Fiscal Transparency And The Performance Of Government Financial Assets
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Fiscal Transparency And The Performance Of Government Financial Assets
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Author : Mr.Mike Seiferling
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-22
Fiscal Transparency And The Performance Of Government Financial Assets written by Mr.Mike Seiferling 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 2015-01-22 with Business & Economics categories.
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.
Republic Of Armenia
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-15
Republic Of Armenia written by International Monetary Fund. Fiscal Affairs Dept. 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 2019-05-15 with Business & Economics categories.
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.
Stock Flow Adjustments Government S Integrated Balance Sheet And Fiscal Transparency
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Author : Mr.Mike Seiferling
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-07
Stock Flow Adjustments Government S Integrated Balance Sheet And Fiscal Transparency written by Mr.Mike Seiferling 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 2013-03-07 with Business & Economics categories.
This paper re-examines the stock-flow discrepancies of government debt and deficits and correlation with fiscal transparency. Applying the fully integrated relationship between financial stocks and flows allows for a more refined analysis of the deterministic components that make up the ‘stock-flow’ residual. Using partial measures of these stock-flow residuals, several empirical studies have found them to be significantly correlated with fiscaltransparency, inflation, fiscal rules, and banking crisis. Using fully integrated public finance data from the IMF Government Finance Statistics Yearbook for a sample of 22 countries, the findings in this paper suggest that stock-flow residuals have a significantly smaller magnitude than previously assumed and are, in fact, not correlated with fiscal transparency. A stronger determinant of fiscal transparency scores appears to be the actual reporting of fiscal data covering general government, especially a full financial balance sheet.
Republic Of Uzbekistan
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-06
Republic Of Uzbekistan written by International Monetary Fund. Fiscal Affairs Dept. 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 2019-05-06 with Business & Economics categories.
This paper on the Republic of Uzbekistan focuses on the fiscal transparency in the country. This report provides further guidance to support implementation of the fiscal transparency evaluation recommendations and the government’s plans to strengthen transparency. The IMF team worked with the authorities to further strengthen the application of the Government Finance Statistics Manual standards, improve the budget classification, presentation and reporting; strengthen fiscal risk disclosure and address other fiscal transparency-related issues. Steps have been taken to improve the coverage of Government Finance Statistics reports; however, further work is required. Wide-ranging reforms to improve the coverage, reliability, quality and accessibility of fiscal reports are being developed. A Presidential Decree, approved in August 2018, sets out measures to enhance budget openness and transparency, increase the engagement of citizens in the budget process, and strengthen parliamentary and public scrutiny of the budget.
Finland Fiscal Transparency Evaluation
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2015-03-13
Finland Fiscal Transparency Evaluation written by International Monetary Fund. Fiscal Affairs Dept. 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 2015-03-13 with Business & Economics categories.
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.
Finding The Money
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Author : Gábor Péteri
language : en
Publisher: Central European University Press
Release Date : 2008
Finding The Money written by Gábor Péteri and has been published by Central European University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
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.
Ireland
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-16
Ireland written by International Monetary Fund. Fiscal Affairs Dept. 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 2013-07-16 with Business & Economics categories.
This paper discusses Ireland’s Fiscal Transparency Assessment. The Irish government has ambitious plans to improve further the timeliness, quality, and comprehensiveness of its budgets, statistics, and accounts. Ireland has the capacity and information to bring its fiscal transparency practices into line with international best practice standards within a reasonable time frame, and at relatively modest additional cost. The Irish administration already incurs many of the fixed and ongoing costs associated with modern accrual-based accounting, and risk-based fiscal management. Fiscal reporting in Ireland is characterized by a high degree of disclosure but also a high degree of fragmentation.
Philippines
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-30
Philippines written by International Monetary Fund. Fiscal Affairs Dept. 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 2015-06-30 with Business & Economics categories.
This paper discusses the findings of Fiscal Transparency Evaluation on Philippines. Improving fiscal transparency has been a priority in the Philippines over recent years. The government’s public financial management reform strategy has helped initiate a wide variety of reforms, which are beginning to bear fruit. Fiscal reporting is relatively comprehensive, frequent, and timely, with many areas of good and advanced practices. Fiscal risk analysis and management is relatively strong in the Philippines compared with other countries. However, improvements are needed in a few areas, especially to capture of risks from guarantees and public–private partnership, assess the scope of tax expenditures, and introduce a longer-term perspective in the fiscal sustainability analysis.
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.
South Africa
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2024-04-15
South Africa written by International Monetary Fund. Fiscal Affairs Dept. 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 2024-04-15 with Business & Economics categories.
South Africa has many elements of sound fiscal transparency practices. Based on an assessment of fiscal transparency practices against the IMF’s Fiscal Transparency Code, South Africa's practices are strongest in fiscal reporting, followed by fiscal forecasting and budgeting, and weakest in fiscal risk analysis. There is room to improve South Africa’s fiscal reporting, budget transparency and management of fiscal risks.