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Making Fiscal Commitments Credible

Listed author(s):
  • Michal Horvath


    (Nuffield College, University of Oxford)

  • Ludivit Odor


    (The National Bank of Slovakia)

The study critically analyzes the weak points of current fiscal institutions in Slovakia, while proposing a new institutional framework. It is based on the concept of the net worth and reflects international experience. The main part of the proposal is additional fiscal rules to the Stability and Growth Pact – a gross debt limit and expenditure ceilings, new rules for the financial management of municipalities, and requirements for greater transparency. It is our proposal to set up a Fiscal Council under the National Council of the Slovak Republic, which would check and monitor fiscal processes and rules. The new framework should increase the credibility of Slovakia when looking for exit strategies following unfavourable impacts of the current economic crisis; it should also lead to lower interest rates and more dynamic and stable growth from the long-term perspective.

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Paper provided by Research Department, National Bank of Slovakia in its series Working and Discussion Papers with number DP 2/2009.

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Length: 43 pages
Date of creation: Dec 2009
Handle: RePEc:svk:wpaper:1006
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