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Do fiscal rules need budget transparency to be effective?

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  • Gootjes, Bram
  • de Haan, Jakob

Abstract

We examine whether fiscal rules’ impact on fiscal performance depends on budget transparency. Using panel data of 73 countries over the 2003–2013 period, we find that fiscal rules do not improve the government budget balance in case of low budget transparency. Furthermore, our results suggest that fiscal rules make (the success of) fiscal adjustments more likely but only when transparency is sufficiently high. These findings appear remarkably robust against including contextualizing factors that may influence the impact of fiscal rules and budget transparency. However, to detect fiscal rules' effect on fiscal adjustments, taking fiscal policy volatility into account is important.

Suggested Citation

  • Gootjes, Bram & de Haan, Jakob, 2022. "Do fiscal rules need budget transparency to be effective?," European Journal of Political Economy, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:poleco:v:75:y:2022:i:c:s017626802200026x
    DOI: 10.1016/j.ejpoleco.2022.102210
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    Cited by:

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    3. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
    4. Ablam Estel APETI & Bao-We-Wal BAMBE & Jean Louis COMBES, 2022. "On the Macroeconomic Effects of Fiscal Reforms : Fiscal Rules and Public Expenditure Efficiency," LEO Working Papers / DR LEO 2985, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    5. Israel García, 2023. "Budget Forecast Errors in Spanish Municipalities: The Role of Transparency," MAGKS Papers on Economics 202327, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    6. Jakob de Haan & Franziska Ohnsorge & Shu Yu, 2023. "Election-Induced Fiscal Policy Cycles in Emerging Market and Developing Economies," CESifo Working Paper Series 10868, CESifo.
    7. Chrysanthakopoulos, Christos & Tagkalakis, Athanasios, 2024. "The medium-term effects of fiscal policy rules," Journal of International Money and Finance, Elsevier, vol. 142(C).
    8. Raluca Maran, 2023. "Do Sovereign Catastrophe Bonds Improve Fiscal Resilience? An Application of Synthetic Control Method to Mexico," Economics of Disasters and Climate Change, Springer, vol. 7(3), pages 431-455, November.
    9. Mikhail E. Kosov & Alla Yu. Chalova & Ravil G. Akhmadeev & Ekaterina V. Golubtsova, 2023. "Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 8-26, April.
    10. 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.
    11. Sawadogo, Rayangnewendé Frans, 2024. "Do fiscal rules shape private-sector investment decisions?," Journal of Macroeconomics, Elsevier, vol. 81(C).
    12. Apeti, Ablam Estel & Bambe, Bao-We-Wal & Combes, Jean-Louis & Edoh, Eyah Denise, 2024. "Original sin: Fiscal rules and government debt in foreign currency in developing countries," Journal of Macroeconomics, Elsevier, vol. 80(C).
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    More about this item

    Keywords

    Fiscal policy; Fiscal adjustments; Fiscal consolidation; Fiscal rules; Budget transparency;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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