Fiscal transparency and policy rules in Poland

This paper assesses the current stance and desirable progress in the implementation of fiscal transparency and rules in Poland. An index of transparency based on Report on the Observance of Standards and Codes (ROSC), with some modifications, is also constructed in this paper, followed by proposals for making transparency and fiscal rules more efficient within Poland's fiscal policy. This study attempts to answer the following questions: Firstly, to what extent is fiscal policy transparent in the context of the standards set by the EU's regulations and the IMF's ROSC? Secondly, have the fiscal rules adopted by Poland proved to be successful in establishing fiscal policy discipline? Finally, what still needs to be changed to make both transparency and fiscal rules more efficient for the conduct of fiscal policy? To set the work in context we also provide an overview of recent advances in both the theoretical and empirical literature on fiscal transparency and rules

Fiscal Transparency and Policy Rules in Poland

This paper discusses the link between the deficit bias in public finance and institutional settings. The Polish experience is put in a wider context and provides an extensive discussion of possible institutional reforms that may be implemented to stabilise the path of fiscal policy and reduce the deficit bias. Although substantial improvements have been made in Poland with respect to fiscal transparency standards set by the IMF and EU there is still much scope for enhancement. The recommended change in fiscal policy would involve the implementation of medium-term budgetary framework that would ensure consistency between the budgetary process and medium-term fiscal goals. This should be accompanied by the introduction of binding constraints on fiscal policy. The expenditure rule could be reintroduced to strengthen fiscal discipline, as it could force policymakers to tighten fiscal policy. It seems to be indispensable to maintain fiscal rules at the local government level. The issue of still limited fiscal transparency and unsatisfactory performance of fiscal rules requires the undertaking of various appropriate measures to strengthen the policy framework in Poland. This can be done in our view by involving external institution entitled to examine fiscal transparency and the performance of fiscal rules in the budgetary process. We think that the institution that is fully capable to take the lead in this respect is the NIK, which was granted full independence in 1994 and has since proved to be successful in overseeing public finances. This should, however, be accompanied by simultaneous enhancement of the internal audit.Fiscal Transparency, Fiscal Rules, Fiscal Discipline, Institutions

Evaluating the Feasibility of an Affordable Housing and Community Centre: A Case Study from Rural Ontario

This case study analyzes the feasibility of building an affordable housing and community services complex in rural Ontario. Lessons were learned about project scope, task order and importance, financial feasibility and potential funding sources, the importance of professional expertise, relationships with key partners, and governance. While the concept of affordable housing and a community centre has appeal and would benefit the community, it is not, as currently envisioned, financially viable. The addition of government grants and a reduction in the proposed project size and scope have the potential to make the project feasible. Keywords: feasibility analysis, affordable housing, public private partnerships, rural Ontario, not-for-profit governanc

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