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MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE

Year 2012, Volume: 4 Issue: 1, 153 - 162, 01.06.2012

Abstract

The identification of the reasons for the existing fiscal imbalance shows that it is necessary to introduce the institutional solutions of the budgetary process. This paper aims to verify the hypothesis that the application of multi-year budgeting is a factor which increases fiscal discipline and promotes efficiency and transparency of public finance. The research presents a comparative analysis of the quality of macroeconomic forecasts for EU countries including parameters such as the real GDP growth rate, general government sector deficit to GDP ratio, public debt to GDP ratio. Information contained in the EU Stability and Convergence Programmes and in the International Budget Practices and Procedures Database published by the OECD constituted the source of data for the research

References

  • Boex, L. F. Jameson, Martinez-Vazquez, Jorge, McNab, Robert M. (2000),
  • “Multi-Year Budgeting: A Review of International Practices and Lessons for Developing and Transitional Economies”, Public Budgeting&Finance, Vol. 20, Issue 2, pp. 91-112
  • Calmfors, Lars (2010), The Role of Independent Fiscal Policy Institutions, Studier i Finanspolitik 2010/9, Stockholm: Finanspolitiska rådet
  • Fölscher, Alta (2007), Budget Methods and Practices, (in: Shah Anwar – ed., Budgeting and Budgetary Institutions), Washington D.C.: World Bank, pp. 109
  • Frankel, Jeffrey A. (2011), “Over-optimism in Forecasts by Official Budget
  • Agencies and its Implications”, Oxford Review of Economic Policy, Vol. 27 No.4, pp. 536-562
  • Hallerberg, Mark, Strauch, Rolf, von Hagen, Jürgen (2009), Fiscal Governance in
  • Europe, New York: Cambridge University Press Heinemann, Friedrich (2005), Planning or Propaganda? An Evaluation of
  • Germany’s Medium-term Budgetary Planning, Mannheim: ZEW IMF (2007), Manual on Fiscal Transparency, Washington D.C.
  • OECD (2008), International Budget Practices and Procedures Database, http://www.oecd.org/document/61/0,3746,en_2649_34119_2494461_1_1_1_1,00. html [Accessed 10.04.2012]
  • OECD (2009), Government at a Glance, Paris
  • Leal, Teresa, Pérez, Javier J., Tujula, Mika, Vidal, Jean-Pierre (2008), “Fiscal
  • Forecasting: Lessons from the Literature and Challenges”, Fiscal Studies, Vol. 29, Issue 3, pp. 347-386
  • European Commission (2007), Public Finances in EMU – 2007, Brussels
  • European Commission (2009), Public Finances in EMU – 2009, Brussels
  • Rolef, Susan H. (2009), Two-year (Biennial) Budgets, Jerusalem: The Knesset
  • Research and Information Center Schiavo-Campo, Salvatore (2009), “Potemkin Villages: ‘‘The’’ Medium-Term
  • Expenditure Framework in Developing Countries”, Public Budgeting & Finance, Vol. 29, Issue 2, p. 1-26
  • Wildavsky, Aaron (1986), Budgeting: A Comparative Theory of Budgetary
  • Processes, New Brunswick: Transaction Books
Year 2012, Volume: 4 Issue: 1, 153 - 162, 01.06.2012

Abstract

References

  • Boex, L. F. Jameson, Martinez-Vazquez, Jorge, McNab, Robert M. (2000),
  • “Multi-Year Budgeting: A Review of International Practices and Lessons for Developing and Transitional Economies”, Public Budgeting&Finance, Vol. 20, Issue 2, pp. 91-112
  • Calmfors, Lars (2010), The Role of Independent Fiscal Policy Institutions, Studier i Finanspolitik 2010/9, Stockholm: Finanspolitiska rådet
  • Fölscher, Alta (2007), Budget Methods and Practices, (in: Shah Anwar – ed., Budgeting and Budgetary Institutions), Washington D.C.: World Bank, pp. 109
  • Frankel, Jeffrey A. (2011), “Over-optimism in Forecasts by Official Budget
  • Agencies and its Implications”, Oxford Review of Economic Policy, Vol. 27 No.4, pp. 536-562
  • Hallerberg, Mark, Strauch, Rolf, von Hagen, Jürgen (2009), Fiscal Governance in
  • Europe, New York: Cambridge University Press Heinemann, Friedrich (2005), Planning or Propaganda? An Evaluation of
  • Germany’s Medium-term Budgetary Planning, Mannheim: ZEW IMF (2007), Manual on Fiscal Transparency, Washington D.C.
  • OECD (2008), International Budget Practices and Procedures Database, http://www.oecd.org/document/61/0,3746,en_2649_34119_2494461_1_1_1_1,00. html [Accessed 10.04.2012]
  • OECD (2009), Government at a Glance, Paris
  • Leal, Teresa, Pérez, Javier J., Tujula, Mika, Vidal, Jean-Pierre (2008), “Fiscal
  • Forecasting: Lessons from the Literature and Challenges”, Fiscal Studies, Vol. 29, Issue 3, pp. 347-386
  • European Commission (2007), Public Finances in EMU – 2007, Brussels
  • European Commission (2009), Public Finances in EMU – 2009, Brussels
  • Rolef, Susan H. (2009), Two-year (Biennial) Budgets, Jerusalem: The Knesset
  • Research and Information Center Schiavo-Campo, Salvatore (2009), “Potemkin Villages: ‘‘The’’ Medium-Term
  • Expenditure Framework in Developing Countries”, Public Budgeting & Finance, Vol. 29, Issue 2, p. 1-26
  • Wildavsky, Aaron (1986), Budgeting: A Comparative Theory of Budgetary
  • Processes, New Brunswick: Transaction Books
There are 20 citations in total.

Details

Other ID JA53RY54TR
Journal Section Articles
Authors

Slawomir Franek This is me

Publication Date June 1, 2012
Published in Issue Year 2012 Volume: 4 Issue: 1

Cite

APA Franek, S. (2012). MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE. International Journal of Economics and Finance Studies, 4(1), 153-162.
AMA Franek S. MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE. IJEFS. June 2012;4(1):153-162.
Chicago Franek, Slawomir. “MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE”. International Journal of Economics and Finance Studies 4, no. 1 (June 2012): 153-62.
EndNote Franek S (June 1, 2012) MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE. International Journal of Economics and Finance Studies 4 1 153–162.
IEEE S. Franek, “MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE”, IJEFS, vol. 4, no. 1, pp. 153–162, 2012.
ISNAD Franek, Slawomir. “MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE”. International Journal of Economics and Finance Studies 4/1 (June 2012), 153-162.
JAMA Franek S. MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE. IJEFS. 2012;4:153–162.
MLA Franek, Slawomir. “MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE”. International Journal of Economics and Finance Studies, vol. 4, no. 1, 2012, pp. 153-62.
Vancouver Franek S. MULTI-YEAR BUDGETING – TOWARDS THE ENHANCEMENT OF FISCAL DISCIPLINE. IJEFS. 2012;4(1):153-62.