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Multi-Year Budgeting: A Review of International Practices and Lessons for Developing and Transitional Economies

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Abstract

In recent years many developed countries have moved to develop their annual budget process in astrategic multi-year framework. While a common feature of multi-year budgeting approaches is theinclusion of revenue forecasts and expenditures estimates for two or three years beyond the currentyear, multi-year budget practices vary substantially between countries. This paper reviews multi-yearbudgeting practices in six developed countries (Australia, Austria, Germany, New Zealand, the UnitedKingdom and the United States) and attempts to draw some lesson from this experience for thepotential use of multi-year budgeting by developing and transitional countries. We draw five lessons forthe budget processes of developing and transitional economies: (1) a multi-year dimension could be avaluable fiscal policy and management tool for developing and transitional countries; (2) the approachchosen in each developing or transitional economy should reflect the country’s policy objectives, itsunique budget institutions and traditions, and its administrative capabilities; (3) the introduction of amulti-year budget dimension is a gradual process; (4) the multi-year budget should be used toencourage the constructive involvement of line ministries in the budget process; and (5) the usefulness ofthe multi-year budget approach will crucially depend on the reliability and accuracy of the medium termbudget estimates.

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File URL: http://icepp.gsu.edu/sites/default/files/documents/icepp/wp/ispwp9804.pdf
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Bibliographic Info

Paper provided by International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University in its series International Center for Public Policy Working Paper Series, at AYSPS, GSU with number paper9804.

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Length: 41 pages
Date of creation: 01 Nov 1998
Date of revision:
Handle: RePEc:ays:ispwps:paper9804

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Keywords: Multi-Year Budgeting; International Practices and Lessons; Developing and Transitional Economies;

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Cited by:
  1. Xavier Debrun & Peter S. Heller & Theo Thomas & Menachem Katz & Isabell Adenauer & Taline Koranchelian, 2006. "Making Fiscal Space Happen," IMF Working Papers 06/270, International Monetary Fund.
    • Peter S. Heller & Menachem Katz & Xavier Debrun & Theo Thomas & Taline Koranchelian & Isabell Adenauer, 2006. "Making Fiscal Space Happen!," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 7(3), pages 89-132, July.
  2. Jorge Martinez-Vazquez & Jameson Boex, 2000. "Budgeting and Fiscal Management in Transitional Economies," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0006, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  3. Grigoli, Francesco & Mills, Zachary & Verhoeven, Marijn & Vlaicu, Razvan, 2012. "MTEFs and fiscal performance: panel data evidence," Policy Research Working Paper Series 6186, The World Bank.
  4. Heller, Peter S. & Katz, Menachem & Debrun, Xavier & Thomas, Theo & Koranchelian, Taline & Adenauer, Isabell, 2006. "Making Fiscal Space Happen! Managing Fiscal Policy in a World of Scaled-Up Aid," Working Paper Series RP2006/125, World Institute for Development Economic Research (UNU-WIDER).

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