NOTES

  

1. This appendix is drawn from a survey of international experience with long-term projections, analysis, and related practices conducted for the committee by Barry Anderson, head of the budgeting and public expenditures division, public governance and territorial development division, Organisation for Economic Co-operation and Development (OECD), with the support of his colleague James Sheppard. A full report on that survey was presented at the June 2009 meeting of OECD senior budget officials and has now been published; see Anderson and Sheppard (2009).

  

2. What constitutes “long term” is subject to much discussion. Logically, the long term is anything beyond the medium term, which itself varies between countries. Long term is typically associated with effects across generations. In industrialized countries, an average generation is 30-40 years. The time period of more than 10 years has been selected here, noting that a number of countries prepare medium-term fiscal frameworks spanning up to 8 years (e.g., Denmark and Sweden).

REFERENCES

Anderson, B., and Sheppard, J. (2010). Fiscal futures, institutional budget reforms, and their effects: What can be learned? OECD Journal on Budgeting, 2009(3).

Government Accountability Office. (2006). Budget Process: Better Transparency, Controls, Triggers, and Default Mechanisms Would Help to Address Our Large and Growing Long-term Fiscal Challenge. GAO-06-761T, May 25. Washington, DC: U.S. Government Accountability Office.



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