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2019 | 12 | nr 4 | 32--51
Tytuł artykułu

Fiscal Council: European Model or New Global Standard?

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The great recession of 2008 caused fiscal crises in several countries. This phenomenon highlighted the relevance of the problem of fiscal alcoholism and excessive sovereign debt. Nowadays rules-based fiscal policies have become more and more widespread to limit indebtedness. This article explores one of the most important elements of rules-based systems: the fiscal council. The key question imposed was: is it mostly a European phenomenon, or rather a global standard? As a method, we employed descriptive statistics, then a hierarchical cluster analysis, based on the data of the IMF Fiscal Council Dataset. In conclusion, two separated groups were formed: an EU and a non-EU cluster with some outliers, thus our working hypothesis was underpinned. Our results have thus contributed to the literature and advanced the case that in the last ten years the increased number of fiscal councils can be attributed to international (European) regulations or internal political issues rather than actual enhancements of fiscal prudence. (original abstract)
Rocznik
Tom
12
Numer
Strony
32--51
Opis fizyczny
Twórcy
  • Budapest University of Technology and Economics Hungary
  • National University of Public Service
autor
  • Széchenyi István University Hungary
  • Budapest University of Technology and Economics Hungary
Bibliografia
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  • Beetsma, R., & Debrun, X. (2016). Debunking 'fiscal alchemy: The role of fiscal councils'. VoxEU Article, http://voxeu.org/article/debunking-fiscal-alchemy-role-fiscal-councils
  • Berger, H., Dell'Ariccia, G., & Obstfeld, M. (2018). Revisiting the Economic Case for Fiscal Union in the Euro Area. IMF Departmental Paper No.18/03. https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2018/02/20/Revisiting-the-Economic-Case-for-Fiscal-Union-in-the-Euro-Area-45611
  • Blinder, A. S. (1997). Is Government Too Political? Foreign Affairs, November/December 1997, pp. 115-127.
  • Calmfors, L., & Wren-Lewis, S. (2011). What should fiscally do? The University of Oxford. Discussion Paper series. https://www.economics.ox.ac.uk/department-of-economics-discussion-paper-series/what-should-fiscal-councils-do
  • Curristine, T., Harris, J., & Seiwald, J. (2013). Case studies of fiscal councils-functions and impact. IMF. https://www.imf.org/external/np/pp/eng/2013/071613a.pdf
  • Debrun, X., & Kumar, M.S. (2007). Fiscal Rules, Fiscal Councils and All That: Commitment Devices, Signalling Tools or Smokescreens? in Fiscal Policy: Current Issues and Challenges, Banca d'Italiahttps://www.bancaditalia.it/pubblicazioni/altri-atti-convegni/2007-fiscal-policy/Debrun_Kumar.pdf?language_id=1
  • Debrun, X., & Kinda, T. (2014). Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise - A New Dataset, IMF Working Paper, WP/14/58.
  • Debrun, X., Zhang, X., & Lledó, V. (2017). The Fiscal Council Dataset: A Primer to the 2016 Vintage. Remitting from https://www.imf.org/external/np/fad/council/pdf/note.pdf
  • European Commission (2003). Public finances in EMU. European Economy Reports and Studies. http://ec.europa.eu/economy_finance/publications/pages/publication473_en.pdf
  • European Fiscal Board (2018). Annual Report 2017. https://ec.europa.eu/info/sites/info/files/2017_efb_annual_report_en_0.pdf
  • Fischer, S. (1995). Central-Bank Independence Revisited. The American Economic Review, Papers and Proceedings, 85(2), 201-206.
  • Gersl, A., Jasova, M., & Zápal, J. (2014). Fiscal Councils and Economic Volatility. Czech Journal of Economics and Finance, 64(3).
  • Gilbert, N. D., & de Jong J.F.M. (2017). Do European fiscal rules induce a bias in fiscal forecasts? Evidence from the Stability and Growth Pact. Public Choice.
  • Herzog, B. (2018). Reforming the Eurozone: Assessment of the Reform Package by the European Commission - Treating Symptoms or Root Causes?. Economics and Sociology, 11(3), 59-77.
  • IMF (2013). The functions and impact of fiscal councils. https://www.imf.org/external/np/pp/eng/2013/071613.pdf
  • Jiroudková, A., Rovná, L. A., Strielkowski, W., & Šlosarčík, I. (2015). EU Accession, Transition and Further Integration for the Countries of Central and Eastern Europe. Economics and Sociology, 8(2), 11-25.
  • Kopits, G. (2016). The Case for an Independent Fiscal Institution in Japan. IMF Working Paper WP/16/156. https://www.imf.org/external/pubs/ft/wp/2016/wp16156.pdf
  • Larch, M., & Braendle, T. (2018). Independent Fiscal Councils: Neglected Siblings of Independent Central Banks? An EU Perspective. Journal of Common Market Studies, 56(2), 267-283.
  • Musgrave, R. A. (1959). The theory of public finance: a study in public economy, New York, McGraw-Hill.
  • OECD (2014). Recommendation of the Council on Principles for Independent Fiscal Institutions. https://www.oecd.org/gov/budgeting/OECD-Recommendation-on-Principles-for-Independent-Fiscal-Institutions.pdf
  • Thirion, G. (2017). European Fiscal Union: Economic rationale and design challenges. CEPS Working Document. No 2017/01, January 2017. https://www.ceps.eu/publications/european-fiscal-union-economic-rationale-and-design-challenges
  • Vértesy, L. (2018). Macroeconomic legal trends in the EU11 countries. in Public Governance, Administration and Finances Law Review, 2018/I, 3.
  • Wyplosz, C. (2002). Fiscal Policy: Institutions vs. Rules. HEI Working Paper No: 03/2002 http://repec.graduateinstitute.ch/pdfs/Working_papers/HEIWP03-2002.pdf
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171577102

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