IDEAS home Printed from https://ideas.repec.org/a/eee/ecanpo/v43y2013i1p5-30.html
   My bibliography  Save this article

Fiscal Deficits and the Role of Fiscal Governance: The case of Greece

Author

Listed:
  • Georgia Kaplanoglou

    (Department of Economics, University of Athens, Stadiou 5, 105 62, Athens, Greece)

  • Vassilis T. Rapanos

    (Department of Economics, University of Athens, Stadiou 5, 105 62, Athens, Greece)

Abstract

What really went wrong with Greek public finances? This paper evaluates the evidence from the decade preceding the outbreak of the fiscal crisis in Greece shedding some light on specific factors behind deviations from fiscal plans. It explains that Greece only partly fits international evidence on the economic, political and institutional determinants of fiscal forecast errors. The weak domestic institutional budget framework emerges as the main reason for weak fiscal performance, while inconsistencies in the forecasts of international organisations place the effectiveness of their monitoring under question. In this light, the paper puts forward some ideas for improving the domestic institutional framework for conducting fiscal policy in Greece and briefly evaluates some relevant recent government initiatives.

Suggested Citation

  • Georgia Kaplanoglou & Vassilis T. Rapanos, 2013. "Fiscal Deficits and the Role of Fiscal Governance: The case of Greece," Economic Analysis and Policy, Elsevier, vol. 43(1), pages 5-30, March.
    • Handle: RePEc:eee:ecanpo:v:43:y:2013:i:1:p:5-30
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0313592613500014
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Calliope Spanou, 2019. "Competing Frames, Domestic Discretion and Uneven Outcomes: Administrative Reform in Greece under the Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 139, Hellenic Observatory, LSE.
    2. Spanou, Calliope, 2019. "Competing frames, domestic discretion and uneven outcomes: administrative reform in greece under the crisis," LSE Research Online Documents on Economics 102649, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    fiscal governance; fiscal forecasts; Greek fiscal crisis; fiscal discipline; budget institutions;
    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
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • 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:eee:ecanpo:v:43:y:2013:i:1:p:5-30. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/economic-analysis-and-policy .

    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.