01790cas a2200241 a 4500 AALejournalIMF011408 230101c9999 xx r poo 0 0eng d 5.00 USD 9781463925277 1018-5941 BD-DhAAL BD-DhAAL Andritzky, Jochen. Evaluating Designs for a Fiscal Rule in Bulgaria / Jochen Andritzky. Washington, D.C. : International Monetary Fund, 2011. 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 The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria's organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2011/272 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/272/001.2011.issue-272-en.xml IMF e-Library