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Fiscal Discipline and the Budget Process

The American economic review, 1996-05, Vol.86 (2), p.401-407 [Peer Reviewed Journal]

Copyright 1996 American Economic Association ;Copyright American Economic Association May 1996 ;ISSN: 0002-8282 ;EISSN: 1944-7981 ;CODEN: AENRAA

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Title:
Fiscal Discipline and the Budget Process
Author: Alesina, Alberto ; Perotti, Roberto
Subjects: Ambiguity ; Balanced budgets ; Balanced-Budget Rules ; Budget allocation ; Budget deficits ; Budget policy ; Budgeting ; Budgets ; Economic development ; Economic policy ; Economic theory ; Federal budget ; Federal budget deficit ; Financial budgets ; Fiscal policy ; Government budgets ; Government spending ; Incentives ; Legislatures ; National debt ; Politics ; Studies ; Tax rates ; Taxation ; Transition economies ; U.S.A ; United States federal budget ; Voting
Is Part Of: The American economic review, 1996-05, Vol.86 (2), p.401-407
Description: The critical economic policy for many OECD countries, developing countries and transition economies is fiscal consolidation and the maintenance of long-run fiscal balance. Two related components underlie this goal: 1. Several countries face the issue of deficit reduction. 2. It is becoming increasingly apparent that major reforms of the welfare system and of social security systems are critical ingredients of a long-lasting fiscal consolidation. It is suggested that budget procedures matter. The 2 critical areas of reform are more transparency and a strengthening of the roles of the executive branch vis a vis the legislature, and of the treasury minister vis a vis the rest of the executive branch, in order to achieve a centralized and top-bottom approach to the budget process. Lack of transparency in the budget process becomes, in the long run, a critical obstacle for achieving budget consolidation and expenditure control.
Publisher: Menasha, Wis: American Economic Association
Language: English
Identifier: ISSN: 0002-8282
EISSN: 1944-7981
CODEN: AENRAA
Source: ProQuest Central

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Fiscal Discipline and the Budget Process

Copyright 1996 American Economic Association ;Copyright American Economic Association May 1996 ;ISSN: 0002-8282 ;EISSN: 1944-7981 ;CODEN: AENRAA

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