Chapter

Conclusion

in Rules and Restraint

Published by University of Chicago Press

Published in print October 2007 | ISBN: 9780226682594
Published online March 2013 | e-ISBN: 9780226682617 | DOI: http://dx.doi.org/10.7208/chicago/9780226682617.003.0007
Conclusion

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This chapter considers the prospects for future reforms, given the challenges of enforcement and the political problems associated with design. It evaluates the hurdles facing constitutional budget reform, the implications of the argument for international agreements, and the ways in which the theoretical and empirical results presented in the book are useful for practitioners and policymakers. Institutional interactions are an important component of any study of budget rules. States with strict balanced budget rules react less sharply in the short run to changes in state revenue. A recent reform in the tax and expenditure limit was shown to have little impact on spending outcomes. Data from the U.S. states reveal that balanced budget rules enforced by an independent state high court will keep spending down, relative to states without such provisions. Constitutional amendments are debated vociferously because they may alter the nature of bargaining.

Keywords: constitutional budget reform; enforcement; budget rules; state revenue; tax; spending; U.S. states; constitutional amendments; bargaining

Chapter.  7731 words. 

Subjects: US Politics

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