A Study on construction Budget Institution Index

Chunsoon Kim; Moon, Ji Eun

The purpose of involving the legislative branch in the budget process is to promote good governance, control the executive's power, and improve the efficiency of fiscal management. The legislative arm should work to approve the budget, laws, and oversee the executive. The requirement for legislative approval of financial measures is a democratic foundation stone that is enshrined in constitutions around the world (Wehner 2010). Though the exact role and capacity may differ, each legislature has budgetary powers from budget laws or national constitution. While case studies have been conducted on budget institutions, few have included quantitative measures or compared legislative budget institutions. This study constructs a legislative budget institution index, using the 2007-2008 OECD World Bank survey of budget practices and procedures database, for the purpose of cross-national comparison and explaining differences. The index, constructed using the methods of Wehner and Alesina et al., arranges 48 countries according to two-sub indices; financial power and organization capacity. The results reveal the United States, with its presidential system, to have the highest score. Sweden, which has experience of budgetary and financial reform has the second highest score. On the other hand, England, Ireland, and Canada, which operate under the Westminster-system have low scores. Government system is found to have a significant impact on the legislative budget index, whether OECD membership is controlled for or not. Similarly, the financial power index is found to be significant, but the organization capacity index has less impact.

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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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