Terminal Risks for Independent Fiscal Institutions: Lessons from IFIs in Hungary and Venezuela
Discussion Paper Series: The Art and Science of Legislative Budget Offices
9 Pages Posted: 5 Apr 2017
Date Written: April 1, 2017
Independent Fiscal Institutions (IFIs) face continuous pressure as they attempt to navigate the politicized budget process while providing a nonpartisan voice on fiscal issues. Whereas the IFIs of most countries survive the challenge to varying extents, two cases of termination, in Venezuela (1999) and Hungary (2010), point to the terminal risk that may beset IFIs. This paper examines the difficulties of these two former IFIs and relates it to the current challenges of extant contemporary IFIs.
Keywords: Budgeting, Fiscal Policy, Accountability, Transparency, Parliamentary Budget Offices, Institutions, Debts, Deficits
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