Download or read book The Quality of Public Finances and Economic Growth written by Salvador Barrios and published by . This book was released on 2009 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: What role can better quality of public finances play in supporting Europe's long-term economic growth prospects? This question was at the centre of the 2008 European Commission workshop on public finances. It was largely motivated by the pressures put on European economies and their budgets from ageing populations and increased globalisation. However, the on-going financial crisis has given the issue an even greater prominence. Current fiscal stimulus packages not only include short-term measures, but also aim to have a lasting impact on growth. The latter is one aspect of ensuring a high quality of public finances. The workshop papers presented and analysed a number of policy options, ranging from the role of growth-enhancing public expenditure, in particular public infrastructure, and more generally the provision of public capital, the role of institutions, tax policy and the interaction of short-term counter-cyclical fiscal policy and long-term economic growth.
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 The Quality of Public Finances and Economic Growth written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Quality of Public Finances written by Michael Thöne and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of the "quality of public finances" (QPF) covers many qualitative and structural issues of fiscal policy. This chapter traces the origins of the concept of QPF to the Lisbon Strategy and the subsequent EPC Working Group on "Quality of Public Finances" (2004-2007). At its core, the QPF focuses on the impact that the composition of public spending has on long-term goals such as economic growth. Growth- and sustainability-enhancing public spending comprises infrastructure investment, human capital investment (education, health, family policy, gender policy) and spending on natural capital and climate protection. Today, QPF indicators can very helpful in national fiscal governance and for the supranational surveillance as in the EU. A future QPF approach for the 2020s should help to prioritize inclusive growth and decoupling economic growth from the use of finite resources. Quality indicators can also help to determine the legit- imate levels of new government debt ("green golden rule").
Download or read book The Quality of Public Finances written by Servaas Deroose and published by . This book was released on 2008 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Improving the quality of public finances has become a key policy challenge for European policy makers. While maintaining sound budget positions remains the linchpin of the European Union's fiscal framework, rising pressures from globalisation and ageing populations are calling to improve also the qualitative aspects of fiscal policy with a view to supporting economic growth. This includes to better target public resources, raise the efficiency of public spending, modernise public finance institutions and budget administration, create supportive fiscal frameworks and establish efficient and growth-enhancing revenue systems. The need for such a comprehensive approach to strengthen public finances is laid out in this collection of papers prepared by the EPC Working Group on the Quality of Public Finances between 2004 and 2007. It also highlights the challenges that come along with policy implementation by drawing on a number of country case studies.
Download or read book PEFA Public Financial Management and Good Governance written by Jens Kromann Kristensen and published by World Bank Publications. This book was released on 2019-11-24 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This project, based on the Public Expenditure and Financial Accountability (PEFA) data set, researched how PEFA can be used to shape policy development in public financial management (PFM) and other major relevant policy areas such as anticorruption, revenue mobilization, political economy analysis, and fragile states. The report explores what shapes the PFM system in low- and middle-income countries by examining the relationship between political institutions and the quality of the PFM system. Although the report finds some evidence that multiple political parties in control of the legislature is associated with better PFM performance, the report finds the need to further refine and test the theories on the relationship between political institutions and PFM. The report addresses the question of the outcomes of PFM systems, distinguishing between fragile and nonfragile states. It finds that better PFM performance is associated with more reliable budgets in terms of expenditure composition in fragile states, but not aggregate budget credibility. Moreover, in contrast to existing studies, it finds no evidence that PFM quality matters for deficit and debt ratios, irrespective of whether a country is fragile or not. The report also explores the relationship between perceptions of corruption and PFM performance. It finds strong evidence of a relationship between better PFM performance and improvements in perceptions of corruption. It also finds that PFM reforms associated with better controls have a stronger relationship with improvements in perceptions of corruption compared to PFM reforms associated with more transparency. The last chapter looks at the relationship between PEFA indicators for revenue administration and domestic resource mobilization. It focuses on the credible use of penalties for noncompliance as a proxy for the type of political commitment required to improve tax performance. The analysis shows that countries that credibly enforce penalties for noncompliance collect more taxes on average.
Download or read book The Public Wealth of Nations written by Dag Detter and published by Springer. This book was released on 2016-02-05 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: We have spent the last three decades engaged in a pointless and irrelevant debate about the relative merits of privatization or nationalization. We have been arguing about the wrong thing while sitting on a goldmine of assets. Don’t worry about who owns those assets, worry about whether they are managed effectively. Why does this matter? Because despite the Thatcher/ Reagan economic revolution, the largest pool of wealth in the world – a global total that is much larger than the world’s total pensions savings, and ten times the total of all the sovereign wealth funds on the planet – is still comprised of commercial assets that are held in public ownership. If professionally managed, they could generate an annual yield of 2.7 trillion dollars, more than current global spending on infrastructure: transport, power, water, and communications. Based on both economic research and hands-on experience from many countries, the authors argue that publicly owned commercial assets need to be taken out of the direct and distorting control of politicians and placed under professional management in a ‘National Wealth Fund’ or its local government equivalent. Such a move would trigger much-needed structural reforms in national economies, thus resurrect strained government finances, bolster ailing economic growth, and improve the fabric of democratic institutions. This radical, reforming book was named one of the "Books of the Year".by both the FT and The Economist.
Download or read book Public Finance Monetary Policy and Market Issues written by Edward Shinnick and published by LIT Verlag Münster. This book was released on 2008 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economies throughout both the developed and developing world are interconnected like never before, whether it is the financing of global challenges, monetary integration among a group of countries or trade across national borders. This increasing degree of interconnection brings both opportunities and challenges for the countries involved. This volume provides an analysis of three distinct but closely related themes of economic interconnection: Public Finance, Monetary Policy and Market Issues. The collection will stimulate further debate on these issues and in doing so will help to broaden the exchange of ideas among economists in both academia and business.
Download or read book Quality of Public Finances and Growth written by António Afonso and published by . This book was released on 2005 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Quality of Public Expenditures in the EU written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: Composition and quality of public expenditures in the EU - Improving the efficiency of public expenditure - Growth-enhancing and high-quality expenditure in the EU budgetary framework - A way forward for the assessment of quality of public expenditures in the EU.
Download or read book The International Handbook of Public Financial Management written by Richard Allen and published by Springer. This book was released on 2013-08-15 with total page 1125 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook is a virtual encyclopedia of public financial management, written by topmost experts, many with a background in the IMF and World Bank. It provides the first comprehensive guide to the subject that has been published in more than ten years. The book is aimed at a broad audience of academics/students, government officials, development agencies and practitioners. It covers both bread-and-butter topics such as the macroeconomic and legal framework for budgeting, budget preparation and execution, procurement, accounting, reporting, audit and oversight, as well as specialist subjects such as government payroll systems, local government finance, fiscal transparency, the management of fiscal risks, sovereign wealth funds, the management of state-owned enterprises, and political economy aspects of budgeting. The book sets out numerous examples and case studies describing good practice in public financial management, and is highly relevant for use in both advanced and developing countries.
Download or read book The Public Finances written by James M. Buchanan and published by Irwin Professional Publishing. This book was released on 1987 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Do Financial Markets Value Quality of Fiscal Governance written by Kady Keita and published by International Monetary Fund. This book was released on 2019-10-11 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the link between the quality of fiscal governance and access to market-based external finance. Stronger fiscal governance is associated with improvements in several indicators of market access, including a higher likelihood of issuing sovereign bonds and having a sovereign credit rating, receiving stronger ratings, and obtaining lower spreads. Using the more granular information on quality of fiscal governance from Public Expenditure and Financial Accountability (PEFA) assessments for 89 emerging and developing economies, we find that similar indicators of market access are correlated with sound public financial management practices, especially those that improve budget transparency and reporting, debt management, and fiscal strategy.
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 Is Fiscal Policy the Answer written by Blanca Moreno-Dodson and published by World Bank Publications. This book was released on 2012-10 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy is an important instrument for maintaining and improving living standards. Such living standards can be viewed as an outcome of the interaction between the opportunities offered by society and the readiness and ability of each person to exploit them. Under certain circumstances, public finance can make an important contribution to the creation of opportunities within a given society by raising resources from the private sector through taxation or borrowing (domestic and external) and allocating those resources effectively and equitably in the form of public spending, including through public goods and transfers. The first chapters in this volume sketch out a framework that policy makers can use in adopting a more cohesive or integrated approach to the short- and long-term dimensions of fiscal policy. Here the traditional threefold rationale for fiscal policy proposed by Musgrave-stabilization, resource allocation, and distribution-continues to be useful. Other chapters in this volume take up some of the critical institutional challenges in implementing fiscal policy for longer-term growth and development. These chapters also look at the tools and approaches being developed to address these challenges. Improving the quality of public investment management is a particular priority in view of the recent evidence that as little as half of all public investment expenditure translates into productive capital stock. The last chapter in this volume is a case study of fiscal responses to the great recession in low-income Sub-Saharan Africa, looking at stabilization and the longer-run growth, as well as distributional aspects of such responses. The growing depth of domestic financial markets in many African countries rather unexpectedly is turning out to be a critical source of financing for fiscal policy responses.
Download or read book Local Public Finance and Economics written by Harry Kitchen and published by Springer Nature. This book was released on 2019-09-05 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization and the information revolution have highlighted the catalytic role of local governments for improving economic and social outcomes at the local level as well as growing the national economy by enhancing international competitiveness. This comprehensive account of local public finance and economics brings together principles and better practices for improving quality and access of local public services provision. The volume covers assignment of responsibilities; jurisdictional design; local service delivery; local regulation; local self-financing options such as income, sales, property and environmental taxation, user charges and fees; infrastructure finance options; and higher order government financing of local governments. The treatment is non-technical and suitable for a wide variety of audiences including scholars, instructors, students, media, policy advisers and practitioners.
Download or read book Increasing Professionalism in Public Finance Management written by Sarah Jane Squire and published by World Bank Publications. This book was released on 2016-11-14 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In countries such as the United Kingdom, the need to manage fi nances in a professional manner has been hampered by the severe fi scal constraints of the 2008 fi nancial crisis. These pressures are likely to persist in the long term as a result of an aging population and rising public expectations of the quality of public services. Whereas much attention has been paid to technical reforms to improve budgeting, expenditure control, accounting, and auditing, less attention has been given to the process of developing skilled financial managers, whose expertise is key to sustained improvement in the management of public finances. Successive governments in the United Kingdom have recognized the need to strengthen professionalism in financial management, but the financial crisis gave an additional impetus for change. This change has been refl ected in policy statements, changes in recruitment and human resource management practices, and the development of professional networks in accounting, audit, procurement, and project management. Increasing Professionalism in Public Finance Management: A Case Study of the United Kingdom describes the journey from a civil service where generalist skills were overwhelmingly preferred toward one where professional technical skills in finance are recognized and valued. This book represents one of a number of country case studies aimed at sharing information about alternative paths and models to help developing countries seeking to strengthen public fi nancial management skills on a long-term sustainable basis. This book will be of importance to public policy makers and public practitioners looking for ways to improve the quality of public sector management and to a range of professional finance/ management bodies looking to strengthen their relevance to the government sector.
