This paper explores the determinants of deviations of ex-post budget outcomes from first-release outcomes published towards the end of the year of budget implementation. The predictive content of the first-release outcomes is important, because these figures are an input for the next budget and...

This paper explores the determinants of deviations of ex-post budget outcomes from first-release outcomes published towards the end of the year of budget implementation. The predictive content of the first-release outcomes is important, because these figures are an input for the next budget and...

This is the transcript of the Distinguished Lecture held by Professor Vito Tanzi at the Leon Kozminski Academy of Entrepreneurship and Management (WSPiZ) on March 29, 2001 year. Transcript reflects the character of the lecture, its liveliness and colloquial character. It is intended to preserve...