About us

 

The Fiscal Responsibility Institute Budapest (FRIB) is an independent, non-profit centre for analysis, which was established in 2011 as a civil society initiative. In accordance with the founders’ intention, it prepares analyses and provides consultancy on budgetary issues.

Background

The Fiscal Council of the Republic of Hungary was established in 2009. The Council and its analyst centre demonstrated that an independent, non-partisan organization can effectively create fiscal transparency; therefore, its work is as much in need as ever, especially since the close-down of its analyst centre at the end of 2010. Our team has set out to be the successor of the Fiscal Council’s activities and spirit.

Objectives

Our institution proposes to deliver impartial information to the public, including political and economic actors, about the expected impacts of policies that concern the budget. Neither citizens nor businessmen can make plans for the future unless the regulatory environment is stable and predictable. And the regulatory environment cannot be predictable and stable unless economic policy decisions are well-founded. For such an environment to exist, policy debates must revolve around realistic alternatives, which, in turn, requires the availability of reliable, unbiased impact studies. 

Values

Quality. Transparency. Objectiveness.

The Fiscal Responsibility Institute Budapest is a professional centre for analysis, focusing on the analysis and impact assessment of budget-related policy decisions.  Our reputation is built on and judged by the quality of our work; consequently, we work with the most experienced economists who are respected professionals of their fields.

To use an analogy between fiscal transparency and street lighting: they are useful for everyone but only their absence gets noticed. They are public goods worth investing in as they bring benefits to everyone. Predictable fiscal policy strengthens public trust, and thus democracy, it reduces the uncertainty of foreign investors and their expected risk premium, thereby increasing the efficiency of businesses and reducing the costs of financing the general government.

The Fiscal Responsibility Institute Budapest focuses on the analysis and impact assessment of budget-related policy decisions. In other countries, independent institutes for fiscal policy analysis and advice are being established (recent examples include the Office for Budget Responsibility in the United Kingdom in 2011 and the Council for Budget Responsibility in the Slovak Republic in 2012). The Brookings Institution and the Cato Institute in the US, or the Institute for Fiscal Studies in the UK are leading non-governmental, independent research institutes that have been supporting policy decisions of their governments for decades. We consider these institutions to be examples to follow.

The FRIB funds itself through work performed for the private sector and foundations as well as donations coming from individuals. We receive no government funding.

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