Ebook346 pages5 hours
Public Finance: How to fix weak governance and obsolete systems
Rating: 0 out of 5 stars
()
About this ebook
Public Finance- How to fix weak financial governance and obsolete systems
This book begins with the current fiscal situation in euro-zone countries such as Greece and Spain who emboldened by the currency integration adopted the policy of borrowing in euro that was available at low interest rates, and fueled their public spending. For a while they enjoyed a rising level of prosperity at the cost of burgeoning public debt. This resulted in the erosion of productivity in these countries making their exports uncompetitive, poor financial governance and lax surveillance of tax collections. Although the Maastricht Treaty creating the euro zone laid down strict norms for fiscal deficit and public debt in relation to GDP for the member countries, these were circumvented by creative fiscal accounting practices and underlying obsolete systems that understated their real levels. When the truth was discovered, there was a near-implosion in the euro area requiring collective bail-out measures by Germany and others to save it from collapse. Failure to adopt high fiscal management system standards that allowed such misleading practices is not uncommon in other regions, such as transition economies and developing countries.
Fiscal policies may vary across countries, but countries should reform their fiscal management systems adopting international standards. The book sets out the common contours of these reforms. The author shares his knowledge and forty years of international experience with countries planning to improve their fiscal management systems.
This book begins with the current fiscal situation in euro-zone countries such as Greece and Spain who emboldened by the currency integration adopted the policy of borrowing in euro that was available at low interest rates, and fueled their public spending. For a while they enjoyed a rising level of prosperity at the cost of burgeoning public debt. This resulted in the erosion of productivity in these countries making their exports uncompetitive, poor financial governance and lax surveillance of tax collections. Although the Maastricht Treaty creating the euro zone laid down strict norms for fiscal deficit and public debt in relation to GDP for the member countries, these were circumvented by creative fiscal accounting practices and underlying obsolete systems that understated their real levels. When the truth was discovered, there was a near-implosion in the euro area requiring collective bail-out measures by Germany and others to save it from collapse. Failure to adopt high fiscal management system standards that allowed such misleading practices is not uncommon in other regions, such as transition economies and developing countries.
Fiscal policies may vary across countries, but countries should reform their fiscal management systems adopting international standards. The book sets out the common contours of these reforms. The author shares his knowledge and forty years of international experience with countries planning to improve their fiscal management systems.
Related to Public Finance
Related ebooks
Handbook of Public Economics Rating: 0 out of 5 stars0 ratingsInternational Finance for Developing Countries Rating: 0 out of 5 stars0 ratingsFinancial Crises, Liquidity, and the International Monetary System Rating: 3 out of 5 stars3/5Public Financial Management Systems—Viet Nam: Key Elements from a Financial Management Perspective Rating: 0 out of 5 stars0 ratingsThe East African Tax System Rating: 5 out of 5 stars5/5Public Financial Management Systems—Bangladesh: Key Elements from a Financial Management Perspective Rating: 0 out of 5 stars0 ratingsEconomics of Public Finance: An Economic Analysis of Government Expenditure and Revenue in the United Kingdom Rating: 0 out of 5 stars0 ratingsEssentials of Development Economics, Third Edition Rating: 5 out of 5 stars5/5Political Economy for Public Policy Rating: 3 out of 5 stars3/5Public Policy and Development in Developing Nations: Selected Cases Rating: 0 out of 5 stars0 ratingsGreek Tragedy, European Odyssey: The Politics and Economics of the Eurozone Crisis Rating: 0 out of 5 stars0 ratingsThe Theory of Taxation and Public Economics Rating: 4 out of 5 stars4/5Public Enterprise Economics: Theory and Application Rating: 0 out of 5 stars0 ratingsMonetary Policy Rules Rating: 0 out of 5 stars0 ratingsTaming Japan's Deflation: The Debate over Unconventional Monetary Policy Rating: 0 out of 5 stars0 ratingsEconomic and Social Impact of Privatisation of State-owned Enterprises in Africa, The Rating: 0 out of 5 stars0 ratingsForeign policy as public policy?: Promises and pitfalls Rating: 0 out of 5 stars0 ratingsEconomics of Globalization Rating: 0 out of 5 stars0 ratingsJs Tarka: The Life of a Charismatic Leader Rating: 0 out of 5 stars0 ratingsA Hinge of History: Governance in an Emerging New World Rating: 0 out of 5 stars0 ratingsOverview of China's Economy Rating: 0 out of 5 stars0 ratingsThe French Revolution, 1788-1792 Rating: 0 out of 5 stars0 ratingsRules for International Monetary Stability: Past, Present, and Future Rating: 0 out of 5 stars0 ratingsGlobal Economic Boom and Bust Cycles: The Great Depression and Recovery of the 21st Century Rating: 0 out of 5 stars0 ratingsPublic Management Reform and Innovation: Research, Theory, and Application Rating: 5 out of 5 stars5/5Studies in Macroeconomic Theory: Redistribution and Growth Rating: 0 out of 5 stars0 ratingsThe Political Economy of Democratic Transitions Rating: 5 out of 5 stars5/5The Role of Education in National Development: Perdana Discourse Series, #3 Rating: 5 out of 5 stars5/5
Business For You
Money. Wealth. Life Insurance. Rating: 5 out of 5 stars5/5The Everything Guide To Being A Paralegal: Winning Secrets to a Successful Career! Rating: 5 out of 5 stars5/5Emotional Intelligence: Exploring the Most Powerful Intelligence Ever Discovered Rating: 5 out of 5 stars5/5Grant Writing For Dummies Rating: 5 out of 5 stars5/5The Richest Man in Babylon: The most inspiring book on wealth ever written Rating: 5 out of 5 stars5/5Your Next Five Moves: Master the Art of Business Strategy Rating: 5 out of 5 stars5/5The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing Rating: 4 out of 5 stars4/5Tools Of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers Rating: 4 out of 5 stars4/5Robert's Rules Of Order Rating: 5 out of 5 stars5/5Financial Words You Should Know: Over 1,000 Essential Investment, Accounting, Real Estate, and Tax Words Rating: 4 out of 5 stars4/5Summary of J.L. Collins's The Simple Path to Wealth Rating: 5 out of 5 stars5/5Company Rules: Or Everything I Know About Business I Learned from the CIA Rating: 4 out of 5 stars4/5Set for Life: An All-Out Approach to Early Financial Freedom Rating: 4 out of 5 stars4/5Crucial Conversations Tools for Talking When Stakes Are High, Second Edition Rating: 4 out of 5 stars4/5Leadership and Self-Deception: Getting out of the Box Rating: 4 out of 5 stars4/5Suddenly Frugal: How to Live Happier and Healthier for Less Rating: 3 out of 5 stars3/5Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple Rating: 5 out of 5 stars5/5The Book of Beautiful Questions: The Powerful Questions That Will Help You Decide, Create, Connect, and Lead Rating: 4 out of 5 stars4/5Becoming Bulletproof: Protect Yourself, Read People, Influence Situations, and Live Fearlessly Rating: 4 out of 5 stars4/5Law of Connection: Lesson 10 from The 21 Irrefutable Laws of Leadership Rating: 4 out of 5 stars4/5Robert's Rules of Order: The Original Manual for Assembly Rules, Business Etiquette, and Conduct Rating: 4 out of 5 stars4/5Crucial Conversations: Tools for Talking When Stakes are High, Third Edition Rating: 4 out of 5 stars4/5The Catalyst: How to Change Anyone's Mind Rating: 4 out of 5 stars4/5Carol Dweck's Mindset The New Psychology of Success: Summary and Analysis Rating: 4 out of 5 stars4/5Confessions of an Economic Hit Man, 3rd Edition Rating: 5 out of 5 stars5/5How to Write a Grant: Become a Grant Writing Unicorn Rating: 5 out of 5 stars5/5How to Get Ideas Rating: 5 out of 5 stars5/5
Reviews for Public Finance
Rating: 0 out of 5 stars
0 ratings
0 ratings0 reviews
Book preview
Public Finance - Subra Ramamurthy
Enjoying the preview?
Page 1 of 1