Charters of Budget Honesty
Synonyms
Definition
A “Charter of Budget Honesty” is a document that outlines the goals of a budget process, suggests constraints and rules for budget discipline, and sets the general practice of preparing and presenting budgetary information.
Introduction
Many countries are riddled with a set of fiscal problems that appear to be worsening over time, including a long-term reliance on borrowing, a difficulty in managing shocks to their economic systems, and a high degree of opaqueness in the conduct of the fiscal process. Different countries have sought different remedies for these three problems, and one possible approach that has gained increasing attention around the world is the enshrinement of fiscal rules, such as debt limits and balanced-budget requirements, sometimes in a sort of fiscal constitution or abiding document, which is an instrument referred to here as a “Charter...
References
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