Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency for Bangladesh. The paper discusses that the authorities have implemented a number of measures recommended in the ROSC, particularly those aimed at establishing reliable fiscal reports, and have moved toward establishing an effective basis for medium-term budgeting. Progress on longer-term issues with regard to improving reporting and control over quasi-fiscal activities of state-owned enterprises and strengthening government watchdog institutions will require continuing sustained effort.

Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Accounting --- Budgeting --- Public Finance --- National Budget --- Budget Systems --- Public Administration --- Public Sector Accounting and Audits --- Fiscal Policy --- Budgeting & financial management --- Financial reporting, financial statements --- Public finance accounting --- Macroeconomics --- Budget planning and preparation --- Fiscal reporting --- Fiscal transparency --- Fiscal accounting and reporting --- Public financial management (PFM) --- Budget --- Bangladesh

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper reviews the role of accounting in budget system reform from the perspective of emerging economies who wish to adopt the OECD's performance budgeting reforms. While many OECD countries, pursuing the reforms associated with the New Public Management, have moved their accounting systems from a cash to an accrual basis, this paper argues that given the costs involved, such a move is perhaps only worthwhile in the context of adopting much wider public sector management reforms. Moreover, while recognizing that accrual accounting does support public expenditure management best practices, it is also argued that many of the objectives of performance-oriented budgeting can be attained by less than full accrual accounting, and that unless certain preconditions are met it is safer for countries to remain with, and improve, their cash-based accounting systems. For those countries with sound enough cash-based systems the paper describes a possible phased approach to the introduction of accruals, as well as the parallel stages of adopting the new international GFSM 2001 reporting requirements.

Accounting --- Budgeting --- Money and Monetary Policy --- Public Administration --- Public Sector Accounting and Audits --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- National Budget --- Budget Systems --- Public finance accounting --- Financial reporting, financial statements --- Monetary economics --- Budgeting & financial management --- Accrual accounting --- Fiscal accounting and reporting --- Financial statements --- Currencies --- Budget planning and preparation --- Public financial management (PFM) --- Money --- Finance, Public --- Budget --- New Zealand

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular monetary liabilities and sometimes foreign reserves. The canonical model of an "independent" central bank assumes that it chooses money (or an interest rate), unconstrained by a need to generate seignorage for itself or government. While a long line of literature has emphasized the dangers of fiscal dominance influencing the conduct of monetary policy the idea that an independent central bank could be constrained in achieving its policy objectives by its own balance sheet situation is a relatively novel idea considered in this paper. If one accepts this potential constraint as a valid concern, the financial strength of the central bank as a stand alone entity becomes highly relevant for ascertaining monetary policy credibility. We consider several strands of evidence that clearly indicate fiscal backing for central banks cannot be assumed and hence financial independence is relevant to operational independence. First we examine 135 central bank laws to illustrate the variety of legal approaches adopted with respect to central bank financial independence. Second, we examine the same data set with regard to central bank recapitalization provisions to show that even in cases where the treasury is nominally responsible for maintaining the central bank financially strong, it may do so in purely a cosmetic fashion. Third, we show that, in actual practice, treasuries have frequently not provided central banks with genuine financial support on a timely basis leaving them excessively reliant on seignorage to finance their operations and/or forcing them to abandon policy objectives.

Banks and banking, Central. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Accounting --- Banks and Banking --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Public Administration --- Public Sector Accounting and Audits --- Banking --- Financial reporting, financial statements --- Central bank autonomy --- Central bank legislation --- Financial statements --- Central bank balance sheet --- Finance, Public --- United States

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Selected Issues paper examines Kenya’s growth performance during 1980–2004. It considers the stylized facts on Kenya’s growth performance in the past two decades, in comparison with other Sub-Saharan African countries. The paper examines main sources of economic growth in Kenya, in the context of a conventional growth accounting exercise. It also considers the main determinants of the results indicated in the growth accounting exercise. The paper reveals that since the early 1990s, Kenya’s economic performance has been weaker than the average for Sub-Saharan African countries.

Accounting --- Budgeting --- Public Finance --- National Budget --- Budget Systems --- Public Administration --- Public Sector Accounting and Audits --- National Government Expenditures and Related Policies: General --- Fiscal Policy --- Budgeting & financial management --- Public finance accounting --- Public finance & taxation --- Macroeconomics --- Financial reporting, financial statements --- Budget planning and preparation --- Fiscal accounting and reporting --- Expenditure --- Fiscal policy --- Financial statements --- Public financial management (PFM) --- Budget --- Finance, Public --- Expenditures, Public --- Norway

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

In this study, during 2008, the financial crisis lead Iceland’s public debt to soar from under 30 percent of GDP to more than 100 percent of GDP, and while underlying external debt came down sharply, it remains elevated at close to 300 percent of GDP. First, external sustainability is overviewed, and second, growth of Iceland’s economy has been challenged, and finally, fiscal adjustments and its macroeconomic impacts are overviewed. Traditional external debt sustainability analysis (DSA) suggests that Iceland’s external debt is sustainable but is vulnerable to depreciation shock.

Accounting --- Corporate Finance --- Exports and Imports --- Macroeconomics --- Public Finance --- Trade: General --- Fiscal Policy --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- International economics --- Public finance & taxation --- Financial reporting, financial statements --- Ownership & organization of enterprises --- Public debt --- Fiscal consolidation --- External debt --- Exports --- Export performance --- Fiscal policy --- International trade --- Debts, External --- Debts, Public --- Expenditures, Public --- Iceland