FISCAL RULES EFFICIENCY IN TURKEY AND OTHER OECD COUNTRIES: 1994-2010 PERIOD

Fiscal rules, imposing numerical limits on fiscal variables, are extensively analyzed in economics literature. Economic crises and wrong economic policies led to a rise in budget deficits and public sector debts in many countries. We use panel data regression modeling and cover 1994-2010 period in the study. One of the main findings of the study is the fact that each country follows a different fiscal rule on the basis of its own specific economic conditions.