Original scientific paper

Vladimir Gligorov ; The Vienna Institute for International Economic Studies, Vienna, Austria

Abstract

The paper looks into the idea of fiscal councils. Why do they exists and what purpose do they serve? Their major purpose is to bring fiscal policy closer to the ideal of policy based on rules rather than on voluntary discretion. Governmet and opposition should accept a nonpolitical body that will control the execution of fiscal policy. Fiscal councils are , therefore, a kind of self-constraining institutions that is similar to the protection of the song of the sirens.

Keywords

fiscal policy; monetary policy; self-constraint; fiscal rules

Hrčak ID:

146909

URI

https://hrcak.srce.hr/146909

Publication date:

9.9.2013.

Article data in other languages: serbian

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