Do Financial Markets Value Quality Of Fiscal Governance

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Do Financial Markets Value Quality Of Fiscal Governance

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Author : Kady Keita
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-11

Do Financial Markets Value Quality Of Fiscal Governance written by Kady Keita and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-11 with Business & Economics categories.

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.

Strengthening The Credibility Of Public Finances

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-13

Strengthening The Credibility Of Public Finances written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-13 with Business & Economics categories.

Chapter 1 argues that fiscal policy should remain nimble and strengthen its medium-term frameworks, as countries face highly uncertain and differentiated prospects. Vaccination has saved lives and is helping fuel a nascent recovery, but risks are elevated amidst new virus variants, high debt, and poverty. In advanced economies, the shift in fiscal support toward medium-term packages to “build back better” will have overall positive effects globally. Emerging markets and low-income developing countries face a more challenging outlook, with permanent economic scarring and revenue losses. They need international support to increase vaccine availability and financing to achieve the Sustainable Development Goals. Many countries find themselves in a situation where fiscal support is still invaluable to protect lives and livelihoods. At the same time, governments are also facing questions on their elevated debt and gross financing needs. Chapter 2 provides countries with guidance on how they can both avoid withdrawing fiscal support too early, and yet signal to the public that their debt levels are sustainable in the long run. To commit to future deficit reduction, governments have several instruments, including undertaking structural fiscal reforms (such as pension reform or subsidies reform), pre-legislating changes to taxes or spending, committing to fiscal rules that lead to deficit reduction in the future. Countries that follow debt rules, for instance, manage to reduce debt faster that other countries, although fiscal rules should also provide enough flexibility to spend in times of need. Overall, governments that commit to sound public finances and that achieve high levels of fiscal transparency reap meaningful benefits: their budgets are more credible, their announcements are better perceived by the media, and they pay lower interest rates on their debt.

Improving Fiscal Transparency To Raise Government Efficiency And Reduce Corruption Vulnerabilities In Central Eastern And Southeastern Europe

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Author : Mr.Bernardin Akitoby
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-11

Improving Fiscal Transparency To Raise Government Efficiency And Reduce Corruption Vulnerabilities In Central Eastern And Southeastern Europe written by Mr.Bernardin Akitoby and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-11 with Business & Economics categories.

This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.

Pefa Public Financial Management And Good Governance

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Author : Jens Kromann Kristensen
language : en
Publisher: World Bank Publications
Release Date : 2019-11-24

Pefa Public Financial Management And Good Governance written by Jens Kromann Kristensen and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-24 with Business & Economics categories.

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.

Tackling Corruption In Latin America

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Author : Guillaume Fontaine
language : en
Publisher: Springer Nature
Release Date : 2023-11-07

Tackling Corruption In Latin America written by Guillaume Fontaine and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-07 with Political Science categories.

This book examines anti-corruption policies in Latin America. It compares best practices in public procurement and state budgets in order to provide new insights into policy design for governments, civil society organisations and international organisations engaged in the fight against corruption. The book assesses how a paradigm shift toward transparency in global governance has led to major changes in public policies in the region since the late 1990s. Using Uruguay and Chile as case studies, it then demonstrates the causal mechanisms linking transparency institutionalisation to corruption control. The book also offers recommendations for research and practice about the importance of coherent public accountability systems, that combine citizen oversight over government with government responsibility towards non-state actors. It will appeal to scholars and students of public policy, public administration and governance in Latin America, as well as those interested in political corruption.

Transparency In Government Operations

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Author : Mr.J. D. Craig
language : en
Publisher: International Monetary Fund
Release Date : 1998-02-03

Transparency In Government Operations written by Mr.J. D. Craig and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-02-03 with Business & Economics categories.

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.

Handbook Of Research On Financial Management During Economic Downturn And Recovery

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Author : Teixeira, Nuno Miguel
language : en
Publisher: IGI Global
Release Date : 2021-06-04

Handbook Of Research On Financial Management During Economic Downturn And Recovery written by Teixeira, Nuno Miguel and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-04 with Business & Economics categories.

Times of crisis are unexpected and they bring diverse challenges and opportunities for companies, financial markets, and the economy. On one hand, more risk and uncertainties appear, yet on the other hand, it is an opportunity to reorganize and reinvent the company. It is important for businesses to understand ways to deal with uncertainty and risk in times of economic downturn and what financial strategies and tools can be used to eliminate or reduce the potential negative effects. These effects can reach the company’s financial performance, capital structure, as well as cause financial debt and the availability of cash-flow to companies. However, different financial instruments can sustain the business and deal with the difficulties of payment when sales reduce and uncertainty increases; thus, research is essential in this critical area. When economic downturn affects the financial markets, the role of banks, country dynamics, the economy, and many other facets of the business world, financial management becomes the key for business recovery. The Handbook of Research on Financial Management During Economic Downturn and Recovery shares relevant knowledge on challenges and opportunities caused by crises, such as the pandemic, and the effects on economic and financial arenas. The chapters cover topics such as business models to understand how companies react to pandemic and crises situations, as well as how they change their management and way of conducting business. Other important topics include sustainable development, international financial markets, capital structure changes, uncertainty and risk, and governance and leadership. This book is ideal for shareholders, directors and managers, economists, researchers, academics, practitioners, stakeholders, researchers, academicians, and students interested in knowledge on topics about challenges in the way that companies, financial markets, financial institutions, and governments respond to risk and uncertainty.

The Public Wealth Of Nations

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Author : Dag Detter
language : en
Publisher: Springer
Release Date : 2016-02-05

The Public Wealth Of Nations written by Dag Detter and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-05 with Social Science categories.

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.

Global Financial Stability Report October 2019

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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-16

Global Financial Stability Report October 2019 written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-16 with Business & Economics categories.

The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.

Perspectives On Fiscal Federalism

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Author : Richard Miller Bird
language : en
Publisher: World Bank Publications
Release Date : 2006-01-01

Perspectives On Fiscal Federalism written by Richard Miller Bird and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Political Science categories.

This book addresses a variety of issues relating to intergovernmental finance and the provision and financing of local services including budgeting and financial management, the institutional framework for the conduct of intergovernmental relations, appropriate methods of service delivery in metropolitan agglomerations and remote rural areas, local government enterprises, user charges, property taxes, income and value-added taxes, natural resource taxes, and local business taxes. Throughout, the authors draw on experience both in Canada and in other decentralized countries and consider to vary.