The quality of public finances: where do we stand?

Abstract

There is a renewed interest in the quality of public finances (QPF). This is a multidimensional concept that can be approached from different angles. In practice, the QPF implies a budget composition that should promote long-term output growth and, at least, not raise inequality. This paper revisits the framework of QPF and provides some data on the changing trends in the composition of public finance in the post-crisis period in a sample of advanced countries.