The unprecedented rise and persistence of large-scale budget deficits in many developed and developing nations during the past three decades has caused great co

Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and ins

By discussing the available theoretical and empirical literature, this paper argues that budget procedures and budget institutions do influence budget outcomes.

Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical

This project, based on the Public Expenditure and Financial Accountability (PEFA) data set, researched how PEFA can be used to shape policy development in publi