Grigoli, FrancescoMills, ZacharyVerhoeven, MarijnVlaicu, Razvan2013-01-022013-01-022012-09https://hdl.handle.net/10986/12027In the last two decades more than 120 countries have adopted a version of a Medium-Term Expenditure Framework (MTEF). These are budget institutions whose rationale it is to enable the central government to make credible multi-year fiscal commitments. This paper analyzes a newly-collected dataset of worldwide MTEF adoptions during 1990-2008. It exploits within-country variation in MTEF adoption in a dynamic panel framework to estimate their impacts. The analysis finds that MTEFs strongly improve fiscal discipline, with more advanced MTEF phases having a larger impact. Higher-phase MTEFs also improve allocative efficiency. Only top-phase MTEFs have a significantly positive effect on technical efficiency.en-USCC BY 3.0 IGOADBADVERSE CONSEQUENCESANNUAL BUDGETANNUAL BUDGETINGANNUAL BUDGETSARTICLEBANKING SECTORBANKING SECTOR DEVELOPMENTBONDBUDGET AGGREGATESBUDGET ALLOCATIONSBUDGET AMENDMENTSBUDGET BALANCEBUDGET CIRCULARSBUDGET DOCUMENTSBUDGET FRAMEWORKBUDGET INSTITUTIONSBUDGET PLANNINGBUDGET PROCESSBUDGET REQUIREMENTBUDGET RESOURCESBUDGET RULESBUDGETARY FRAMEWORKBUDGETARY INSTITUTIONSBUDGETARY OUTCOMESBUDGETARY PROCESSESBUDGETARY TARGETSBUSINESS CYCLECENTRAL BANKCENTRAL GOVERNMENTCOMMITMENT DEVICESCOSTS OF GOVERNMENTCREATIVE ACCOUNTINGCREDIBILITYDATA ANALYSISDATA AVAILABILITYDATA COLLECTIONDEBTDEBT SUSTAINABILITYDEBTSDEVELOPING COUNTRIESDEVELOPMENT BANKDISBURSEMENTSDUMMY VARIABLEE-MAILECONOMETRICSECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC POLICYEDUCATION SERVICESEDUCATION SPENDINGEMERGING MARKETEMERGING MARKET ECONOMIESEMPLOYMENTENTITLEMENTSESPEUROPEAN CENTRAL BANKEXPENDITURE CEILINGSEXPENDITURE OBJECTIVESEXPENDITURE PLANSFACE VALUEFINANCIAL ACCOUNTABILITYFINANCIAL CRISISFINANCIAL DEVELOPMENTFISCAL AFFAIRSFISCAL COMMITMENTSFISCAL DISCIPLINEFISCAL FRAMEWORKSFISCAL INSTITUTIONSFISCAL PERFORMANCEFISCAL POLICYFISCAL REFORMSFISCAL RULESFISCAL STABILITYFORWARD ESTIMATESGEOGRAPHIC REGIONGEOGRAPHIC REGIONSGOVERNMENT BORROWINGGOVERNMENT POLICIESGOVERNMENT POLICYGOVERNMENT SPENDINGGROWTH RATEHEALTH CAREHEALTH EXPENDITUREHEALTH SECTORHEALTH SPENDINGHUMAN DEVELOPMENTICTINFORMATION GAPSINNOVATIONINSTITUTIONINSTRUMENTINTEREST PAYMENTSINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTISOLATIONLAWSLIFE EXPECTANCYMACROECONOMIC VOLATILITYMARKET ECONOMIESMEDIUM TERM EXPENDITUREMEDIUM TERM EXPENDITURE FRAMEWORKSMEDIUM-TERM EXPENDITUREMEDIUM-TERM EXPENDITURE FRAMEWORKMEDIUM-TERM EXPENDITURE FRAMEWORKSMEDIUM-TERM FISCAL FRAMEWORKMEDIUM-TERM PERSPECTIVEMEDIUM-TERM PLANNINGMICRO DATAMINISTRY OF FINANCEMONETARY UNIONNATIONAL BUDGETNPLOPEN ACCESSOUTCOME TARGETSPERFORMANCE FRAMEWORKPERFORMANCE TARGETSPOLITICAL ECONOMYPOLITICIANSPOVERTY REDUCTIONPOVERTY REDUCTION SUPPORTPROGRAM OBJECTIVESPROGRAM PERFORMANCEPROGRAMSPUBLIC BUDGETINGPUBLIC ECONOMICSPUBLIC EDUCATIONPUBLIC EXPENDITUREPUBLIC EXPENDITURE MANAGEMENTPUBLIC FINANCEPUBLIC FINANCIAL MANAGEMENTPUBLIC GOODSPUBLIC HEALTHPUBLIC INVESTMENTPUBLIC POLICYPUBLIC SECTORPURCHASING POWERREALLOCATIONSREFORM BUDGET INSTITUTIONSRESOURCE ALLOCATIONRESOURCE AVAILABILITYRESULTRESULTSREVENUE GROWTHSECTORAL EXPENDITURESOCIAL INFRASTRUCTURESOCIAL OUTCOMESSOCIAL RETURNSSTRATEGIC PRIORITIESSUSTAINABILITY ANALYSISTAXTAXONOMYTRANSACTIONTRANSPARENCYUSESWALKINGWASTEWEBWorld Bank10.1596/1813-9450-6186