THE ROLE OF FISCAL RULES IN MANAGING BUDGET RISKS
Authors
Shuhratjon Fozilchayev Qobiljon o‘g‘li ()Files
Abstract
This article examines the structural significance and operational role of fiscal rules in mitigating and managing budget risks within contemporary public finance systems. In the face of macroeconomic volatility, demographic shifts, and unexpected economic shocks, maintaining fiscal sustainability requires robust institutional frameworks. The study analyzes how numerically and qualitatively defined constraints on fiscal aggregates-such as public debt, budget deficits, expenditures, and revenues-serve as mechanisms to curb procyclical spending and ensure long-term fiscal discipline. Furthermore, the paper evaluates the balance between rigidity and flexibility in fiscal rules, exploring the function of well-defined escape clauses and independent fiscal councils in strengthening budget risk management strategies.
References
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