significant fiscal flexibility-two overarching concerns in Israel. Not unlike the Swiss "debt brake," the rule incorporates an error-correction mechanism (ECM) through which departure from the debt objective affects binding medium-run expenditure ceilings. Two variants of our ECM rule are shown to be superior to a comparable deficit rule in terms of attaining the debt objective and allowing for fiscal stabilization while supporting medium-term expenditure planning. Given its relative sophistication, a proper implementation of the ECM rule requires supportive fiscal institutions, including independent input and assessment. Mode of access: Internet Debrun, Xavier. Epstein, Natan. IMF Working Papers; Working Paper ; No. 2008/087 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/087/001.2008.issue-087-en.xml IMF e-Library