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Macro Policies 1: Fiscal Probity: The Starting Point for Good Institutions (and the Other Way Around?)

In: Institutions Always “Mattered”

Author

Listed:
  • Oleh Havrylyshyn
  • Nora Srzentić

Abstract

There is a very strong consensus in the literature that Ragusa practiced a very prudent policy with respect to state finances, minting and debasement of the currency as well as market-enhancing regulations. Chapter 2 noted that all modern-day proponents of institutionalism, no matter how critical they may be of “too-early and too rapid” liberalization, do accept the Washington Consensus’ emphasis on starting with fiscal stabilization and maintaining fiscal prudence. All agree that reckless public finance diminishes private investments and destroys commercial efforts. This consensus thus implicitly answers the question in the title: yes, fiscal probity must come first, but yes it becomes part of a virtuous circle; fiscal probity and good institutions are interdependent and both together mirror sensible policies.

Suggested Citation

  • Oleh Havrylyshyn & Nora Srzentić, 2015. "Macro Policies 1: Fiscal Probity: The Starting Point for Good Institutions (and the Other Way Around?)," Palgrave Studies in Economic History, in: Institutions Always “Mattered”, chapter 8, pages 112-121, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-33978-2_8
    DOI: 10.1057/9781137339782_8
    as

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