Description
Title: Effective Fiscal Governance in the EU? An Analysis of Cases from 1999 to 2019
Abstract: The OLS method is used in this study to analyze a panel of 19 countries from the Eurozone for the years 1999 to 2019 in order to determine the variables that affect the EU’s fiscal governance’s effectiveness. The findings demonstrate the beneficial influences of inflation, economic growth, and changes in the overall government balance on the fiscal forecast error. Elections and public debt levels also have a negative impact on the fiscal forecast error. Independent financial institutions that integrate fiscal transparency into their analysis have a positive impact on the general government balance forecast error. Economic Adjustment Programs also reduce the variance in fiscal forecasts, enhancing the effectiveness of fiscal governance. This paper contends that the establishment of independent budgetary institutions, such as fiscal councils, and the assignment of additional duties to them improve the sustainability of national public finances.
Keywords: fiscal governance; European economic governance; fiscal planning; forecasting bias
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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