Title Can budget institutions counteract political indiscipline? / prepared by Stefania Fabrizio and Ashoka Mody

Published [Washington D.C.] : International Monetary Fund, European Dept., 2006

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Description 1 online resource (51 pages) : illustrations Series IMF working paper ; WP/06/123 IMF working paper ; WP/06/123. Contents Contents -- I. INTRODUCTION -- II. THE DETERMINANTS OF FISCAL PERFORMANCE: A SELECTIVE LITERATURE REVIEW -- III. BUDGET INSTITUTIONS IN NEW AND POTENTIAL EU MEMBER STATES -- IV. BENCHMARK RESULTS -- V. THE ROLE OF DEEPER DETERMINANTS: TIME-INVARIANT FACTORS -- VI. DIFFERENTIATING THE EFFECTS ON EXPENDITURES AND REVENUES -- VII. CONCLUSIONS -- REFERENCES Summary The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics dominates. The contemporary practice of democracy can increase budget deficits through not only ideological preferences but also more fragmented government coalitions and higher voter participation. Long-term structural forces, triggered by societal divisions and representative electoral rules, have more ambiguous implications but also appear to increase budget pressures, as others have also found. However, our most robust, and hopeful, finding is that budget institutions-mechanisms and rules of the budget process-that create checks and balances have significant value even when the politics is representative but undisciplined, and when long-term structural forces are unfavorable Bibliography Includes bibliographical references Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL Print version record digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Subject Budget -- European Union countries -- Econometric models Fiscal policy -- European Union countries -- Econometric models Elections -- Economic aspects -- European Union countries Budget -- Econometric models Elections -- Economic aspects Fiscal policy -- Econometric models European Union countries Form Electronic book Author Mody, Ashoka, author. International Monetary Fund. Western Hemisphere Department ISBN 1282447939 9781282447936 9781451987256 1451987250

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