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The Austrian government is about to introduce a new fiscal management framework. The first step is to introduce a medium-term budgetary framework, including an expenditure rule. The paper focuses on this first step. The purpose is to describe and evaluate the Austrian model in light of other countries' experiences with their frameworks. An attempt is made to identify features that have proven to be effective elsewhere and that can be applied to the Austrian case. The paper also identifies potential challenges and possible trade-offs when implementing the framework.

Fiscal policy --- Budget process --- Fiscal policy. --- Tax policy --- Taxation --- Government policy --- Economic policy --- Finance, Public --- Budgeting --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Forecasts of Budgets, Deficits, and Debt --- National Budget --- Budget Systems --- Budgeting & financial management --- Public finance & taxation --- Expenditure --- Medium-term budget frameworks --- Budget planning and preparation --- Fiscal rules --- Budget --- Expenditures, Public --- Austria

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The Government of Namibia has a full equity share of four specialist or policy banking corporation. There are a large number of public nonfinancial corporations, in which the government has a part or full ownership share, including public utilities and Air Namibia, the national airline. There are a number of statutorily and nonstatutorily created funds of the central government. There are two important funds for social security and pensions for government employees. Reforming the state-owned enterprise sector is one priority of the government, though the progress has been slow.

Disclosure of information --- Financial statements --- Budget process --- Statistics --- Standards --- Namibia --- Economic conditions. --- Economic policy. --- Statistical analysis --- Statistical data --- Statistical methods --- Statistical science --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Information, Disclosure of --- Namibii︠a︡ --- Namibië --- SWA/Namibia --- SWA/Namibië --- S.W.A./Namibia --- Republic of Namibia --- Namibia ye Likuluhile --- Mathematics --- Econometrics --- Finance, Public --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- Truthfulness and falsehood --- GRN (Namibia) --- South-West Africa --- Budgeting --- Public Finance --- National Budget --- Budget Systems --- Public Administration --- Public Sector Accounting and Audits --- Auditing --- Forecasts of Budgets, Deficits, and Debt --- National Government Expenditures and Related Policies: General --- Budgeting & financial management --- Management accounting & bookkeeping --- Public finance accounting --- Public finance & taxation --- Budget planning and preparation --- Fiscal accounting and reporting --- Medium-term budget frameworks --- Internal audit --- Public financial management (PFM) --- Expenditure --- Budget --- Auditing, Internal --- Expenditures, Public

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China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors.

Visit : http://www.elibrary.imf.org/page/modernizing-china.

Infrastructure (Economics) --- Corporate governance. --- Fiscal policy --- Monetary policy --- China --- Economic conditions. --- Governance, Corporate --- Industrial management --- Directors of corporations --- Capital, Social (Economics) --- Economic infrastructure --- Social capital (Economics) --- Social infrastructure --- Social overhead capital --- Economic development --- Human settlements --- Public goods --- Public works --- Capital --- Banks and Banking --- Budgeting --- Exports and Imports --- Public Finance --- Taxation --- Macroeconomics --- Taxation, Subsidies, and Revenue: General --- Interest Rates: Determination, Term Structure, and Effects --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Forecasts of Budgets, Deficits, and Debt --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Fiscal Policy --- Public finance & taxation --- Budgeting & financial management --- Finance --- International economics --- Tax administration core functions --- Medium-term budget frameworks --- Banking --- Pension spending --- Budget planning and preparation --- Revenue administration --- Public financial management (PFM) --- Expenditure --- Personal income --- National accounts --- Budget --- Tax administration and procedure --- Pensions --- Interest rates --- Income tax --- China, People's Republic of