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Do fiscal rules need budget transparency to be effective?

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  • Gootjes, Bram
  • de Haan, Jakob

Abstract

We examine whether fiscal rules’ impact on fiscal performance depends on budget transparency. Using panel data of 73 countries over the 2003–2013 period, we find that fiscal rules do not improve the government budget balance in case of low budget transparency. Furthermore, our results suggest that fiscal rules make (the success of) fiscal adjustments more likely but only when transparency is sufficiently high. These findings appear remarkably robust against including contextualizing factors that may influence the impact of fiscal rules and budget transparency. However, to detect fiscal rules' effect on fiscal adjustments, taking fiscal policy volatility into account is important.

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  • Gootjes, Bram & de Haan, Jakob, 2022. "Do fiscal rules need budget transparency to be effective?," European Journal of Political Economy, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:poleco:v:75:y:2022:i:c:s017626802200026x
    DOI: 10.1016/j.ejpoleco.2022.102210
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    Cited by:

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    3. Raluca Maran, 2023. "Do Sovereign Catastrophe Bonds Improve Fiscal Resilience? An Application of Synthetic Control Method to Mexico," Economics of Disasters and Climate Change, Springer, vol. 7(3), pages 431-455, November.
    4. Ablam Estel Apeti & Bao-We-Wal Bambe & Jean-Louis Combes & Eyah Denise Edoh, 2023. "Original Sin: Fiscal Rules and Government Debt in Foreign Currency in Developing Countries," Working Papers hal-04130477, HAL.
    5. Ablam Estel APETI & Bao-We-Wal BAMBE & Jean Louis COMBES, 2022. "On the Macroeconomic Effects of Fiscal Reforms : Fiscal Rules and Public Expenditure Efficiency," LEO Working Papers / DR LEO 2985, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    6. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
    7. Mikhail E. Kosov & Alla Yu. Chalova & Ravil G. Akhmadeev & Ekaterina V. Golubtsova, 2023. "Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 8-26, April.
    8. Altug Murat Köktaº & Tugay Günel, 2022. "Impact of Fiscal Rules on Government Expenditure and Tax Revenue in Emerging European Countries: Threshold Effect of Budget Deficit," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 70(3), pages 264-283, January.

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    More about this item

    Keywords

    Fiscal policy; Fiscal adjustments; Fiscal consolidation; Fiscal rules; Budget transparency;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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