Trends In Fiscal Transparency
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Trends In Fiscal Transparency
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Author : Rachel F Wang
language : en
Publisher: International Monetary Fund
Release Date : 2015-08-05
Trends In Fiscal Transparency written by Rachel F Wang 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 2015-08-05 with Business & Economics categories.
Although there are several measures of fiscal transparency, none provides satisfactory information on certain issues of macroeconomic relevance, including whether fiscal data are available for all of general government, whether the government reports a balance sheet, and whether spending and revenue are reported on a cash or accrual basis. Drawing on government finance statistics reported to the IMF, this paper presents a new database of fiscal transparency for 186 countries in 2003–13 and derives from it indices of the overall comprehensiveness of fiscal statistics as well as specific indices of the coverage of public institutions, fiscal flows, and fiscal stocks, respectively. It finds evidence of gradual improvement, most notably in the coverage of institutions, but most countries’ reporting remains far from comprehensive
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.
Fiscal Transparency Handbook 2018
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Author : Sailendra Pattanayak
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-16
Fiscal Transparency Handbook 2018 written by Sailendra Pattanayak 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 2018-04-16 with Business & Economics categories.
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.
Stock Flow Adjustments And Fiscal Transparency
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Author : Anke Weber
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Stock Flow Adjustments And Fiscal Transparency written by Anke Weber 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 2012-01-01 with Business & Economics categories.
Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies. The aim of this paper is to investigate the underlying determinants of such discrepancies and their relationship with fiscal transparency using data for 163 countries. Results show that such discrepancies can only be partly explained by balance sheet effects and the realization of contingent liabilities and that significant differences exist in average stock-flow adjustments across countries reflecting country-specific factors. The more fiscally transparent the country, the smaller these tend to be. The contribution of stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This may not be coincidental, as a lack of fiscal transparency may make it easier for governments to engage in deceptive fiscal stratagems.
Update On The Fiscal Transparency Initiative
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-18
Update On The Fiscal Transparency Initiative 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 2014-06-18 with Business & Economics categories.
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.
Stock Flow Adjustments Government S Integrated Balance Sheet And Fiscal Transparency
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Author : Mike Seiferling
language : en
Publisher:
Release Date : 2013-03-07
Stock Flow Adjustments Government S Integrated Balance Sheet And Fiscal Transparency written by Mike Seiferling and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-07 with 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.
Georgia
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2017-09-26
Georgia 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 2017-09-26 with Business & Economics categories.
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 (MTBF), 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. As a result of the improvements in fiscal transparency practices, Georgia’s Open Budget Index score has improved substantially, from 34 to 66 between 2006 and 2015, with Georgia now being ranked 16 out of the 102 countries surveyed.
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.
Senegal
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : fr
Publisher: International Monetary Fund
Release Date : 2019-01-30
Senegal 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 2019-01-30 with Business & Economics categories.
Senegal is the first country in sub-Saharan Africa with a Francophone approach to public financial management to volunteer for a fiscal transparency evaluation (FTE). This evaluation applies the standards and practices established in the IMF’s Fiscal Transparency Code (the Code), adopted in 2014. The Code is built around three pillars: (I) Fiscal Reporting; (II) Fiscal Forecasting and Budgeting; and (III) Fiscal Risk Analysis and Management. Altogether it assesses compliance with 36 FTE principles. Pillar I requires that fiscal reporting provide a thorough, relevant, current and reliable picture of general government fiscal outcomes. Pillar II requires budgets, and the macroeconomic forecasts they rely on, to spell out the fiscal objectives and policies targeted by the government; and that they provide comprehensive and credible projections of fiscal trends. Pillar III addresses the need to communicate, analyze and manage fiscal vulnerabilities and to ensure effective coordination of the public sector decision-making process. To take countries’ varying degrees of institutional capacity into account, the Code differentiates between basic, good, and advanced practices for each principle. If the basic level is not attained, the practice is regarded as ”not met.”
Some Algebra Of Fiscal Transparency
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Author : Timothy Irwin
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-01
Some Algebra Of Fiscal Transparency written by Timothy Irwin 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 2012-09-01 with Business & Economics categories.
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.