Fiscal Responsibility and Multi-Level Governance

Author:

Guarini Enrico1,Pattaro Anna Francesca2

Affiliation:

1. University of Milano – Bicocca, Italy

2. University of Modena and Reggio Emilia, Italy

Abstract

Public-policy assumptions regarding sub-national governments' financial behavior are based on economic rationality. Therefore, to achieve fiscal stability at the macro level, central governments use fiscal rules both to constrain the behavior of local policymakers and to resolve deficit/debt biases. Using the Italian fiscal governance system as an illustrative example, this chapter considers both the tensions derived from achieving fiscal responsibility at the national level in a decentralized environment and the difficulties of maintaining adequate performance at the local government level. It is argued that the public management perspective can be helpful not only at the micro level but also at the macro level in developing public policies to promote fiscal stability. It is suggested that public policy should adopt a more holistic approach toward fiscal responsibility in multi-level governance environments. Such an approach requires a deep understanding of the determinants of financial viability of public sector organizations.

Publisher

IGI Global

Reference103 articles.

1. Ambrosanio, M.F., & Bordignon, M. (2006). Internal Stability Pacts: the European experience. European Economic Governance Monitor Papers, 1-38.

2. Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy

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