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Towards a Puviani’s Fiscal Illusion Index

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Paulo Reis Mourao () (Australian National University)

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Abstract

This paper presents an index of Fiscal Illusion for 68 democratic countries from 1960 to 2006. The theory of Fiscal Illusion studied relates to a wrong perception of government budget aggregates from the voters’ and taxpayers’ perspectives. In the construction of the index, methodological issues were carefully taken into account. The results obtained reveal that Fiscal Illusion varies greatly around the world. Countries such as Mali, Pakistan, Russia, and Sri Lanka have the highest average values over the time period considered, while Austria, Luxembourg, Netherlands, and New Zealand have the lowest. Regarding the time dimension, between 1980 and 1995 there was a significant decrease in the average value of the index across countries, suggesting a reduction in the adoption of Fiscal Illusion practices during this period. After 1995, the index remained stable in most countries.

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Article provided by IEF in its journal Hacienda Pública Española/Revista de Economía Pública.

Volume (Year): 187 (2008)
Issue (Month): 4 (December)
Pages: 49-86
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Handle: RePEc:hpe:journl:y:2008:v:187:i:4:p:49-86

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Related research
Keywords: Fiscal Illusion; Indexes/Indicators; Democracy.;

Find related papers by JEL classification:
C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

References listed on IDEAS
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  1. William Easterly, 1999. "When is fiscal adjustment an illusion?," Economic Policy, CEPR, CES, MSH, vol. 14(28), pages 55-86, 04. [Downloadable!] (restricted)
    Other versions:
  2. Ledyard Tucker, 1966. "Some mathematical notes on three-mode factor analysis," Psychometrika, Springer, vol. 31(3), pages 279-311, September. [Downloadable!] (restricted)
  3. Alberto Alesina & Ricardo Hausmann & Rudolf Hommes & Ernesto Stein, 1996. "Budget Institutions and Fiscal Performance in Latin America," NBER Working Papers 5586, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Kerstin Bernoth & Guntram B. Wolff, 2006. "Fool the Markets? Creative Accounting, Fiscal Transparency and Sovereign Risk Premia," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  5. Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Aggregating governance indicators," Policy Research Working Paper Series 2195, The World Bank. [Downloadable!]
  6. Becker, Gary S, 1983. "A Theory of Competition among Pressure Groups for Political Influence," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 371-400, August. [Downloadable!] (restricted)
  7. Ismael Sanz & Francisco J. Velázquez, 2003. "Fiscal illusion, fiscal consolidation and government expenditure composition in the OECD: a dynamic panel data approach," European Economy Group Working Papers 21, European Economy Group. [Downloadable!]
  8. Farhan Hameed, 2005. "Fiscal Transparency and Economic Outcomes," IMF Working Papers 05/225, International Monetary Fund. [Downloadable!]
  9. Eusepi, Giuseppe, 2006. "Public finance and welfare: From the ignorance of the veil to the veil of ignorance," Journal of Economic Behavior & Organization, Elsevier, vol. 59(4), pages 460-477, April. [Downloadable!] (restricted)
  10. von Hagen, Jurgen & Harden, Ian J., 1995. "Budget processes and commitment to fiscal discipline," European Economic Review, Elsevier, vol. 39(3-4), pages 771-779, April. [Downloadable!] (restricted)
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