The impact of fiscal councils on the budgetary consolidation

Public and Municipal Finance

Ante Žigman¹  Martina Jergović² 

[1] Ph.D., Zagreb School of Economics and Management ;bacc. oec., Zagreb School of Economics and Management ;

关键词: budget balance;    fiscal councils;    fiscal rules;    public debt;   

DOI  :  10.21511/pmf.06(1).2017.02

来源: DOAJ

【 摘 要 】

Fiscal councils are independent institutions that play an important role in execution of fiscal rules and budgetary discipline through their realistic and unbiased macroeconomic and budgetary analysis and projections. It is important that the fiscal councils have easy access to the media to ensure that their analyses reach the wider public, and influence creators of fiscal policy. This paper analyzes the influence of fiscal councils on budget balance and public debt in period before and after financial crisis. The member states that had functioning fiscal councils before the financial crisis, on average, manage their public finances better than those who founded them after the beginning of crisis. Additionally, supervision of the enforcements of fiscal rules from fiscal boards is already showing positive results in this short time period. Fiscal councils are extremely important to ensure a healthy basis for conducting fiscal policy and to decrease the influence of politics on public finance management.

【 授权许可】

Unknown