Budgeting in Portugal

Curristine, Teresa; Park, Chung-Keun; Emery, Richard W.

doi:10.1787/budget-v8-art10-en

Cited by 12 publications

(14 citation statements)

References 9 publications

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“…The MTEF is adopted for four years on a rolling basis, with the intention that the ceiling for the first year is binding and the ceilings for the remaining years are indicative (that is, guidelines, rather than compulsory targets). While there had been discussions about the necessity of such a reform before the crisis (see also Curristine et al, ), it was the combination of the crisis experience and the Troika's demands that drove the point home and facilitated the adoption of the legal provisions pertaining to the MTEF. As several interviewees mentioned, by adopting the MTEF the Portuguese government anticipated the requirements that were later included in the EU‐wide directives.…”

Section: Empirical Analysismentioning

confidence: 99%

The Effects of Crises and European Fiscal Governance Reforms on the Budgetary Processes of Member States

Raudla

Bur

Keel

2019

J of Common Market Studies

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The goal of this article was to explore how the experience of the crisis and the fiscal governance reforms at the European level have influenced budget processes in member states. Drawing on the Europeanization, fiscal governance and pubic crisis management literature, the article first outlines a series of propositions about the kinds of shifts in the budget process that we would expect to ensue from the crisis experience and European reforms. The empirical part of our article explores the validity of those theoretical conjectures in three different member states: Portugal, Austria and Finland. We found that the crisis experience and European reforms have led to increased centralization of the budgetary process in all three countries. Although we would have expected Austria and Portugal to move closer towards the contracts approach of fiscal governance, this has not happened as the medium-term expenditure frameworks are not viewed as binding.

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Section: Empirical Analysismentioning

confidence: 99%

The Effects of Crises and European Fiscal Governance Reforms on the Budgetary Processes of Member States

Raudla

Bur

Keel

2019

J of Common Market Studies

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“…An overhaul reform of budget procedures -such as the introduction of fiscal rules -and a stricter surveillance of the budget will not only save public finance in the long-term, but also benefit economic stability in the short-term. Some headway in this direction has been made already (Curristine et al, 2008).…”

Section: Resultsmentioning

confidence: 99%

“…There have also been data limitations in the past that prevented accurate monitoring of the outcomes of public finances. 14 In recent years, several steps have been taken to control these loopholes in budget making (Curristine et al, 2008).…”

Section: Power Dispersion and Budget Fragmentation: An Interpretationmentioning

confidence: 99%

Fiscal Regime Shifts in Portugal

2009

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Abstract:We estimate changes in fiscal policy regimes in Portugal with a Markov Switching regression of fiscal policy rules for the period 1978-2007, using a new dataset of fiscal quarterly series. We find evidence of a deficit bias, while repeated reversals of taxes making the budget procyclical. Economic booms have typically been used to relax tax pressure, especially during elections. One-off measures have been preferred over structural ones to contain the deficit during economic crises. The EU fiscal rules prompted temporary consolidation, but did not permanently change the budgeting process.

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“…Considering some failures of some of the PPPs in Portugal, it is necessary for the public sector to improve the procurement framework along with the public administration's capacity to address the complexity of these contracts (Curristine, Park, & Emery, 2008) (IMF, 2008. In addition, the budgetary process of PPPs needs to be more reliable and transparent.…”

Section: Future Developmentsmentioning

confidence: 99%

The Portuguese Experience with Public-Private Partnerships

Sarmento

Renneboog

2014

SSRN Journal

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Abstract:This paper documents the Portuguese experience in Public-Private Partnerships (PPPs). Since 1993, Portugal has been using PPPs intensively, mainly for highway construction and in the health sector. This has enabled the country to close the infrastructure gap and avoid the budget constraints at the moment of the investment. Doubts about whether PPPs represent value-for-money have emerged. There are several reasons why PPP were unsuccessful: (i) the concentration PPP projects was very high over a limited time span and the public sector was not prepared nor had the ability to manage and control the contracts, (ii) the incentive to resort to PPPs was mainly to avoid budget constraints, but not to use of public resources better by taking advantage of private sector efficiency, (iii) the risk allocation between the private and public sector was flawed because the private sector bore too little risk and payments from the public to the private sector were considerably above the investment cost. The current and future annual payments from the state to the private sector are a substantial burden in the current times of austerity and budget consolidation. As the country had to ask the troika (IMF, ECB, and European Commission) for a financial rescue from, PPP renegotiations are ongoing to reduce public payments.

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Budgeting in Portugal

Cited by 12 publications

References 9 publications

The Effects of Crises and European Fiscal Governance Reforms on the Budgetary Processes of Member States

The Effects of Crises and European Fiscal Governance Reforms on the Budgetary Processes of Member States

Fiscal Regime Shifts in Portugal

The Portuguese Experience with Public-Private Partnerships

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