IDEAS home Printed from https://ideas.repec.org/a/bog/econbl/y2010i33p7-20.html
   My bibliography  Save this article

Independent Fiscal Councils and Their Possible Role in Greece

Author

Listed:
  • Vassilis Th. Rapanoss

    (University of Athens)

  • Georgia Kaplanoglou

    (Bank of Greece)

Abstract

There is a growing interest in the role of independent fiscal councils in strengthening the incentives for fiscal discipline and improving fiscal performance. This paper discusses the motivation for the establishment of such councils and draws on the existing literature and the range of fiscal councils in OECD countries to discuss their key functions. In light of the recent fiscal crisis in Greece, the paper examines the potential role of such a council in enhancing fiscal transparency and accountability in the conduct of fiscal policy and sets out the conditions under which this role can be played effectively.

Suggested Citation

  • Vassilis Th. Rapanoss & Georgia Kaplanoglou, 2010. "Independent Fiscal Councils and Their Possible Role in Greece," Economic Bulletin, Bank of Greece, issue 33, pages 7-20, May.
    • Handle: RePEc:bog:econbl:y:2010:i:33:p:7-20
    as

    Download full text from publisher

    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull201005.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sophia LAZARETOU, 2010. "Money Supply and Greek Historical Monetary Statistics: Definition, Construction, Sources and Data," Economies et Sociétés (Serie 'Histoire Economique Quantitative'), Association Française de Cliométrie (AFC), issue 41, pages 47-68, January.
    2. Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, issue 23, pages 7-25, July.
    3. Mitrakos Theodore, 2008. "Child Poverty: Recent Developments and Determinants," Economic Bulletin, Bank of Greece, issue 30, pages 57-85, May.
    4. Daphne Nicolitsas, 2005. "Per capita income, productivity and labour market participation: recent developments in Greece," Economic Bulletin, Bank of Greece, issue 25, pages 37-60, August.
    5. Evangelia Papapetrou, 2007. "Education, labour market and wage differentials in Greece," Economic Bulletin, Bank of Greece, issue 28, pages 51-73, February.
    6. Pavlos Petroulas, 2008. "Foreign Direct Investment in Greece: Productivity and Spillover effects," Economic Bulletin, Bank of Greece, issue 31, pages 31-48, November.
    7. Panayiotis P. Athanasoglou & Ioannis G. Asimakopoulos & Evangelia A. Georgiou, 2005. "The effect of merger and acquisition announcement on Greek bank stock returns," Economic Bulletin, Bank of Greece, issue 24, pages 27-44, January.
    8. Evangelia Papapetrou, 2004. "Gender Wage Differentials in Greece," Economic Bulletin, Bank of Greece, issue 23, pages 47-64, July.
    9. Theodore M. Mitrakos, 2004. "Education and economic inequalities," Economic Bulletin, Bank of Greece, issue 23, pages 27-46, July.
    10. Heather D. Gibson, 2005. "Greek Banking Profitability: recent developments," Economic Bulletin, Bank of Greece, issue 24, pages 7-25, January.
    11. Christos Papazoglou, 2009. "Is Greece's export performance really low?," Economic Bulletin, Bank of Greece, issue 32, pages 27-37, May.
    12. Tassos Anastasatos & Constantina Manou, 2008. "Speculative Attacks on the Drachma and the Changeover to the Euro," Economic Bulletin, Bank of Greece, issue 31, pages 49-77, November.
    13. Theodore M. Mitrakos & Nicholas G. Zonzilos, 2006. "The impact of exogenous shocks on the dynamics and persistence of inflation: a macroeconomic model-based approach for Greece," Economic Bulletin, Bank of Greece, issue 26, pages 37-57, January.
    14. Theodore M. Mitrakos & Georgios Th Simigiannis & Panagiota G. Tzamourani, 2005. "Indebtedness of Greek households: evidence from a survey," Economic Bulletin, Bank of Greece, issue 25, pages 13-35, AUgust.
    15. Asimakopoulos G. Ioannis & Brissimis N. Sophocles & Delis D. Manthos, 2008. "The Efficiency of the Greek Banking System and its Determinants," Economic Bulletin, Bank of Greece, issue 30, pages 7-27, May.
    16. Daphne Nicolitsas, 2006. "Female labour force participation in Greece: developments and determining factors," Economic Bulletin, Bank of Greece, issue 26, pages 7-35, January.
    17. Nikos G. Zonzilos & Zacharias G. Bragoudakis & Georgia I. Pavlou, 2009. "An analysis of the reliability of first (flash) quarterly national account data releases for Greece," Economic Bulletin, Bank of Greece, issue 32, pages 39-51, May.
    18. Nikos P Karabalis & Euripides K. Kondelis, 2004. "Alterative Measures of Inflation," Economic Bulletin, Bank of Greece, issue 22, pages 67-78, January.
    19. Theodore Mitrakos & Stauros Zografakis, 2005. "The redistributional impact of inflation in Greece," Economic Bulletin, Bank of Greece, issue 24, pages 45-82, January.
    20. Sofia Lazaretou, 2004. "Monetary System and Macroeconomic Policy in Greece, 1833-2003," Economic Bulletin, Bank of Greece, issue 22, pages 33-65, January.
    21. Asimakopoulos, Ioannis & Athanasoglou, Panayiotis & Siriopoulos, Konstantinos, 2006. "External financing, growth and capital structure," MPRA Paper 16451, University Library of Munich, Germany.
    22. Gibson, Heather D. & Lazaretou, Sophia, 2001. "Leading inflation indicators for Greece," Economic Modelling, Elsevier, vol. 18(3), pages 325-348, August.
    23. Evangelos Th. Pantelidis & Georgios A. Kouvatseas, 2006. "Frontier Survey on Travel Expenditure: methodology, presentation and output assessment (2003-2005)," Economic Bulletin, Bank of Greece, issue 27, pages 63-106, July.
    24. Panayiotis P. Athanasoglou & Sophocles N. Brissimis, 2004. "The effect of mergers and acquisitions on bank efficiency in Greece," Economic Bulletin, Bank of Greece, issue 22, pages 7-31, January.
    25. Theodoros M. Mitrakos & George T. Simigiannis, 2009. "The determinants of Greek household indebtedness and financial stress," Economic Bulletin, Bank of Greece, issue 32, pages 7-26, May.
    26. Daphne Nicolitsas, 2007. "Youth participation in the Greek labour market: developments and obstacles," Economic Bulletin, Bank of Greece, issue 29, pages 37-88, October.
    27. Faidon Kalfaoglou, 2006. "Stress Testing of the Greek Banking System," Economic Bulletin, Bank of Greece, issue 27, pages 43-62, July.
    28. Theodore Mitrakos & Daphne Nicolitsas, 2006. "Long-term Unemployment in Greece: developments, incidence and composition," Economic Bulletin, Bank of Greece, issue 27, pages 7-41, July.
    29. Balfoussia Hiona, 2008. "Stock market integration-the athens exchange in the european financial market," Economic Bulletin, Bank of Greece, issue 30, pages 29-55, May.
    30. Athanasios Tagkalakis, 2009. "Fiscal adjustments and asset price movements," Working Papers 104, Bank of Greece.
    31. Panayiotis Kapopoulos & Sophia Lazaretou, 2007. "Foreign bank presence: the experience of South-East European countries during the transition process," Economic Bulletin, Bank of Greece, issue 29, pages 7-35, October.
    32. Panayiotis P. Athanasoglou & Ioannis Asimakopoulos G. & Konstantinos Siriopoulos P., 2006. "External Financing, Growth and capital structure of the firms listed on the Athens Exchange," Economic Bulletin, Bank of Greece, issue 26, pages 59-77, January.
    33. Ioannis Theodosiou & Konstantinos Pouliakas, 2005. "Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece," Economic Bulletin, Bank of Greece, issue 24, pages 83-115, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Theodore Mitrakos & Panos Tsakloglou & Ioannis Cholezas, 2010. "Determining factors of youth unemployment in Greece with emphasis on tertiary education graduates," Economic Bulletin, Bank of Greece, issue 33, pages 21-62, May.
    2. Petros M Migiakis, 2010. "Determinants of the Greek stock-bond correlation," Economic Bulletin, Bank of Greece, issue 33, pages 79-90, May.
    3. Hiona Balfoussia & Heather Gibson, 2010. "Inflation and Nominal Uncertainty: the case of Greece," Economic Bulletin, Bank of Greece, issue 33, pages 63-78, May.
    4. Sophia Lazaretou, 2014. "The smart economy: cultural and creative industries in Greece: can they be a way out of the crisis?," Economic Bulletin, Bank of Greece, issue 39, pages 73-103, July.
    5. Faidon Kalfaoglou, 2014. "European banking union: “Europeanising” banks’ financial safety net," Economic Bulletin, Bank of Greece, issue 39, pages 37-72, July.
    6. Costas N. Kanellopoulos, 2014. "The private sector Greek labour market during the crisis," Economic Bulletin, Bank of Greece, issue 39, pages 21-36, July.
    7. Aikaterini Chaireti, 2014. "The housing situation of residents of Greece in the time of crisis 2008-2012," Economic Bulletin, Bank of Greece, issue 39, pages 105-141, July.
    8. Petros M. Migiakis, 2012. "Reviewing the proposals for common bond issuances by the euro-area sovereign under a long-term perspective," Economic Bulletin, Bank of Greece, issue 37, pages 43-54, December.
    9. Costas N. Kanellopoulos, 2012. "The Size and structure of uninsured employment," Economic Bulletin, Bank of Greece, issue 37, pages 23-41, December.
    10. Dimitra Dimitropoulou & Anastasia Koutsomanoli-Filippaki & Evangelos Charalambakis & Georgios Aggelis, 2014. "The financing of Greek enterprises before and during the crisis," Economic Bulletin, Bank of Greece, issue 39, pages 7-20, July.
    11. Zacharias Bragoudakis & Dimitrios Sideris, 2012. "Do retail gasoline prices adjust symmetrically to crude oil price changes? the case of the Greek oil market," Economic Bulletin, Bank of Greece, issue 37, pages 7-21, December.
    12. Theodoros M. Mitrakos & George T. Simigiannis, 2009. "The determinants of Greek household indebtedness and financial stress," Economic Bulletin, Bank of Greece, issue 32, pages 7-26, May.
    13. Christos Papazoglou, 2009. "Is Greece's export performance really low?," Economic Bulletin, Bank of Greece, issue 32, pages 27-37, May.
    14. Costas N. Kanellopoulos, 2012. "Employment and worker flows during the financial crisis," Economic Bulletin, Bank of Greece, issue 36, pages 31-41, April.
    15. Nikos G. Zonzilos & Zacharias G. Bragoudakis & Georgia I. Pavlou, 2009. "An analysis of the reliability of first (flash) quarterly national account data releases for Greece," Economic Bulletin, Bank of Greece, issue 32, pages 39-51, May.
    16. Costas N. Kanellopoulos, 2015. "The effects of minimum wages on wages and employment," Economic Bulletin, Bank of Greece, issue 41, pages 7-29, July.
    17. Nikos Vettas & Ioannis Giotopoulos & Evangelia Valavanioti & Svetoslav Danchev, 2016. "The determinants of new firms’ export performance," Economic Bulletin, Bank of Greece, issue 43, pages 7-17, July.
    18. Christos Papazoglou & Dimitrios Sideris & Orestis Tsagklas, 2016. "Europe as an optimum currency area: the experience of the Baltic countries," Economic Bulletin, Bank of Greece, issue 44, pages 35-46, December.
    19. Konstantina Manou & Evangelia Papapetrou, 2016. "The economic behaviour of households in Greece: recent developments and prospects," Economic Bulletin, Bank of Greece, issue 44, pages 7-33, December.
    20. Sofia Lazaretou, 2015. "How can the use of historical macroeconomic data series support economic analysis and policy-making? The new Greek macro history database 1833-1949 as part of the large database of Southeastern Europe," Economic Bulletin, Bank of Greece, issue 41, pages 71-101, July.

    More about this item

    Keywords

    fiscal councils; fiscal discipline; budget institutions; Greece;
    All these keywords.

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bog:econbl:y:2010:i:33:p:7-20. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Anastasios Rizos (email available below). General contact details of provider: https://edirc.repec.org/data/boggvgr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.