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The dimensions of fiscal governance as the cornerstone of public finance sustainability: A general framework

Alessandro Giosi (Department of Business Government Philosophy, University of Rome)
Silvia Testarmata (University of Rome)
Sandro Brunelli (Public Management and Governance)
Bianca Staglianò (Department of Business Government Philosophy, University of Rome)

Journal of Public Budgeting, Accounting & Financial Management

ISSN: 1096-3367

Article publication date: 1 March 2014

395

Abstract

Recently many European countries have incurred crises in public finance despite the fact that EU institutions have pushed the national governments toward the sustainability of public finance with compulsory and voluntary rules regarding fiscal governance. This paper investigates the relations between the quality of fiscal governance and the financial virtuosity of national fiscal policy. We proposed a general framework for analyzing the fiscal governance issue and we empirically tested the correlation between the dimensions of fiscal governance and the budgetary performance of EU countries. The results showed a positive correlation between the quality of fiscal governance in the EU countries and financial surplus in the period concerned. However further investigations are needed and an effort should be made to collect uniform data on fiscal governance in the European Union.

Citation

Giosi, A., Testarmata, S., Brunelli, S. and Staglianò, B. (2014), "The dimensions of fiscal governance as the cornerstone of public finance sustainability: A general framework", Journal of Public Budgeting, Accounting & Financial Management, Vol. 26 No. 1, pp. 94-139. https://doi.org/10.1108/JPBAFM-26-01-2014-B005

Publisher

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Emerald Publishing Limited

Copyright © 2014 by PrAcademics Press

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