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The Creation of the Fiscal Council in Estonia: Exploring the Explanations for Its Institutional Design

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  • Ringa Raudla
  • Kati Keel
  • Mari Pajussaar

Abstract

In this paper, we explore the creation of the fiscal council (FC) in Estonia, using the perspectives of different strands of institutionalism. Our analysis shows that the institutional design of the FC was influenced, in tandem, by principal†agent considerations, transaction costs, existing institutional configurations, path dependence, and normative concerns of the bureaucratic agents in charge of creating the new body. We conclude that in order to understand and explain the motives and factors involved in institutional design, the explanatory angles provided by rational choice, historical and sociological institutionalism should be viewed as complementary rather than contradictory.

Suggested Citation

  • Ringa Raudla & Kati Keel & Mari Pajussaar, 2018. "The Creation of the Fiscal Council in Estonia: Exploring the Explanations for Its Institutional Design," Public Budgeting & Finance, Wiley Blackwell, vol. 38(2), pages 61-80, June.
    • Handle: RePEc:bla:pbudge:v:38:y:2018:i:2:p:61-80
    DOI: 10.1111/pbaf.12188
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    Cited by:

    1. Raudla Ringa & Cepilovs Aleksandrs & Kattel Rainer & Sutt Linda, 2018. "The European Union as a Trigger of Discursive Change: The Impact of the Structural Deficit Rule in Estonia and Latvia," Central European Journal of Public Policy, Sciendo, vol. 12(2), pages 1-15, December.

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