IDEAS home Printed from https://ideas.repec.org/a/oec/govkaa/5kg3pdgcpn42.html
   My bibliography  Save this article

Independent Fiscal Institutions: Developing Good Practices

Author

Listed:
  • George Kopits

Abstract

This article presents an overview of independent fiscal institutions in OECD member countries, outlining their principal common features as well as country-specific attributes and functions, and flags the challenges they face in the surveillance of public finances. The case of the short-lived Fiscal Council in Hungary is discussed, with a comparison to the recently established Office for Budget Responsibility in the United Kingdom. The article draws upon the experience accumulated so far to propose internationally accepted good practices in this area. JEL classification: H610, H680 Keywords: surveillance of public finances, independent fiscal institutions, fiscal council, parliamentary budget office, office for budget responsibility, oversight of fiscal policy, Hungary, United Kingdom

Suggested Citation

  • George Kopits, 2011. "Independent Fiscal Institutions: Developing Good Practices," OECD Journal on Budgeting, OECD Publishing, vol. 11(3), pages 1-18.
    • Handle: RePEc:oec:govkaa:5kg3pdgcpn42
    DOI: 10.1787/budget-11-5kg3pdgcpn42
    as

    Download full text from publisher

    File URL: https://doi.org/10.1787/budget-11-5kg3pdgcpn42
    Download Restriction: Full text available to READ online. PDF download available to OECD iLibrary subscribers.
    File URL: https://libkey.io/10.1787/budget-11-5kg3pdgcpn42?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Beetsma, Roel & Debrun, Xavier & Fang, Xiangming & Kim, Young & Lledó, Victor & Mbaye, Samba & Zhang, Xiaoxiao, 2019. "Independent fiscal councils: Recent trends and performance," European Journal of Political Economy, Elsevier, vol. 57(C), pages 53-69.
    2. Brändle, Thomas & Elsener, Marc, 2023. "Do fiscal rules matter? A survey on recent evidence," Working papers 2023/07, Faculty of Business and Economics - University of Basel.
    3. Barry Anderson, 2013. "The Development of Independent Fiscal Institutions: Lessons from CBO," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 149(II), pages 219-230, June.
    4. Hatska Liudmyla, 2017. "Investigation of advantages of outsourcing of independent fiscal institutions in the countries of peripheral capitalism," Technology audit and production reserves, 5(37) 2017, Socionet;Technology audit and production reserves, vol. 5(5(37)), pages 44-49.
    5. Robert Hagemann, 2011. "How Can Fiscal Councils Strengthen Fiscal Performance?," OECD Journal: Economic Studies, OECD Publishing, vol. 2011(1), pages 1-24.
    6. Xavier Debrun & Keiko Takahashi, 2011. "Independent Fiscal Councils in Continental Europe: Old Wine in New Bottles?," CESifo DICE Report, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(3), pages 44-50, October.
    7. Comăniciu Carmen, 2017. "The Fiscal Councils – Independent Fiscal Institutions for Ensuring Fiscal Discipline," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 531-536, December.
    8. Caroline Klein & Robert Price & Andreas Wörgötter, 2013. "Improving the Fiscal Framework to Enhance Growth in an Era of Fiscal Consolidation in Slovakia," OECD Economics Department Working Papers 1018, OECD Publishing.
    9. Debrun, Xavier & Jonung, Lars, 2019. "Under threat: Rules-based fiscal policy and how to preserve it," European Journal of Political Economy, Elsevier, vol. 57(C), pages 142-157.
    10. Calmfors, Lars, 2015. "The Roles of Fiscal Rules, Fiscal Councils and Fiscal Union in EU Integration," Working Paper Series 1076, Research Institute of Industrial Economics.
    11. Csillag, István, 2013. "Az újraelosztáshoz horgonyzott államháztartási hiány [Deficit anchored to redistribution]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1234-1258.
    12. Loewald, Christopher & Wörgötter, Andreas, 2019. "Do monetary unions dream of structural reforms?," ECON WPS - Working Papers in Economic Theory and Policy 01/2019, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit.
    13. Capraru, Bogdan & Georgescu, George & Sprincean, Nicu, 2020. "An evaluation of IFIs impact on EU countries budget deficits," Working Papers of Romania Fiscal Council 201101, Romania Fiscal Council.
    14. Falilou Fall & Debra Bloch & Jean-Marc Fournier & Peter Hoeller, 2015. "Prudent debt targets and fiscal frameworks," OECD Economic Policy Papers 15, OECD Publishing.
    15. European Fiscal Board (EFB), 2018. "2018 annual report of the European Fiscal Board," Annual reports 2018, European Fiscal Board.
    16. Kovács, Bernadett & Csuka, Gyöngyi, 2012. "The role of independent fiscal institutions in managing the European sovereign debt crisis: The case of the United Kingdom, Germany and Poland," MPRA Paper 40354, University Library of Munich, Germany.
    17. Patrícia Martins & Leonida Correia, 2021. "Fiscal institutions: different classifications and their effectiveness," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 159-190, March.
    18. Ryta Dziemianowicz, 2014. "Independent Fiscal Institutions As A Tool Of Fiscal Governance," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 9(1), pages 59-70, March.
    19. Yehuda Porath & Tal Sadeh, 2022. "National Debt Management Autonomy and National Debt Maturity at Issue," Bank of Israel Working Papers 2022.14, Bank of Israel.
    20. Jankovics, László, 2021. "Költségvetési tanácsok az EU-ban - ölebek, vérebek vagy őrkutyák? [Fiscal councils in the EU: lapdogs, watchdogs or bloodhounds?]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 251-281.
    21. Tóth G., Csaba, 2017. "A nemzeti költségvetési szabályok elterjedése és hatása Európában [The spread of national fiscal rules and their effect in Europe]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1119-1147.
    22. Căpraru, Bogdan & Georgescu, George & Sprincean, Nicu, 2022. "Do independent fiscal institutions cause better fiscal outcomes in the European Union?," Economic Systems, Elsevier, vol. 46(2).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oec:govkaa:5kg3pdgcpn42. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/oecddfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.