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The fiscal and macroeconomic effects of fiscal rules
A majority of advanced and developing countries have adopted fiscal rules, which aim on managing fiscal aspects, such as government debt, government budget balances and other factors. Alongside national fiscal rules, many economic and monetary unions have implemented common fiscal rules, which affect all member countries and aim on controlling their fiscal aspects in a common way to address potential spillover effects from negative fiscal shocks and provide a more stable macro-fiscal environment. [...]