01751cas a2200241 a 4500 AALejournalIMF009603 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867992 1018-5941 BD-DhAAL BD-DhAAL Annett, Anthony. Toward a Robust Fiscal Framework for Iceland : Motivation and Practical Suggestions / Anthony Annett. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (25 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 Expenditure in Iceland, especially related to the government wage bill, has tended to move in a procyclical manner, related to the fragmentation of political decision making. Iceland's elevated macroeconomic volatility reinforces these tendencies, as large booms unleash greater fiscal pressures as well as procyclical revenue elasticities that magnify these underlying strains. To improve its fiscal framework, Iceland could look to the experience of countries like Belgium and the Netherlands. In particular, it could adopt binding nominal expenditure rules, independent forecasts, and use representative committees to lay out medium-term targets across different levels of government. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2007/235 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/235/001.2007.issue-235-en.xml IMF e-Library