Under what conditions do countries comply with their fiscal policy rules? We tackle this question in the context of emerging countries, with a specific focus on Latin America and the Caribbean, a region where fiscal rules have become increasingly common in recent decades. Based on an original dataset of compliance behavior across 14 countries observed between 2000 and 2020, we first document that complying with fiscal rules makes a difference in terms of fiscal performance. We then show that compliance is affected by rule-specific features and the broader macroeconomic and politico-institutional environment. Our findings contribute to the literature by showing the relevant design features and pre-conditions that may foster or inhibit the successful implementation of rules-based fiscal frameworks in emerging markets.

中文翻译：

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我们为什么不遵守规则呢？新兴市场遵守财政政策规则的驱动因素

各国在什么条件下遵守其财政政策规则？我们在新兴国家的背景下解决这个问题，特别关注拉丁美洲和加勒比地区，近几十年来，该地区的财政规则变得越来越普遍。根据 2000 年至 2020 年间观察到的 14 个国家合规行为的原始数据集，我们首先证明遵守财政规则会对财政绩效产生影响。然后我们表明，合规性受到规则特定特征以及更广泛的宏观经济和政治制度环境的影响。我们的研究结果通过展示可能促进或抑制新兴市场基于规则的财政框架成功实施的相关设计特征和先决条件，为文献做出贡献。