“…budgetary institutions are defined as all rules, regulations, and principles that govern and shape the budgetary process and the relative division of roles, powers, and responsibilities among the various key players involved at each stage of the process. In other words, budgetary institutions include all rules and procedures according to which budgets are drafted, approved, and implemented (Alesina et al, 1999;Allen, Banerji, and Nabil 2004;Gleich 2003;Gollwitzer 2010). Such rules might be either formal (as reflected in constitutions, laws, regulations, manuals, etc.…”