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Alternative title:

Fiscal resilience. An analysis of the COVID-19 epidemic’s impact on the budgetary governance

Subject and Keywords:

fiscal resilience   budgetary governance   COVID-19


In just over a decade the world suffered from two deep, systemic crises: the global financial crisis and COVID-19 epidemic crisis. Growing exposure to unknown systemic risks, the challenge of recovery once the epidemic is contained, and long-term pressures (such as climate change, ageing, increasing economic inequalities), centres the debate on public governance around resilience of the state. This is a multidimensional concept which includes also fiscal resilience, that is the ability of the state to mobilise resources and finance the absorption of adverse events, recovery and proactive adaptation to new circumstances. This article attempts to define, decompose and operationalise fiscal resilience in the budgetary governance context, and subsequently assess the adequacy of some traditional fiscal indicators and budgetary institutions to post-COVID challenges. The analysis of COVID-19 as a systemic risk with significant fiscal implications points to certain systemic gaps in traditional approach to budgetary governance. These can be addressed by augmenting fiscal rules with the concept of public net worth, adopting a balance sheet approach in managing public finances and implementing priority-oriented models of budgeting.

Place of publishing:



Uniwersytet Wrocławski. Wydział Prawa, Administracji i Ekonomii

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Abstract Language :

pol   eng


Kwartalnik Prawno-Finansowy, ISSN 2544-8382 ; nr 1/2020, s. 91-122

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Kwartalnik Prawno-Finansowy

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Copyright by Uniwersytet Wrocławski

Autor opisu:

WR U/PAdal