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Independent Fiscal Agencies

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Author Info

  • Xavier Debrun
  • David Hauner
  • Manmohan S. Kumar

Abstract

There has been a considerable literature regarding the incentives of policymakers as a prime reason for persistent fiscal deficits and a variety of fiscal rules have been proposed as a remedy. However, the often inadequate flexibility of rules and the success of policy delegation in the monetary realm have motivated a small but growing number of studies that suggest delegating some aspects of fiscal policy to what will here be called 'independent fiscal agencies'. This paper surveys the related literature with a focus on three aspects: the motivation for the establishment of such agencies; their potential design; and the experience with these types of institutions. Copyright � 2008 The Authors. Journal compilation � 2008 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Economic Surveys.

Volume (Year): 23 (2009)
Issue (Month): 1 (02)
Pages: 44-81

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Handle: RePEc:bla:jecsur:v:23:y:2009:i:1:p:44-81

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Citations

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Cited by:
  1. Charles Wyplosz, 2012. "Fiscal Rules: Theoretical Issues and Historical Experiences," NBER Working Papers 17884, National Bureau of Economic Research, Inc.
  2. Hughes Hallett, Andrew & Scott, Drew, 2010. "Scotland: A New Fiscal Settlement," SIRE Discussion Papers 2010-23, Scottish Institute for Research in Economics (SIRE).
  3. Zsolt Darvas & Valentina Kostyleva, 2011. "The fiscal and monetary institutions of CESEE countries," Working Papers 494, Bruegel.
  4. Balazs Egert, 2012. "Bringing French Public Debt Down: The Options for Fiscal Consolidation," CESifo Working Paper Series 3928, CESifo Group Munich.
  5. Daniele Franco (editor), 2012. "Rules and institutions for sound fiscal policy after the crisis," Workshop and Conferences 11, Bank of Italy, Economic Research and International Relations Area.
  6. Klaus Schmidt-Hebbel, 2012. "Fiscal Policy for Commodity Exporting Countries: Chile's Experience," Documentos de Trabajo 415, Instituto de Economia. Pontificia Universidad Católica de Chile..
  7. Lars Calmfors, 2012. "The Swedish Fiscal Policy Council: Watchdog with a Broad Remit," CESifo Working Paper Series 3725, CESifo Group Munich.
  8. James Costain & Beatriz de Blas, 2012. "Smoothing shocks and balancing budgets in a currency union," Banco de España Working Papers 1207, Banco de España.
  9. Costain, James & de Blas, Beatriz, 2012. "The role of fiscal delegation in a monetary union: a survey of the political economy issues," Working Papers in Economic Theory 2012/11, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
  10. Magdalena RĂDULESCU, 2011. "The Efficiency of the Fiscal Policy in the EU and Its Role in the Economic Recovery by Attracting FDIs," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 1(7), pages 23, December.
  11. Sharma, Chanchal Kumar, 2011. "Multilevel Fiscal Governance in a Balanced Policy Environment," MPRA Paper 30282, University Library of Munich, Germany.
  12. Robert Hagemann, 2011. "How Can Fiscal Councils Strengthen Fiscal Performance?," OECD Journal: Economic Studies, OECD Publishing, vol. 2011(1), pages 1-24.
  13. Xavier Debrun, 2011. "Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies," IMF Working Papers 11/173, International Monetary Fund.
  14. Kovács, Bernadett & Csuka, Gyöngyi, 2012. "The role of independent fiscal institutions in managing the European sovereign debt crisis: The case of the United Kingdom, Germany and Poland," MPRA Paper 40354, University Library of Munich, Germany.
  15. Klaus Schmidt-Hebbel, 2012. "Fiscal Institutions in Resource-Rich Economies: Lessons from Chile and Norway," Documentos de Trabajo 416, Instituto de Economia. Pontificia Universidad Católica de Chile..
  16. International Monetary Fund, 2012. "Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions," IMF Working Papers 12/113, International Monetary Fund.
  17. Xavier Debrun & Keiko Takahashi, 2011. "Independent Fiscal Councils in Continental Europe: Old Wine in New Bottles?," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 9(3), pages 44-50, October.
  18. Georgia Kaplanoglou & Vassilis T. Rapanos, 2013. "Fiscal Deficits and the Role of Fiscal Governance: The case of Greece," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 43(1), pages 5-30, March.
  19. Daria Zakharova & Charleen Gust, 2012. "Strengthening Russia's Fiscal Framework," IMF Working Papers 12/76, International Monetary Fund.
  20. International Monetary Fund, 2011. "Fiscal Expectations Under the Stability and Growth Pact: Evidence from Survey Data," IMF Working Papers 11/48, International Monetary Fund.
  21. Simon Wren-Lewis, 2011. "Comparing the delegation of monetary and fiscal policy," Economics Series Working Papers 540, University of Oxford, Department of Economics.
  22. Georgia Kaplanoglou & Vassilis T. Rapanos, 2011. "The Greek Fiscal Crisis and the Role of Fiscal Governance," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 48, Hellenic Observatory, LSE.

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