Model of Public Accountability for Public Debt Reduction in Public Interest

Abstract

In the financial context of public interest, the attention should be paid to the public debt, especially in the intergenerational perspective of justice. Thus, the aim of the paper is to present the theoretical, multidimensional model of accountability for public debt that will serve in public interest. The research question is what is the nature of conditions necessary to the effective limitation of public debt. According to the research hypothesis, these conditions are of varied nature, they are not limited to the legal dimension of legal responsibility but they have the basis in the public accountability. To achieve the scientific aim of the research and to search for the evidence to support the study’s hypothesis the literature review was made, consisting in the analysis of the existing literature presenting the theoretical and empirical results of the previous research. We conclude that to effectively reduce public debt, the multidimensional model of public debt should be developed, consisting of four components i.e.: the legal responsibility, the democratic accountability, the moral accountability, the financial accountability. Having the knowledge on the particular components of the proposed model it would be possible in future research to analyze the components of the politicians’ motivation to issue the regulations in accordance with universally binding moral rules serving the public interest and not their own interests (the legal motivation).