Download or read book Fiscal Transparency and the Performance of Government Financial Assets written by Mr.Mike Seiferling and published by International Monetary Fund. This book was released on 2015-01-22 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock-flow adjustments are typically measured as the difference between changes in gross debt and deficits. These are interpreted as a proxy for unexplained fiscal discrepancies, and often associated with a lack of fiscal transparency. However, such measures fail to capture the role of financial assets and valuation changes and therefore do not correctly predict fiscal transparency. The purpose of this paper is to provide a more detailed exposition of stock-flow residuals and the relationship with fiscal transparency, highlighting government acquisition of equities and investment fund shares and their performance in secondary markets. The results suggest that the performance of government equity portfolios correlates with fiscal transparency to the extent that fully transparent governments are expected to generate between 6 and 8 percent higher returns on their equity portfolios than others. These findings suggest that the performance of government assets may be a promising area for future research of fiscal transparency and stock-flow residuals.

Download or read book Fiscal Transparency Fiscal Performance and Credit Ratings written by Ms.Elif Arbatli and published by International Monetary Fund. This book was released on 2012-06-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between advanced and developing economies. Fiscal transparency is measured by an index based on the IMF’s Reports on the Observance of Standards and Codes (ROSCs). We find that fiscal transparency has a positive and significant effect on ratings, but it works through different channels in advanced and developing economies. In advanced economies the indirect effect of transparency through better fiscal outcomes is more significant whereas for developing economies the direct uncertainty-reducing effect is more relevant. Our results suggest that a one standard deviation improvement in fiscal transparency index is associated with a significant increase in credit ratings: by 0.7 and 1 notches in advanced and developing economies respectively.

Download or read book Transparency in Government Operations written by Mr.J. D. Craig and published by International Monetary Fund. This book was released on 1998-02-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.

Download or read book Fiscal Transparency Handbook 2018 written by Sailendra Pattanayak and published by International Monetary Fund. This book was released on 2018-04-16 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF’s Fiscal Transparency Code is the international standard for disclosure of information about public finances and is the centerpiece of the global architecture on fiscal transparency. The Fiscal Transparency Handbook (2018) provides detailed guidance on the implementation of the new Fiscal Transparency Code, which was approved by the IMF Board in 2014. It explains why each principle of the Code is important and describes current trends in implementation of the principles, noting relevant international standards as well. Selected country examples are also provided.

Download or read book Fiscal Transparency Accountability and Risk written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2012-07-08 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys that state of fiscal transparency in the wake of the current crisis and looks at what can be done to improve it. It examines the relationship between fiscal transparency and fiscal outcomes; reviews progress in promoting greater fiscal transparency over the past decade; considers the lessons of the recent crisis for existing fiscal transparency standards, practices, and monitoring arrangements; and makes a series of recommendations for renewing the global fiscal transparency effort in the wake of the crisis.

Download or read book Update on the Fiscal Transparency Initiative written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-18 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an update on staff’s work on a new Fiscal Transparency Code (FTC) and experiences with the initial pilot Fiscal Transparency Evaluations (FTE), the ground work for which was laid in a 2012 paper “Fiscal Transparency, Accountability, and Risk.” Both are part of ongoing efforts by the Fiscal Affairs Department, in cooperation with other departments, to strengthen the Fund’s fiscal surveillance and capacity building. The new FTC and FTE reflect the lessons of the recent crisis, incorporate developments in international standards, and build on feedback from consultations with stakeholders.

Download or read book Finland written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2015-03-11 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of fiscal transparency evaluation for Finland. It highlights that Finland meets most of the principles of the Fiscal Transparency Code at good or advanced level. Some areas, notably related to the analysis and management of fiscal risks, are still rated as basic or below, but with a few exceptions the importance of these areas for fiscal management in Finland is relatively low. Overall, the Finnish authorities produce an impressive amount of data and information related to all three pillars of the Code. It is also highlighted that fiscal reporting in Finland is transparent and meets good or advanced practice in all areas.

Download or read book Peru written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-10-26 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses Peru’s fiscal transparency practices in comparison with the IMF’s Fiscal Transparency Code, including the new draft pillar on resource revenue management. Peru’s practices meet most of the principles of the IMF’s Fiscal Transparency Code at good or advanced level. The country provides an extensive set of fiscal information with financial statements covering the entire public sector. There is a comprehensive budget supported by a solid fiscal framework with clear policy objectives embedded in numerical fiscal rules. The country also has a clear and comprehensive legal and fiscal regime for the management of resource revenue.

Download or read book Jordan Technical Assistance Report Fiscal Transparency Evaluation written by International Monetary and published by International Monetary Fund. This book was released on 2021-10-08 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jordan has taken important steps to enhance its fiscal transparency over the past decade. Notably, there is a comprehensive legal framework for the management of public finances. Fiscal reports have become more comprehensive and cover a high proportion of public sector institutions. The frequency of in-year reporting is at an advanced level, as is the timeliness of publication of the government’s annual financial statements. Fiscal statistics are disseminated in accordance with international standards (SDDS). Fiscal forecasts and budgets have become more forward looking and policy oriented with the introduction of a five-year medium-term budget framework and a program classification. As a result of improvements in fiscal transparency practices, in the 2019 Open Budget Survey, Jordan scored above the global average for transparency, and is the only country in the region ranked overall as ‘green’ on this measure. Nevertheless, the FTE provides a more detailed and in-depth analysis with a broader focus.

Download or read book Colombia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-08-02 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fiscal transparency evaluation (FTE) report assesses fiscal transparency practices in Colombia against the first three pillars of the IMF’s Fiscal Transparency Code. Fiscal forecasting and budgeting—Pillar II—is the strongest area in Colombia’s FTE. Half of the related indicators are advanced, mostly in the areas of: (1) orderliness of the legislative process and the adequacy of powers and information available to Congress; (2) credibility of economic and fiscal forecasts; and (3) medium-term forecasts and policy orientation. Fiscal reporting—Pillar I—and fiscal risk analysis and management—Pillar III—also reveal clear strengths. Fiscal reporting practices are advanced in terms of the coverage of fiscal institutions in fiscal reports and timeliness of annual financial statements.

Download or read book Russian Federation written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2014-05-26 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the pilot Fiscal Transparency Evaluation for the Russian Federation. Most aspects of Russia’s fiscal reporting and budgeting practices are in line with good or advanced practice under the July 2013 draft of the Fiscal Transparency Code. The disclosure and management of fiscal risks has significantly improved in recent years. The evaluation highlights a number of important areas where fiscal transparency practices could be further improved. Addressing these gaps in fiscal transparency practices would enable the government to provide a more complete picture of its fiscal position, prospects, and risks.

Download or read book Fiscal Transparency Initiative written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-01-29 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014 (see IMF 2014a).

Download or read book Finding the Money written by Gábor Péteri and published by Central European University Press. This book was released on 2008 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finding the Money focuses on those areas of government most exposed to grand or petty corruption: budgeting, tax administration, public procurement, and management of government assets. The eight chapters collected in this volume are based on the assumption that corruption has systemic causes. By improving social accountability mechanisms and by increasing the institutional and human capacities of government, malfunctioning states and municipalities can be transformed. The anti-corruption techniques presented here go well beyond the introduction of political control mechanisms, expanding transparency, or revising the compact between the state and private service organizations to recommend the steps needed for fiscal transparency and good governance. Public sector integrity also depends on governments' capacity to introduce these measures, the incentives to comply set by intergovernmental fiscal relations, the use of audit and the shortest route of accountability, i.e., its direct influence by customers on service providers. Book jacket.

Download or read book Georgia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2017-09-27 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates the state of fiscal transparency in Georgia. Georgia has taken important steps to enhance its fiscal transparency practices over the past decade. Fiscal reports have become more comprehensive, with the development of a central government balance sheet and income statement. Fiscal forecasts and budgets have become more forward looking and policy oriented, with the introduction of a four-year medium-term budget framework, formal fiscal objectives, and a program budget classification. In addition, fiscal risk disclosure and analysis have improved dramatically, with the publication of a detailed statement on fiscal risks. At the same time, the evaluation highlights a number of areas where Georgia’s fiscal transparency practices could be further improved.

Download or read book Mexico written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-10-03 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Fiscal Transparency Evaluation (FTE) report assesses Mexico’s fiscal transparency practices against the IMF’s Fiscal Transparency Code (FTC), including the draft pillar on resource revenue management. Mexico scores relatively well when compared with other Latin American countries and emerging market economies that have undergone a FTE. Out of the 48 principles across four pillars in the FTC, Mexico meets 16 principles at the basic level, 9 principles at the good level and 15 principles at the advanced level, while one principle does not apply. Fiscal transparency practices are strongest in the areas of resource revenue management and fiscal forecasting and budgeting, while the scores on fiscal risks analysis and management are lower.

Download or read book Republic of Armenia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-05-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Fiscal Transparency Evaluation (FTE) for Armenia. This report provides 10 recommendations aimed at further enhancing fiscal transparency in the areas prioritized. Fiscal forecasts and budgets have become more forward looking and policy oriented, with the introduction of a medium-term expenditure framework (MTEF), improved fiscal objectives, and a performance budgeting system. The report presents the assessment of fiscal transparency practices against the IMF’s Fiscal Transparency Code (FTC). Armenia’s fiscal transparency practices have strengths and weaknesses in all areas of FTC: fiscal reporting, fiscal forecasting and budgeting, and fiscal risk disclosure and management. The fiscal transparency evaluation also estimates Armenia’s public sector financial position, in order to provide a more comprehensive view of public finances. Expanding the institutional coverage of Armenia’s fiscal reports to the entire public sector would increase the deficit by 1.3 percent of gross domestic product and would have a material impact on revenue and expenditure.

Download or read book Some Algebra of Fiscal Transparency written by Timothy Irwin and published by International Monetary Fund. This book was released on 2012-09-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting devices that artificially reduce the measured fiscal deficit can be analyzed as transactions involving unrecognized assets and liabilities. Different accounting systems recognize different sets of assets and liabilities and are thus vulnerable to different sets of devices. Some devices can be revealed by moving progressively from cash accounting to modified accrual accounting to full accrual accounting. Revealing all would require the publication of extended fiscal accounts in which all future cash flows give rise to assets or liabilities.