Fiscal institutions have been increasingly recognized as being useful for improving fiscal performance. These institutions are defined in different ways, but when a narrower definition is used, they correspond to independent fiscal institutions (IFIs), also called fiscal councils. In this paper, we employ three different classifications of fiscal institutions: from the European Commission, the International Monetary Fund, and one adapted from Calmfors and Wren-Lewis. Our main aim is to assess the impact of fiscal institutions on fiscal performance within a panel composed of the 28 countries of the European Union during the period of 1999–2016, using the bias-corrected least squares dummy variable dynamic panel estimator. We also explore the complementarity between fiscal institutions and the other elements of fiscal governance: numerical fiscal rules, medium-term budgetary frameworks, and the Stability and Growth Pact deficit and debt rules. The results confirm that fiscal institutions improve the discretionary implementation of fiscal policy: policy measures are less procyclical and more concerned with the sustainability of public debt. We also conclude that there is a complementary relationship between IFIs and the Stability and Growth Pact deficit rule, and that the performance of discretionary fiscal policy seems higher in countries with fiscal institutions than in countries with a predisposition for fiscal prudence.

越来越多地认识到财政机构对于改善财政绩效很有用。这些机构的定义方式不同，但是使用狭义的定义时，它们对应于独立的财政机构（IFI），也称为财政委员会。在本文中，我们采用了三种不同的金融机构分类：来自欧洲委员会，国际货币基金组织，以及来自Calmfors和Wren-Lewis的一种。我们的主要目标是使用偏差校正后的最小二乘虚拟变量动态面板估计量，评估由28个欧盟国家组成的面板中的金融机构对财务绩效的影响。我们还将探讨财政机构与财政治理其他要素之间的互补性：数字财务规则，中期预算框架以及《稳定与增长公约》的赤字和债务规则。结果证实，财政机构改善了财政政策的自由裁量权实施：政策措施的周期性较小，而更多地关注公共债务的可持续性。我们还得出结论，在国际金融机构与《稳定与增长公约》赤字规则之间存在互补关系，在拥有财政机构的国家中，酌处性财政政策的表现似乎要比那些倾向于采取财政审慎性的国家更高。政策措施没有那么顺应周期，而是更多地关注公共债务的可持续性。我们还得出结论，在国际金融机构与《稳定与增长公约》赤字规则之间存在互补关系，在拥有财政机构的国家中，酌处性财政政策的表现似乎要比那些倾向于采取财政审慎性的国家更高。政策措施没有那么顺应周期，而是更多地关注公共债务的可持续性。我们还得出结论，在国际金融机构与《稳定与增长公约》赤字规则之间存在互补关系，在拥有财政机构的国家中，酌处性财政政策的表现似乎要比那些倾向于采取财政审慎性的国家更高。