The optimal level of public expenditure

摘要

The budgeting process consists of sharing the adoption of the budgeting decision between the levels andrnparties involved in the budgeting, while defining for each participant the competencies and deadlines tornensure the budgeting is performed in due time.rnThe budgeting process is part of the budgeting procedure which also involves the budgetrnimplementation, closing and control.rnThe State budget, acting as main financial plan of the State and being vested with the quality to predict,rnmust essentially provide answer to three questions:rn- which are the public goods and services that the State must put at its citizens' disposal free of charge?rn- who shall bear their financing expenditure and from what sources?rn- which shall be the consequences on the overall economic balance and the international financial relationships of the respective State?