Download or read book Budgeting and Fiscal Management in Transitional Economies written by Jorge Martinez-Vazquez and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past ten years have been witness to one of the largest experiments in economic history, namely the transition of centrally planned economies to market-based economies. While policy reform in transitional countries has encompassed virtually every sector of the economy, modernization of public sector budgeting practices and fiscal management techniques have been widely recognized as critical to the success of the economic transition experiment. However, the breadth and pace of fiscal management reform in countries in transition (CITs) has largely fallen short of expectations; a decade into the economic transition, none of the transitional economies has fully adopted modern budgeting and fiscal management techniques similar to those in western countries. A less efficient and less controllable public sector has made the task of macroeconomic management more difficult and overall has retarded economic recovery and growth in transitional countries. This paper investigates the main reasons for why fiscal management reform has failed to take hold during the first decade of the economic transition and discusses what challenges remain ahead in budget policy reform. While the timing of the transformation of the budgeting process from essentially a pure accounting mechanism during the communist era to a true fiscal management tool has not been identical in all CITs, the evolution of the reform process can be broken down into three distinct periods. During the first period, the early transition, most transitional economies saw some important economic reforms but a lack of budgeting and fiscal management reforms. Budget officials either felt comfortable with the status quo and felt little pressure to change the budget system inherited from the socialist regime or actively sought to preserve the budget institutions inherited from the previous regime. In the second transition period, CITs put in place a set of fiscal policy and fiscal management reforms, practically always in response to a macroeconomic crisis, which in some ways was brought about by the initial lack of fiscal management reform. However, as discussed below, this wave of reforms during the second transitional period was generally of an emergency nature and failed to establish a sound framework for fiscal discipline and accountable and efficient expenditure policies. As a result, renewed fiscal crisis spurred more structural fiscal reform efforts during the third, ongoing period of transition.

Download or read book Budget System Reform in Transitional Economies written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 2003-12-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the republics of the former Socialist Federal Republic of Yugoslavia (SFRY) as for many other transition economies, an important step in introducing a more market-oriented system was the restructuring of their budget systems. This paper reviews and evaluates the process of budget system reform during the transition period extending from the time they emerged from the collapse of the SFRY in 1989 until the end of 2002. For at least a decade of this period, the Fiscal Affairs Department of the IMF has been providing technical assistance (TA) to these countries to facilitate such reforms. Based on the material generated by this effort, the authors offer a review of the progress made and an assessment of the reform elements still to be completed. Given that the former Yugoslav republics all commenced the reform process with the same institutions, this paper offers a unique opportunity to analyze the critical elements in successful budget system reform. An attempt is made to explain the varying degrees of success experienced by different countries, and a reform agenda is suggested to guide future TA.

Download or read book Setting Up a Treasury in Economies in Transition written by Mrs.Teresa Ter-Minassian and published by International Monetary Fund. This book was released on 1995-02 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary mandate of a national Treasury is to promote an optimal financial management of government resources, by ensuring that spending agencies are provided, in a timely manner, the resources needed for a smooth provision of public services, while minimizing the cost of government financing. However, international experience shows that agencies that go by the same name (the Treasury) assume a variety of responsibilities within the gamut of functions encompassed by government financial management. This paper argues that, in countries facing substantial economic and financial adjustment problems and/or rapid institutional change, it is desirable to give the Treasury a broader (rather than narrower) range of responsibilities in government financial management. This is typically the case in economies in transition, in which under central planning Treasury functions were dispersed among different agencies, including the Central Bank. The paper presents an overview of the main issues governments are likely to face in setting up a national Treasury, in particular in economies in transition. It begins with an analysis of the main Treasury functions. It then discusses the Treasury’s basic organization and structure, information system, and relationships with other public entities.

Download or read book Public Financial Management and Its Emerging Architecture written by Mr. M. Cangiano and published by International Monetary Fund. This book was released on 2013-04-05 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch

Download or read book Performance Budgeting written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 2003-02-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the role of accounting in budget system reform from the perspective of emerging economies who wish to adopt the OECD's performance budgeting reforms. While many OECD countries, pursuing the reforms associated with the New Public Management, have moved their accounting systems from a cash to an accrual basis, this paper argues that given the costs involved, such a move is perhaps only worthwhile in the context of adopting much wider public sector management reforms. Moreover, while recognizing that accrual accounting does support public expenditure management best practices, it is also argued that many of the objectives of performance-oriented budgeting can be attained by less than full accrual accounting, and that unless certain preconditions are met it is safer for countries to remain with, and improve, their cash-based accounting systems. For those countries with sound enough cash-based systems the paper describes a possible phased approach to the introduction of accruals, as well as the parallel stages of adopting the new international GFSM 2001 reporting requirements.

Download or read book Managing Public Expenditure A Reference Book for Transition Countries written by OECD and published by OECD Publishing. This book was released on 2001-03-20 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managing Public Expenditure presents a comprehensive and in-depth analysis of all aspects of public expenditure management from the preparation of the budget to the execution, control and audit stages.

Download or read book Financial Management in Transitional Economies written by United Nations. Division for Public Economics and Public Administration and published by United Nations Publications. This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UN General Assembly has encouraged UN bodies to foster the environment for entrepreneurship, privatisation, administrative deregulation, and to provide policy advice and technical assistance to the economies in transition (the former Soviet Union, central and eastern Europe). Financial restructuring and the development of new financial management institutions in these countries have been spurred by political urgency arising from deteriorating social conditions, and by the desire of some to join the European Union. The removal of state controls had led to rapid inflation, and much hardship for the people. The speed of reform from the "big bang" approach was intended to overcome the political difficulties created by that hardship. An alternative argument, that gradual change, allowing time for the development of financial, banking, legal and accounting services, and for retraining, would have had a less negative impact, is also suggested. "On the ideal pace of financial reform and institution-building, the jury is still out"

Download or read book Public Financial Management and Its Emerging Architecture written by Mr.M. Cangiano and published by International Monetary Fund. This book was released on 2013-04-05 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades.

Download or read book Budget System Reform in Transitional Economies written by Jack Diamond and published by International Monetary Fund. This book was released on 2002-02 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper stresses the role of budget system reform in economies in transition as an essential basis for the implementation of effective fiscal policies. However, introducing such structural reforms in often unstable economic environments has not proved easy. Using Russia as a case study, the magnitude of the problems faced is documented, and the strategy of reform eventually adopted is critically reviewed. In conclusion, some lessons are drawn for other transitional countries undertaking similar reforms, and the future agenda for completing these reforms in Russia is indicated.

Download or read book Government Budgeting and Expenditure Management written by Salvatore Schiavo-Campo and published by Taylor & Francis. This book was released on 2017-02-17 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: The government budget should be the financial mirror of society's choices. Yet most people view budgeting as the epitome of eye-glazing subjects, rarely explained in a way that is understandable to the non-specialist and too often presented without adequate consideration of a country’s governance and institutional capacity. Government Budgeting and Expenditure Management fills a gap in the literature to redress these failings and does so in comparative international perspective. This book provides a comprehensive but pithy and easy-to-understand treatment of public financial management, taking into account a variety of special issues including budgeting in post-conflict situations, at subnational government levels, for military/security expenditures, and in countries with large extractive revenues. Distilling the lessons of budgeting reform in countries at different levels of income and administrative capacity, each chapter gradually progresses from the basic principles to the more technical aspects and then on to implementation issues, using concrete examples and illustrations from around the globe. Government Budgeting and Expenditure Management is ideally suited as the primary text for advanced undergraduate or graduate courses in government budgeting or public financial management, or as a supplementary text for courses in public finance, public economics, economic development, public administration or comparative politics. With its attention to practical implementation aspects, the book will also be of direct interest to practitioners, policy-makers, and government employee training organizations.

Download or read book Core Functional Requirements for Fiscal Management Systems written by Ali Hashim and published by International Monetary Fund. This book was released on 1994-03-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a framework for planning the development of computerized government budgeting and accounting systems in economies in transition and developing economies. It argues that a comprehensive framework is needed to enable fiscal management issues to be addressed effectively, then outlines a methodology for planning systems development and proposes strategies for implementing the methodology in transitional and developing economies.

Download or read book Guidelines for Public Expenditure Management written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 1999-07-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.

Download or read book The Micro Basis of Budget System Reform written by Jack Diamond and published by International Monetary Fund. This book was released on 2002-06 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In reviewing the means to strengthen public expenditure management (PEM) systems, there has been increased emphasis on the micro basis of broader budget system reforms, especially reforms of the internal financial management systems in government agencies. Specifically in transition economies, there has been increasing recognition that OECD-type budget systems need to be broadly based on a firm platform of financial management in government institutions. At the same time, many transitional countries have generally acknowledged that this aspect of their PEM systems is problematic and needs to be rectified; hence, international agencies have been actively promoting reforms in these areas. In particular, three areas have been emphasized: human resource management, procurement, and internal audit. This paper explores the problems faced by transitional economies in each of these areas and reviews the generally recommended solutions to these problems.

Download or read book Government Budgeting and Financial Management in Practice written by Gerald J. Miller and published by CRC Press. This book was released on 2011-09-28 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: The right turn in U. S. politics has increased conflict over both ends and means in government budgeting and financial management. Overlapping and competing views of the way the world works drive finance officials’ practice. Taking a new look at public financial management that acknowledges the multiple, competing realities, Government Budgeting and Financial Management in Practice: Logics to Make Sense of Ambiguity examines transaction cost economics and other small government, managed-by-the-market techniques as the latest reincarnation of public budgeting and financial management orthodoxy. Gerald J. Miller reviews new research on the continuing validity of the political dimension of government finance decisions and the multiple, intensely argued constructions of reality the finance official must make sense of. Miller discusses major advances in interpretive approaches to budgeting and finance and how they dominate writing in the broader field of public administration. He also examines the effects of the explosion of information systems, new budget techniques, nonconventional ways of spending, and new technologies. The book uses a question as the motivating force to understand some facets of today’s government budgeting, finance, and financial management: where do the critical assumptions come from to drive financial management? Miller takes the history of reform, developments in the field and the logics finance officials say they use as sources for these assumptions and examines what they reveal about constructions of the government finance world. Exploring new avenues of financial management thinking, the book discusses ambiguity and interpretations that move the unclear preferences, ends, and goals toward consensus. The author identifies an alternative approach to research that explains important facets of financial management. This approach is drawn directly from practice, events and problems in public organizations and from the creedal bent of many political actors in competition.

Download or read book Toward a Framework for a Budget Law for Economies in Transition written by Bill Allan and published by International Monetary Fund. This book was released on 1994-12-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses basic principles underlying budget law and reviews key features of budget legislation in several OECD countries as a basis for development of budget legislation in economies in transition to a market environment (EITs). It recommends a broad structure and a number of specific provisions that could be included in budget law for EITs.

Download or read book From Program to Performance Budgeting written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 2003-09-16 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many emerging market economies are trying to improve their budget processes and move to performance-based budgeting. This paper first reviews the evolution of the "new" performance budgeting model, increasingly being applied in industrial countries. By identifying its main components, the tasks faced by emerging market economies when converting their present budget systems to this model are determined. It is recognized that this conversion will not be easy and will require four major reform elements. First, any existing program structure must be set in the wider context of strategic budget planning and medium-term budget frameworks. Second, this typically involves redesigning and refining existing program structures. Third, existing budget-costing systems and associated skills will probably need to be improved. Fourth, and perhaps most difficult, a new system of accountability and budget incentives needs to be introduced. For emerging market economies, these should be viewed as the prerequisites for a successful introduction of the new performance-budgeting model.

Download or read book Using Fiscal Policy and Public Financial Management to Promote Gender Equality written by Janet G. Stotsky and published by Routledge. This book was released on 2020-01-27 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines how fiscal policy and management can promote gender equality in developing as well as developed countries. Providing an international look at gender budgeting, it draws on countries at different levels of development, with an emphasis on low-income developing countries. It introduces the reader to the main trends in gender equality, the key ideas and rationale of gender budgeting from a fiscal policy perspective and where gender budgeting fits into public financial management. It offers case studies and other empirical evidence from developing, emerging, and developed countries on what works in using fiscal policy and public financial management to narrow gender gaps in education, health care, access to infrastructure, and economic empowerment. It also provides policy recommendations appropriate to countries at different levels of development. The reader will gain an understanding of how fiscal policy and public financial management can contribute to gender equality and women’s advancement. The book provides a well-grounded set of conclusions and policy recommendations, drawn from evaluation of the evidence. The focus is on low-income developing countries but is combined with a well-rounded look at developing countries, more generally, emerging markets, and developed countries as well. This book will be a valuable resource for economists and policy makers, particularly those in developing countries still grappling with large disparities between women and men. It will also prove useful to researchers and those who provide technical assistance and aid to countries on fiscal policies and tools for gender equality.