The Political Economy of Fiscal Transparency and Independent Fiscal Councils is popular PDF and ePub book, written by Mr.Roel M. W. J. Beetsma in 2017-09-01, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, The Political Economy of Fiscal Transparency and Independent Fiscal Councils can be Read Online from any device for your convenience.
The Political Economy of Fiscal Transparency and Independent Fiscal Councils Book PDF Summary
The global surge in independent fiscal councils (IFCs) raises three related questions: How can IFCs improve the conduct of fiscal policy? Are they simultaneously desirable for voters and elected policymakers? And are they resilient to changes in political conditions? We build a model in which voters cannot observe the true competence of elected policymakers. IFCs’ role is to mitigate this imperfection. Equilibrium public debt is excessive because policymakers are “partisan” and “opportunistic.” If voters only care about policymakers’ competence, both the incumbent and the voters would be better off with an IFC as the debt bias would shrink. However, when other considerations eclipse competence and give the incumbent a strong electoral advantage or disadvantage, setting up an IFC may be counterproductive as the debt bias would increase. If the incumbent holds a moderate electoral advantage or disadvantage, voters would prefer an IFC, but an incumbent with a large advantage may prefer not to have an IFC. The main policy implications are that (i) establishing an IFC can only lower the debt bias if voters care sufficiently about policymakers’ competence; (ii) not all political environments are conducive to the emergence of IFCs; and (iii) IFCs are consequently vulnerable to shifts in political conditions.
Detail Book of The Political Economy of Fiscal Transparency and Independent Fiscal Councils PDF
- Author : Mr.Roel M. W. J. Beetsma
- Release : 01 September 2017
- Publisher : International Monetary Fund
- ISBN : 9781484318393
- Genre : Business & Economics
- Total Page : 48 pages
- Language : English
- PDF File Size : 7,6 Mb
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