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Measuring the fiscal governance instruments: a synthetic index for EU countries

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  • Slawomir Franek
  • Marta Postula

Abstract

The aim of the paper is to examine the collective effect of fiscal governance instruments (i.e., fiscal rules, medium-term budgetary frameworks, independent fiscal institutions) on the fiscal outcomes of EU member states. The results of panel data model estimation for 28 EU countries for the period 2004-2016 confirm a statistically significant and positive impact of synthentic index for those instruments on the general government balance to GDP ratio. Additionally, an adjustment of the synthetic index was proposed, taking into account the degree of autonomy of independent fiscal institutions, and the link between medium-term budgetary frameworks and the annual budget. JEL Classification: H61; H50; E62.

Suggested Citation

  • Slawomir Franek & Marta Postula, 2021. "Measuring the fiscal governance instruments: a synthetic index for EU countries," Brazilian Journal of Political Economy, Center of Political Economy, vol. 41(1), pages 117-136.
    • Handle: RePEc:ekm:repojs:v:41:y:2021:i:1:p:117-136:id:2123
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    More about this item

    Keywords

    Fiscal governance; fiscal rules; medium-term budgetary frameworks; independent fiscal institutions;
    All these keywords.

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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