Do Budget Institutions Matter?: Fiscal Consolidation in the New EU Member States

Carlos Mulas-Granados, Jorge Onrubia and Javier Salinas-Jiménez

Eastern European Economics, 2009, vol. 47, issue 1, 60-91

Abstract: This paper studies the influence that the recently reformed budgetary institutions in the new EU member states may have had on their public finances. We test if their newly formed institutions have already started to shape their fiscal outcomes, as EU-15 institutions did in the past. To answer this question, this paper develops new institutional indices and performs an empirical analysis on the sample of new EU member statesâthose that joined in 2004 and 2007âfor the period 1993-2004. The results confirm that budgetary institutions have a similar influence in the new member states as they had in the EU-15. The role of a strong finance minister is even more important than previous studies suggest.

Date: 2009
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