Tehminah Malik

Thesis title:

The Political Economy of Fiscal Rules and Financial Markets: Why, When, and How does the Market Enforce Rules


My research focuses on the interplay between fiscal rules and financial markets and specifically seeks to answer questions about when and how countries decide to adopt fiscal rules, if non-democracies can credibly uphold such rules through financial market pressure, and under what conditions financial markets hold sovereigns accountable for breaking the rules. The research intends to feed the broader debate about institutional responses by the IMF and the EU to the great recession and test the assumptions upon which existing market stabilizing institutions rest. Results will contribute to the development of international best practice for FRs and be relevant for markets, policymakers, and the broader public. Understanding FRs under different political regimes is also important to ensure the legitimacy and integrity of transparency based fiscal governance in a turbulent age.

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First supervisor:

Adam Chalmers


4 – Economics, Finance & the World Economy