FISCAL RESPONSIBILITY LAWS: ARE THEY NEEDED?

Ian Lienert ()
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Ian Lienert: Toulouse, France

Journal of International Commerce, Economics and Policy (JICEP), 2013, vol. 04, issue 03, 1-32

Abstract: Can fiscal transparency, accountability and macro-fiscal stabilization be imposed by adopting a fiscal responsibility law (FRL)? Skeptics argue that law is impotent or that the existing legal framework for the budget system suffices. In Europe, supranational fiscal rules were previously seen to be adequate. After reviewing the experience with FRLs around the world, this paper concludes that FRLs enhance fiscal transparency and accountability. However, the adoption of a FRL for attaining fiscal stability goals succeeds only if there is strong political commitment to fiscal discipline. Also, the inclusion of quantitative fiscal rules in FRLs is a high-risk undertaking.

Keywords: Fiscal; responsibility; accountability; transparency; stability; sustainability; law; budget; H30; H50; H60; H61; H62; H63; H68; K00; K39 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S1793993313500178

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