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Reforming the Fiscal Constitution: Holding Politicians Accountable Through Greater Transparency

In: Law and Economics in Europe and the U.S

Author

Listed:
  • James W. Douglas

    (University of North Carolina at Charlotte)

  • Ringa Raudla

    (Tallinn University of Technology)

  • Robert S. Kravchuk

    (Indiana University)

Abstract

In this chapter, we argue that in order to restore relevance to the executive phase of the budget process, it needs to provide better information to citizens regarding the options available for closing the gap between revenues and expenditures. We outline a proposal whereby the executive would have to make clear his/her priorities by designating spending as either revenue or deficit financed, and submitting a 5-year balanced budget plan within his/her budget recommendation. The legislative body (or bodies) would then be required to enunciate how their preferences differ from those of the executive in their respective budget resolutions. We contend that such a process would be more transparent, better enabling citizens to hold politicians accountable.

Suggested Citation

  • James W. Douglas & Ringa Raudla & Robert S. Kravchuk, 2016. "Reforming the Fiscal Constitution: Holding Politicians Accountable Through Greater Transparency," The European Heritage in Economics and the Social Sciences, in: Alain Marciano & Giovanni Battista Ramello (ed.), Law and Economics in Europe and the U.S, pages 75-87, Springer.
    • Handle: RePEc:spr:euhchp:978-3-319-47471-7_5
    DOI: 10.1007/978-3-319-47471-7_5
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