Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions by George Kopits

Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions

EditorGeorge Kopits

Hardcover | November 17, 2013

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Restoring Public Debt Sustainability represents the first comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances through real-time monitoring of the soundness of budgetary policymaking. The chapters, written by headsof the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs. Consequently, useful lessons and implications are drawn for the design and practical operation of such institutions. The timeliness of the volume isunderscored by the potential role of fiscal watchdogs in containing the public debt crisis that has engulfed a number of countries. Specifically, the recent proliferation of these institutions has been largely in response to the need for enhancing policy credibility of highly indebted governments infinancial markets, and for strengthening the quality of economic governance - especially in the current European context. The first part of the book deals with key analytical and institutional issues: the political environment, the scope and limits of these institutions, and a comparison to delegation of monetary policymaking to an independent body. The second part contains case studies of institutions that were bornas a result of domestic developments. The third part presents the experience of institutions in Sweden, Hungary, and the United Kingdom, whose origins can be traced directly or indirectly to an earlier or a recent external financial crisis. The chapters are written from a multidisciplinary(economic, financial, political, legal) perspective, intended for academics, researchers, and practitioners alike.

About The Author

George Kopits is a senior scholar at the Woodrow Wilson International Center for Scholars, and a member of the Portuguese Public Finance Council and of Peru's Commission on Reform of the Macro-Fiscal Framework. Recently, he chaired the OECD reference group on independent fiscal institutions. In the past, he served as the first chair o...
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Title:Restoring Public Debt Sustainability: The Role of Independent Fiscal InstitutionsFormat:HardcoverDimensions:280 pagesPublished:November 17, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199644470

ISBN - 13:9780199644476

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Table of Contents

Sir Alan Budd: Preface1. George Kopits: Introduction and OverviewPart I: Analytical and Institutional Issues2. Alice M. Rivlin: Politics and Independent Analysis3. Jurgen von Hagen: Scope and Limits of Independent Fiscal Institutions4. Simon Wren-Lewis: Comparing the Delegation of Monetary and Fiscal Policy5. Julia I. Bertelsmann: Independent Fiscal Institutions in the Face of Rising Public DebtPart II: Experience of Internally-Driven Institutions6. C. Eugene Steuerle and Stephanie Rennane: United States: Pioneer in Fiscal Surveillance7. Frits Bos and Coen Teulings: Netherlands: Fostering Consensus on Fiscal Policy8. Luc Coene and Geert Langenus: Belgium: Promoting Fiscal Discipline in a Federal System9. Kevin Page and Tolga R. Yalkin: Canada: Oversight with Qualified IndependencePart III: Experience and Outlook for Crisis-Driven Institutions10. Lars Calmfors: Sweden: Watchdog with a Broad Remit11. George Kopits and Balazs Romhanyi: Hungary: A Short-Lived Fiscal Watchdog12. Robert Chote and Simon Wren-Lewis: United Kingdom: Fiscal Watchdog and Official Forecaster13. Fabrizio Balassone, Daniele Franco, and Chiara Goretti: Italy: What Role for an Independent Fiscal Institution?