Why do countries have fiscal rules?
Professor Vittorio Corbo in whose honor this conference is organized has an outstanding academic and professional career that spans teaching research policy making and advice provided to the private sector international institutions and governments. In the latter capacity of government advisor he served recently as Chairman of the Advisory Committee on Fiscal Policy to Finance Minister Felipe Larraín coordinating preparation of the Committee’s proposals for strengthening Chile’s fiscal institutions and decade-old fiscal policy rule. The final document delivered by the Committee to Minister Larraín offers relevant and well-grounded recommendations on fiscal policy reform in Chile which undoubtedly will be useful to other reforming countries too (Advisory Committee on Fiscal Policy in Chile 2011). The latter document—like many others written or led by Vittorio Corbo—is a tribute to his skills in guiding deep and productive debate among economists that hold different views toward the goal of attaining consensus on research and policy advice.