Budget reform before and after the global financial crisis

Budgeting techniques are undergoing major change in many OECD countries in the wake of the global financial crisis. As part of this, many of the directions of pre-crisis budgeting reform are being critically reviewed. This paper reviews the past and future of budgeting reform. It also considers what will be needed to develop a more robust analytical framework within which to map future reform directions. JEL codes: E62, H12, H50, H55, H61 Keywords: fiscal discipline, allocative efficiency, prioritization, value-for-money, reallocation, accrual accounting, accrual budgeting, performance budgeting, programme budgeting, fiscal rules, expenditure rules, expenditure ceilings, expenditure carryover, actor/motivation frameworks, legal principles framework.