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The Greek Fiscal Crisis and the Role of Fiscal Governance

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  • Georgia Kaplanoglou
  • Vassilis T. Rapanos

Abstract

In view of the growing attention paid to the role of fiscal governance in budgetary outcomes, this paper tries to shed light on the link between the recent Greek fiscal crisis and aspects of fiscal governance. It reviews fiscal developments in Greece over the last decade and challenges the widely held view that optimistic macroeconomic forecasts adopted by the Greek government, as well as three international organisations, were responsible for unrealistic fiscal deficit forecasts. Instead, the weak domestic institutional budget framework and the ineffectiveness of international organizations to act as signaling mechanisms emerge as the main reasons for weak fiscal performance. In this light, the paper puts forward some ideas for improving the domestic institutional framework for conducting fiscal policy in Greece.

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File URL: http://www.lse.ac.uk/europeanInstitute/research/hellenicObservatory/pdf/GreeSE/GreeSE48.pdf
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Bibliographic Info

Paper provided by Hellenic Observatory, LSE in its series GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe with number 48.

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Date of creation: Jun 2011
Date of revision:
Handle: RePEc:hel:greese:48

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Related research

Keywords: fiscal governance; fiscal forecasts; fiscal discipline; budget institutions; public financial management; Greece.;

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References

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  1. Thiess Buettner & Björn Kauder, 2009. "Revenue Forecasting Practices: Differences across Countries and Consequences for Forecasting Performance," CESifo Working Paper Series 2628, CESifo Group Munich.
  2. Lars Jonung & Martin Larch, 2006. "Improving fiscal policy in the EU: the case for independent forecasts," Economic Policy, CEPR & CES & MSH, vol. 21(47), pages 491-534, 07.
  3. Xavier Debrun & Manmohan S. Kumar, 2007. "The Discipline-Enhancing Role of Fiscal Institutions," IMF Working Papers 07/171, International Monetary Fund.
  4. Xavier Debrun & David Hauner & Manmohan S. Kumar, 2009. "Independent Fiscal Agencies," Journal of Economic Surveys, Wiley Blackwell, vol. 23(1), pages 44-81, 02.
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Citations

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Cited by:
  1. Yannis Valinakis, 2012. "Greece’s European Policy Making," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 63, Hellenic Observatory, LSE.
  2. Yiannos Katsourides, 2013. "Political Parties and Trade Unions in Cyprus," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 74, Hellenic Observatory, LSE.
  3. Georgia Kaplanoglou & Vassilis T. Rapanos, 2013. "Fiscal Deficits and the Role of Fiscal Governance: The case of Greece," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 43(1), pages 5-30, March.
  4. Emmanuel Mamatzakis, 2013. "Are there any Animal Spirits behind the Scenes of the Euro area Sovereign Debt Crisis?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 72, Hellenic Observatory, LSE.
  5. Prodromos Vlamis, 2013. "Greek Fiscal Crisis and Repercussions for the Property Market," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 76, Hellenic Observatory, LSE.
  6. Manussos Marangudakis & Kostas Rontos & Maria Xenitidou, 2013. "State Crisis and Civil Consciousness in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 77, Hellenic Observatory, LSE.
  7. Vassilis Monastiriotis & Angelo Martelli, 2013. "Beyond Rising Unemployment: Unemployment Risk, Crisis and Regional Adjustments in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 80, Hellenic Observatory, LSE.
  8. Spyros Kosmidis, 2013. "Government constraints and economic voting in Greece," LSE Research Online Documents on Economics 50259, London School of Economics and Political Science, LSE Library.
  9. George Alogoskoufis, 2013. "Macroeconomics and politics in the accumulation of Greece’s debt: an econometric investigation, 1975-2009," LSE Research Online Documents on Economics 50257, London School of Economics and Political Science, LSE Library.
  10. Helen Caraveli & Efthymios G. Tsionas, 2012. "Economic Restructuring, Crises and the Regions: The Political Economy of Regional Inequalities in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 61, Hellenic Observatory, LSE.
  11. Spyros Kosmidis, 2013. "Government Constraints and Economic Voting in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 70, Hellenic Observatory, LSE.
  12. Nicos Christodoulakis, 2014. "The Conflict Trap in the Greek Civil War 1946-1949: An economic approach," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 83, Hellenic Observatory, LSE.

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