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The Macroeconomic and Institutional Context of the 2012 Budget

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  • András Simor

    ()
    (National Bank of Hungary)

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    Abstract

    In my paper, I look at the 2012 budget from two distinct points of view. Approaching from the perspective of the economic environment, I describe the most important lessons and relevant empirical experiences of budgetary adjustments as well as the topical macroeconomic and budgetary processes providing the foundation for next year’s budget. The second half of the paper discusses the institutional environment of the adoption of the budget. The paper presents the tasks related to the preparation and adoption of the 2012 budget, providing assistance for the legislative work of Parliament adopted by the Fiscal Council and which also follow from the new Constitution adopted in April. In addition, I shall also give an overview of the analyses provided by the Hungarian National Bank (MNB) to be used by the Fiscal Council in its relevant work.

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    Bibliographic Info

    Article provided by State Audit Office of Hungary in its journal Public Finance Quarterly.

    Volume (Year): 56 (2011)
    Issue (Month): 3 ()
    Pages: 307-319

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    Handle: RePEc:pfq:journl:v:56:y:2011:i:3:p:307-319

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    Web page: http://www.asz.hu

    Related research

    Keywords: budgetary consolidation; macroeconomic path; Fiscal Council;

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    1. Francesco Giavazzi & Tullio Jappelli & Marco Pagano, 2000. "Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries," NBER Working Papers 7460, National Bureau of Economic Research, Inc.
    2. Gabriele Giudice & Alessandro Turrini & Jan in’t Veld, 2007. "Non-Keynesian Fiscal Adjustments? A Close Look at Expansionary Fiscal Consolidations in the EU," Open Economies Review, Springer, vol. 18(5), pages 613-630, November.
    3. Ardagna, Silvia, 2004. "Fiscal Stabilizations: When Do They Work and Why," Scholarly Articles 2580047, Harvard University Department of Economics.
    4. Ardagna, Silvia, 2004. "Fiscal stabilizations: When do they work and why," European Economic Review, Elsevier, vol. 48(5), pages 1047-1074, October.
    5. repec:fth:eeccco:148 is not listed on IDEAS
    6. Jürgen von Hagen & Andrew Hughes Hallett & Rolf Strauch, 2001. "Budgetary Consolidation in EMU," European Economy - Economic Papers 148, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
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