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Breaking the impediments to budgetary reforms : evidence from Europe

Author: Stefania Fabrizio; Ashoka Mody; International Monetary Fund. European Department.
Publisher: [Washington, D.C.?] : International Monetary Fund, ©2008.
Series: IMF working paper, WP/08/82.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Under what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower is the likelihood of reforms. Large deficits apparently imply strong claims on the budget and, hence, generate unwillingness to impose self-discipline. As such, countries will tend to move either to small  Read more...
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Additional Physical Format: Print version:
Fabrizio, Stefania.
Breaking the impediments to budgetary reforms.
[Washington, D.C.?] : International Monetary Fund, ©2008
(OCoLC)226300450
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Stefania Fabrizio; Ashoka Mody; International Monetary Fund. European Department.
OCLC Number: 646904430
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (31 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/08/82.
Responsibility: prepared by Stefania Fabrizio and Ashoka Mody.

Abstract:

Under what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower is the likelihood of reforms. Large deficits apparently imply strong claims on the budget and, hence, generate unwillingness to impose self-discipline. As such, countries will tend to move either to small fiscal deficits and good institutions or large deficits and weak institutions. Economic shocks (if they are large enough) can help build a constituency for improving budget institutions. However, if forgiving markets accommodate economic shocks, even such pressure may be insufficient. Forwardlooking and credible leadership appears to be an important ingredient of the solution.

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