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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  

Usman W. Chohan

University of New South Wales (UNSW), UNSW Business School; Critical Blockchain Research Initiative (CBRI)

Date Written: April 1, 2017

Abstract

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

Suggested Citation

Chohan, Usman W., Terminal Risks for Independent Fiscal Institutions: Lessons from IFIs in Hungary and Venezuela (April 1, 2017). Discussion Paper Series: The Art and Science of Legislative Budget Offices. Available at SSRN: https://ssrn.com/abstract=2944875 or http://dx.doi.org/10.2139/ssrn.2944875

Usman W. Chohan (Contact Author)

University of New South Wales (UNSW), UNSW Business School ( email )

Sydney, New South Wales
Australia

Critical Blockchain Research Initiative (CBRI) ( email )

Islamabad
Pakistan

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