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Fiscal Responsibility Within An Unstable Economic And Political Environment

Author

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  • CIUMARA, Tudor

    (“Victor Slavescu” Center for Financial and Monetary Research, Romanian Academy)

Abstract

It is hypothesised that the economic and political environments from Romania are characterized by instability. Also, election cycles represent a major source of volatility for economic policies, particularly for fiscal policy. However, it is very difficult to observe accurately which fiscal proposals/changes have electoral motivations and which are backed by ideologies or technical considerations. The paper presents a theoretical analysis of fiscal responsibility and a conceptual analysis of economic and political stability. The paper is completed by a series of analyses and observations based on the situation of Romania, related to stability and responsibility.

Suggested Citation

  • CIUMARA, Tudor, 2016. "Fiscal Responsibility Within An Unstable Economic And Political Environment," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 20(4), pages 54-68.
  • Handle: RePEc:vls:finstu:v:20:y:2016:i:4:p:54-68
    as

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    References listed on IDEAS

    as
    1. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    2. Mr. Ian Lienert, 2010. "Should Advanced Countries Adopt a Fiscal Responsibility Law?," IMF Working Papers 2010/254, International Monetary Fund.
    3. LUPU, Iulia, 2015. "Fiscal Rules: Reasons And Evolution," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(4), pages 21-31.
    4. Jochen Mierau & Richard Jong-A-Pin & Jakob de Haan, 2007. "Do political variables affect fiscal policy adjustment decisions? New empirical evidence," Public Choice, Springer, vol. 133(3), pages 297-319, December.
    5. Ms. Ana Corbacho & Leandro Medina & Carlos Caceres, 2010. "Structural Breaks in Fiscal Performance: Did Fiscal Responsibility Laws Have Anything to Do with Them?," IMF Working Papers 2010/248, International Monetary Fund.
    6. Jung, Alexander, 2016. "Have monetary data releases helped markets to predict the interest rate decisions of the European Central Bank?," Working Paper Series 1926, European Central Bank.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    government; elections; stability; political party;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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