Broadening the Scope: The Importance of Cross‐Regional and Governance Analysis for Understanding Fiscal Rules

Abstract This article discusses the rising federal debt in the United States and the need for effective fiscal management solutions, such as adopting fiscal rules. It highlights the importance of examining fiscal rules from various regions, particularly Latin America, to understand their impact on fiscal discipline. The United States faces unique challenges due to its deeply decentralized federal system, where state and local governments operate independently, leading to fragmented fiscal practices. This article emphasizes the need for integrated fiscal oversight and the potential benefits of learning from other countries' experiences with fiscal rules.