The Discipline-Enhancing Role of Fiscal Institutions : Theory and Empirical Evidence

Theory and Empirical Evidence

The Discipline-Enhancing Role of Fiscal Institutions : Theory and Empirical Evidence
This paper discusses the role of fiscal institutions, including budget rules and non-partisan agencies, in enhancing fiscal discipline. A dynamic model of fiscal policy shows that optimal institutions lack credibility unless the costs to bypass them are sufficiently high. In our model, a combination of complete budgetary transparency and strong... READ MORE...

Publication date: July 2007
ISBN 9781451867350
$18.00

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