Rady polityki fiskalnej jako narzędzie poprawy jakości polityki fiskalnej / Fiscal Policy Councils as a Tool of Improving the Quality of the Fiscal Policy
Journal Title: Studia Prawno-Ekonomiczne - Year 2018, Vol 107, Issue
Abstract
Practice shows that politicians have a strong bias towards excessive deficits, and actual fiscal policy is often distant from the optimum described in the economics textbooks. Sub-optimal fiscal policy was one of the main factors that contributed to the depth of the economic downturn in some euro area countries during the global financial crisis. Theoretically, fiscal rules were supposed to prevent such problems, but in practice they failed. Their low efficiency prompts more and more economists to support the idea of fiscal policy councils – collegial bodies whose task is to improve the quality of budgetary policy. According to the International Monetary Fund data, 39 such councils now operate in the world. The purpose of this article is to present the concepts of fiscal policy councils discussed in the literature of the subject, analyze the characteristics of the councils currently operating, and to describe the experiences from their activity so far. The study uses the latest data from the International Monetary Fund Fiscal Council Dataset. The author analyses also what would be the best way of introducing a fiscal council in Poland.
Authors and Affiliations
Łukasz Janikowski
Keywords
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- EP ID EP386857
- DOI 10.26485/SPE/2018/107/14
- Views 54
- Downloads 0
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