The Legal Framework for Public Finances and Budget Systems

Ian Lienert

Chapter 3 in The International Handbook of Public Financial Management, 2013, pp 63-83 from Palgrave Macmillan

Abstract: Abstract The legal framework that underlies the public finance system includes tax laws, budget system laws (BSLs), and local government finance laws, as well as a country’s constitution. In federal countries, legislatures adopt laws that apply to the federation’s budget system, whereas subnational governments adopt laws pertaining to their own budget systems. In unitary states, national parliaments may adopt a law that applies at all levels of government, or it may adopt two BSLs, one relating to central government and the other to local governments. Besides laws, there are many regulations relating to the various aspects of public finances. To limit the scope of this chapter, the primary focus is on the laws related to the national budget system and to fiscal responsibility.

Keywords: Legal Framework; Public Debt; Annual Budget; External Audit; Fiscal Rule (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-31530-4_4

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DOI: 10.1057/9781137315304_4

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