budgetpolitik

Budgetpolitik, or fiscal policy, is the set of government decisions about revenue and expenditure expressed through the annual budget and the medium-term fiscal framework. It aims to influence macroeconomic conditions, provide public goods and services, and shape income distribution while maintaining the sustainability of public finances. Budget policy operates through two main channels: revenues (taxes and other income) and expenditures (current spending, transfers, and investments).

In the short run, budget policy can stabilize the economy via discretionary measures and automatic stabilizers such as unemployment benefits and progressive taxation. In the medium and long run, it seeks to maintain debt levels and fiscal sustainability, while ensuring efficient allocation of resources and financing for public investments. Instruments include tax policy, spending ceilings or targets, capital allocations, subsidies, wage bills, and the issuance of government bonds. Many governments adopt multi-year or program-based budgeting and performance budgeting to improve transparency and outcomes.

Fiscal rules, such as balanced-budget requirements or debt-to-GDP targets, are used in some systems to constrain deficits and debt. Budget policy interacts with monetary policy and other areas of economic policy, and is shaped by legal frameworks, political dynamics, and administrative capacity. The budget cycle typically comprises preparation, legislative approval, execution, and reporting, followed by auditing and evaluation. Challenges include demographic changes, economic shocks, and long-term obligations in areas like pensions and healthcare.