Naslov
Fiscal responsibility - policy and the effects of implementation on fiscal consolidation (Croatia and other EU member states)

Autori
Karačić, Domagoj

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
The EU Economic Environment Post-Crisis: Policies, Institutions And Mechanisms

Urednik/ci
Benazić Manuel ; Božina Beroš Marta ; Gimigliano Gabriella ; Novak Aleš ; Učkar Dean

Izdavač
Sveučilište Jurja Dobrile u Puli

Grad
Pula

Godina
2016

Raspon stranica
17-33

ISBN
978-953-7320-40-9

Ključne riječi
European Union, fiscal consolidation, fiscal responsibility, the policy of public finances, budgets

Sažetak
Fiscal responsibility represents process of continuous monitoring and control of the budget and related budget process, as well as the improvement of the management in public sector. Budget of most of the EU member states, including Croatia, have budget deficit and excessive level of debt. Instability parameters of public finances and increase of the debt level require intervention in terms of defining more effective state policy and better effects of fiscal consolidation. The fiscal consolidation process, from the aspect of budgetary activities such as decrease or increase of public debt and stimulation of economic growth with increased investments and with the strengthening of legislation, should have a positive impact on the reform and stabilization of the fiscal framework of states budget. The EU efforts to influence member states regarding the stabilization of public finances and structure of borrowing, and in order to improve social progress of countries, can best be seen when designing fiscal policies. This also includes the question on more quality approach to the implementation of fiscal responsibility. Problems of employment, growth and investment within the European semester and lack of accountability in the implementation of government policy lead to the need for consolidation of fiscal responsibility. This paper seeks to explore and analyze successful and unsuccessful examples of the implementation of fiscal responsibility. Analyses are based on efforts made in Croatia and on EU's effort to improve the activities of public finances of member states. Fiscal responsibility in Croatia has a declarative component since the legal framework is still incomplete. Purpose and activities of fiscal responsibility in the fiscal consolidation of budget is still not precisely specified. Main goal of this paper is to evaluate the effectiveness of regulatory instruments of financial responsibility in stabilization of public finances on the example of public finances in Croatia.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA