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Fiscal policy can be distinguished from monetary policy, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the money supply, interest rates and is often administered by a country's central bank. Both fiscal and monetary policies influence a ...
Fiscalism is a term sometimes used to refer the economic theory that the government should rely on fiscal policy as the main instrument of macroeconomic policy. Fiscalism in this sense is contrasted with monetarism, [1] which is associated with reliance on monetary policy. Fiscalists reject monetarism in a non-convertible floating rate system ...
The institutional framework of public finance is the government budget or public budget. The budgetary system is a system of popular approval and oversight of the state's financial activities. The history of constitutional politics can be described as the history of the establishment of the modern budgetary system. [8]
Fiscal space is the flexibility of a government in its spending choices, and, more generally, to the financial well-being of a government. [1] Peter Heller (2005) defined it “as room in a government’s budget that allows it to provide resources for a desired purpose without jeopardizing the sustainability of its financial position or the stability of the economy.” [2]
The history of the English fiscal system affords the best known example of continuous financial development in terms of both institutions and methods. Although periods of great upheaval occurred from the time of the Norman Conquest to the beginning of the 20th century, the line of connection is almost entirely unbroken.
Fiscal law and fiscalization are different things in finance and taxes. Fiscal law is about the rules a government makes for handling its money and taxes. This includes how to collect taxes and manage spending. Fiscalization is more specific, focusing on how to stop tax evasion, especially in retail.
A fiscal council is an independent body set up by a government to evaluate its expenditure and tax policy. Typically, councils are staffed by economists and statisticians who do not have the ability to set policy, but provide advice to governments and the public on the economic effects of government budgets and policy proposals.
Fiscal union is the integration of the fiscal policy of nations or states. In a fiscal union, decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments. A fiscal union does not imply the centralisation of spending and tax decisions at the supranational level.