IDEAS home Printed from https://ideas.repec.org/a/ebl/ecbull/eb-22-00599.html
   My bibliography  Save this article

Institutionalist impact upon the efficiency of public finance policy. A theoretical approach

Author

Listed:
  • Evangelia Vasilarou

    (University of Thessaly)

  • Michel Zouboulakis

    (University of Thessaly)

Abstract

In the recent years, there have been significant changes in the fiscal and monetary policy of the United States and the Eurozone. The main objective of these policies was to achieve macroeconomic stability and sustainable economic growth while reducing income inequality. The purpose of this research is to examine which policies and measures do implement better an effective fiscal policy, in order to understand the impact of institutions at a global level. The analysis of institutions can contribute to understand the effectiveness of fiscal policy to achieve social prosperity and to limit the impact of economic fluctuations.

Suggested Citation

  • Evangelia Vasilarou & Michel Zouboulakis, 2023. "Institutionalist impact upon the efficiency of public finance policy. A theoretical approach," Economics Bulletin, AccessEcon, vol. 43(3), pages 1338-1355.
    • Handle: RePEc:ebl:ecbull:eb-22-00599
    as

    Download full text from publisher

    File URL: http://www.accessecon.com/Pubs/EB/2023/Volume43/EB-23-V43-I3-P114.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Paulos C Tsegaw, 2020. "The Nexus Between Good Governance Indicators And Human Development Index In Africa: An Econometric Analysis," Journal of Public Administration and Governance, Macrothink Institute, vol. 10(2), pages 119-119, December.
    2. Dixit, Avinash & Lambertini, Luisa, 2001. "Monetary-fiscal policy interactions and commitment versus discretion in a monetary union," European Economic Review, Elsevier, vol. 45(4-6), pages 977-987, May.
    3. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    4. Hallerberg, Mark & Strauch, Rolf & von Hagen, Jurgen, 2007. "The design of fiscal rules and forms of governance in European Union countries," European Journal of Political Economy, Elsevier, vol. 23(2), pages 338-359, June.
    5. Azmat Gani, 2007. "Governance and foreign direct investment links: evidence from panel data estimations," Applied Economics Letters, Taylor & Francis Journals, vol. 14(10), pages 753-756.
    6. Arshad Hayat, 2019. "Foreign direct investments, institutional quality, and economic growth," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 28(5), pages 561-579, July.
    7. Ménard, Claude, 2014. "Embedding organizational arrangements: towards a general model," Journal of Institutional Economics, Cambridge University Press, vol. 10(4), pages 567-589, December.
    8. Ben Ali Tarek & Zidi Ahmed, 2017. "Institutional Quality and Public Debt Accumulation: An Empirical Analysis," International Economic Journal, Taylor & Francis Journals, vol. 31(3), pages 415-435, July.
    9. Jürgen Hagen, 2010. "Sticking to fiscal plans: the role of institutions," Public Choice, Springer, vol. 144(3), pages 487-503, September.
    10. Pravin Jadhav & Vijaya Katti, 2012. "Institutional and Political Determinants of Foreign Direct Investment: Evidence From BRICS Economies," Poverty & Public Policy, John Wiley & Sons, vol. 4(3), pages 49-57, September.
    11. Dimitra Mitsi, 2021. "Good Governance and Economic Growth in South European Countries," Review of European Studies, Canadian Center of Science and Education, vol. 13(2), pages 1-26, June.
    12. Bergman, U. Michael & Hutchison, Michael M. & Jensen, Svend E. Hougaard, 2016. "Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency," European Journal of Political Economy, Elsevier, vol. 44(C), pages 1-19.
    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. Julia del Amo Valor & Marcos Martín Mateos & Diego Martínez López & Javier J. Pérez, 2023. "Is the European economic governance framework too “complex”? A critical discussion," Working Papers 2023-06, FEDEA.
    2. Afonso, António & Huart, Florence & Tovar Jalles, João & Stanek, Piotr, 2022. "Twin deficits revisited: A role for fiscal institutions?," Journal of International Money and Finance, Elsevier, vol. 121(C).
    3. Merola, Rossana & Pérez, Javier J., 2013. "Fiscal forecast errors: Governments versus independent agencies?," European Journal of Political Economy, Elsevier, vol. 32(C), pages 285-299.
    4. Mara, Eugenia Ramona & Maran, Raluca, 2024. "Are fiscal rules efficient on public debt restraint in the presence of shadow economy?," Finance Research Letters, Elsevier, vol. 64(C).
    5. Krzysztof Biegun & Jacek Karwowski & Piotr Luty, 2021. "How Effective is Macroeconomic Imbalance Procedure (MIP) in Predicting Negative Macroeconomic Phenomena?," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 822-837.
    6. Amélie Barbier-Gauchard & Kea Baret & Alexandru Minea, 2021. "National fiscal rules and fiscal discipline in the European Union," Applied Economics, Taylor & Francis Journals, vol. 53(20), pages 2337-2359, April.
    7. Kuusi, Tero, 2018. "Does the structural budget balance guide fiscal policy pro-cyclically? Evidence from the Finnish Great Depression of the 1990s," MPRA Paper 84829, University Library of Munich, Germany.
    8. Beetsma, Roel & Debrun, Xavier & Fang, Xiangming & Kim, Young & Lledó, Victor & Mbaye, Samba & Zhang, Xiaoxiao, 2019. "Independent fiscal councils: Recent trends and performance," European Journal of Political Economy, Elsevier, vol. 57(C), pages 53-69.
    9. Francisco Castro & Javier J. P√Ârez & Marta Rodr√Çguez-Vives, 2013. "Fiscal Data Revisions in Europe," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(6), pages 1187-1209, September.
    10. Xi Wang & Jiayang Li & Guangbin Zhang, 2022. "Mixed Monetary–Fiscal Policies and Macroeconomic Fluctuations: An Analysis Based on the Dynamic Stochastic General Equilibrium Model," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(2), pages 167-196, March.
    11. Hauptmeier, Sebastian & Kamps, Christophe, 2022. "Debt policies in the aftermath of COVID-19 — The SGP’s debt benchmark revisited," European Journal of Political Economy, Elsevier, vol. 75(C).
    12. Alessandro Giosi & Silvia Testarmata & Sandro Brunelli & Bianca Staglianò, 2012. "Does the Quality of Public Finance Enhance Fiscal Discipline in the European Union? A Cross-Country Analysis," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 21.
    13. Joseph David Barroso Vasconcelos de Deus & Helder Ferreira de Mendonça, 2015. "Empirical evidence on fiscal forecasting in Eurozone countries," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 42(5), pages 838-860, October.
    14. Burret, Heiko T. & Feld, Lars P., 2018. "(Un-)intended effects of fiscal rules," European Journal of Political Economy, Elsevier, vol. 52(C), pages 166-191.
    15. Pessoa, Argentino, 2011. "The Euro Area sovereign debt crisis: Some implications of its systemic dimension," MPRA Paper 35328, University Library of Munich, Germany.
    16. Chatagny, Florian, 2015. "Incentive effects of fiscal rules on the finance minister's behavior: Evidence from revenue projections in Swiss Cantons," European Journal of Political Economy, Elsevier, vol. 39(C), pages 184-200.
    17. Thomas Brändle & Marc Elsener, 2024. "Do fiscal rules matter? A survey of recent evidence," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 160(1), pages 1-38, December.
    18. Bonatti, Luigi & Cristini, Annalisa, 2008. "Breaking the Stability Pact: Was it predictable?," Journal of Policy Modeling, Elsevier, vol. 30(5), pages 793-810.
    19. Cronin, David & McInerney, Niall, 2023. "Official fiscal forecasts in EU member states under the European Semester and Fiscal Compact – An empirical assessment," European Journal of Political Economy, Elsevier, vol. 76(C).
    20. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.

    More about this item

    Keywords

    governance; institutions; fiscal rules; indicators of institutional quality;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs

    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:ebl:ecbull:eb-22-00599. 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: John P. Conley (email available below). General contact details of provider: .

    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.