Restoring Public Debt Sustainability
The Role of Independent Fiscal Institutions
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Product details:
- Publisher OUP Oxford
- Date of Publication 17 October 2013
- ISBN 9780199644476
- Binding Hardback
- No. of pages300 pages
- Size 240x162x26 mm
- Weight 626 g
- Language English
- Illustrations 16 Figures and 3 Tables 0
Categories
Short description:
A comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances. The chapters, written by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs.
MoreLong description:
Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions represents the first comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances through real-time monitoring of the soundness of budgetary policymaking. The chapters, authored by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs. Consequently, useful lessons and implications are drawn for the design and practical operation of such institutions. The timeliness of the volume is underscored by the potential role of fiscal watchdogs in containing the public debt crisis that has engulfed a number of countries. Indeed, the recent proliferation of these institutions has been in response to the need for enhancing policy credibility of highly indebted governments in financial markets and, more generally, for strengthening the quality of economic governance.
The first part of the book deals with key analytical and institutional issues: the political environment, the scope and limits of these institutions, the delegation of monetary policymaking to an independent body, and the implications of rising public indebtedness. The second part contains case studies of institutions that, for the most part, were born as a result of domestic political developments. The third part presents the experience of institutions whose origins can be traced directly or indirectly to an earlier or a recent financial crisis. The chapters are written from a multidisciplinary - economic, financial, political, legal - perspective, intended for academics, researchers, and practitioners alike.
The current financial crisis has brought about a massive increase in fiscal deficit and public debt. As recovery looms, the time of reckoning is getting closer. Given the size of the likely adjustment, implementation of effective fiscal policies will take center stage, but will likely be ridden with thorny technical and political problems. This book presents a deep and balanced discussion of these issues by leading academics and practitioners whose analyses range from theory to case studies, and everything in-between. The material covered in this book will be highly valuable for anyone who wants to be ahead of the curve in fiscal policy debates, and indispensable as an input in public administration courses focused on relevant fiscal issues.
Table of Contents:
Preface
Introduction and Overview
Part I Analytical and Institutional Issues
Politics and Independent Analysis
Scope and Limits of Independent Fiscal Institutions
Comparing the Delegation of Monetary and Fiscal Policy
Independent Fiscal Institutions in the Face of Rising Public Debt
Part II Experience of Internally-Driven Institutions
United States: Pioneer in Fiscal Surveillance
Netherlands: Fostering Consensus on Fiscal Policy
Belgium: Promoting Fiscal Discipline in a Federal System
Canada: Oversight with Qualified Independence
Part III Experience and Outlook for Crisis-Driven Institutions
Sweden: Watchdog with a Broad Remit
Hungary: A Short-Lived Fiscal Watchdog
United Kingdom: Fiscal Watchdog and Official Forecaster
Italy: What Role for an Independent Fiscal Institution?
