Abstract
Transparency studies are characterised by critical insights into the contextual determinants as well as the consequences of open and accountable processes. In the realm of fiscal governance, studies of transparency have focused on a variety of issues, ranging from budget efficiency to investment opportunities. However, since fiscal transparency remains a deeply interdisciplinary field, emphasis on determinants and context-dependency occupy a secondary role in the scholarship. Transparency is seen as a pre-condition for other governance and development outcomes – most causal studies analyse this directionality, whilst few consider other factors that mediate transparency. Against this backdrop, I survey the literature on fiscal transparency, systematically review a sample of 35 empirical studies, and present the results of a meta-analysis of the reported effects. I analyse these results emphasising a proposed typology based on the distinction between normative and experienced effects of transparency. The findings support my claim that transparency outcomes heavily depend on the aspects of observed and measured transparency policies, which are not consistent across the literature, and that the perceived effects of transparency, vis-a-vis the normative ones, are strongly overestimated in the literature. I discuss the implications and point to further research avenues in this area.
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