Fiscal Governance in Europe

Nonfiction, Social & Cultural Studies, Political Science, International, Foreign Legal Systems, Business & Finance
Cover of the book Fiscal Governance in Europe by Mark Hallerberg, Rolf Rainer Strauch, Jürgen von Hagen, Cambridge University Press
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Author: Mark Hallerberg, Rolf Rainer Strauch, Jürgen von Hagen ISBN: 9780511738593
Publisher: Cambridge University Press Publication: March 16, 2009
Imprint: Cambridge University Press Language: English
Author: Mark Hallerberg, Rolf Rainer Strauch, Jürgen von Hagen
ISBN: 9780511738593
Publisher: Cambridge University Press
Publication: March 16, 2009
Imprint: Cambridge University Press
Language: English

This book presents a theoretical framework to discuss how governments coordinate budgeting decisions. There are two modes of fiscal governance conducive to greater fiscal discipline, a mode of delegation and a mode of contracts. These modes contrast with a fiefdom form of governance, in which the decision-making process is decentralized. An important insight is that the effectiveness of a given form of fiscal governance depends crucially upon the underlying political system. Delegation functions well when there are few, or no, ideological differences among government parties, whereas contracts are effective when there are many such differences. Empirically, delegation and contract states perform better than fiefdom states if they match the underlying political system. Additional chapters consider why countries have the fiscal institutions that they do, fiscal governance in Central and Eastern Europe, and the role of such institutions in the European Union.

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This book presents a theoretical framework to discuss how governments coordinate budgeting decisions. There are two modes of fiscal governance conducive to greater fiscal discipline, a mode of delegation and a mode of contracts. These modes contrast with a fiefdom form of governance, in which the decision-making process is decentralized. An important insight is that the effectiveness of a given form of fiscal governance depends crucially upon the underlying political system. Delegation functions well when there are few, or no, ideological differences among government parties, whereas contracts are effective when there are many such differences. Empirically, delegation and contract states perform better than fiefdom states if they match the underlying political system. Additional chapters consider why countries have the fiscal institutions that they do, fiscal governance in Central and Eastern Europe, and the role of such institutions in the European Union.

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