Reforming the Fiscal Constitution: Holding Politicians Accountable Through Greater Transparency

James W. Douglas (), Ringa Raudla () and Robert S. Kravchuk ()
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James W. Douglas: University of North Carolina at Charlotte
Ringa Raudla: Tallinn University of Technology
Robert S. Kravchuk: Indiana University

A chapter in Law and Economics in Europe and the U.S, 2016, pp 75-87 from Springer

Abstract: Abstract In this chapter, we argue that in order to restore relevance to the executive phase of the budget process, it needs to provide better information to citizens regarding the options available for closing the gap between revenues and expenditures. We outline a proposal whereby the executive would have to make clear his/her priorities by designating spending as either revenue or deficit financed, and submitting a 5-year balanced budget plan within his/her budget recommendation. The legislative body (or bodies) would then be required to enunciate how their preferences differ from those of the executive in their respective budget resolutions. We contend that such a process would be more transparent, better enabling citizens to hold politicians accountable.

Keywords: Policy Preference; Budget Process; Informational Asymmetry; Congressional Budget Office; Budget Proposal (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:euhchp:978-3-319-47471-7_5

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DOI: 10.1007/978-3-319-47471-7_5

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