Establishing the Long-term Fiscal Discipline through the Flexibly-Structured Legal Institution of Public Finance

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This study pursues the reinvention of the legal study on public finance, so that it shall help the public finance system achieve and maintain the right balance between its capacity in flexibly addressing to the short-term fiscal needs, and its commitment to the long-term fiscal discipline : the study applies the economics in institutional analysis and the epistemic game theory into the field of law and public finance, which encourages the reinterpretation of existing legal concepts in the field, leading to the brand-new method of legal interpretation that incorporates the institutional considerations, hence the goal of fiscal discipline, into the day-to-day functioning process of the public finance system. The study argues that this approach shall facilitate the commitment to the fiscal discipline while accommodating the flexibility of public finance against unforeseen fluctuations in fiscal needs, therefore makes the long-term fiscal discipline more robust and stable.