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This paper presents an update to the Report on the Observance of Standards and Codes on Fiscal Transparency for Greece. The government has initiated steps toward improving auditing. The Ministry of Economy and Finance is undertaking a comparative examination of its auditing mechanism against those used by the European Union (EU) and by other advanced economies. It is also making use of the experience gained through the auditing of programs that are financed jointly by national and EU funds. It is intended that all expenditures would be subject to audit prior to expenditure approval.
Budgeting --- National Budget --- Budget Systems --- Budgeting & financial management --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Greece
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The Czech government has made further progress in improving fiscal transparency that was already high by international standards. The measures implemented to broaden the coverage of general government data have been commended. Improved reporting on fiscal risks, including those arising from contingent liabilities, has been welcomed. However, greater effort is needed to improve the public availability of fiscal data and to maintain regular tax expenditure reports. Ensuring appropriate standards for audit and fiscal discipline at the subnational level is critical.
Budgeting --- Public Finance --- National Budget --- Budget Systems --- Auditing --- Budgeting & financial management --- Management accounting & bookkeeping --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Czech Republic
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This study provides a factual report on developments in data dissemination and fiscal transparency since the September 1999 Experimental Report on the Observance of Standards and Codes—Czech Republic and the June 2000 update. The 2001 State Budget was prepared in accordance with the new budgetary rules. According to the new law on budgetary rules, all state guarantees must be approved by way of a special act (law), which means that each individual guarantee must be approved by government as well as by parliament.
Budgeting --- National Budget --- Budget Systems --- Budgeting & financial management --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Czech Republic
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This paper presents an update to the Report on Observance of Standards and Codes on Fiscal Transparency Module for Azerbaijan. Reforms aimed at delineating the roles of the public and private sector in Azerbaijan have moved forward, but a significant amount of work still lies ahead. During 2002, the government simplified requirements for business licensing in an effort to strengthen private sector development. Important steps were also taken toward clarifying the relationship between the government and state-owned enterprises.
Budgeting --- National Budget --- Budget Systems --- Budgeting & financial management --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Azerbaijan, Republic of
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Colombia is working towards compiling quarterly sectoral accounts and balance sheets to support domestic policymaking by gaining a much deeper understanding of the interrelationship between the real sector accounts and the financial accounts, and the vulnerabilities that may reside in specific sectors as sources for spillovers to other sectors. Sectoral accounts and balance sheets are critical to help detect systemic risks, vulnerabilities, and possible contagion from economic shocks. The authorities continued to acknowledge the additional benefit from work in this area as it moves towards subscription to the IMF’s Special Data Dissemination Standard Plus and continued accession negotiations with the Organization for Economic Co-operation and Development. The priority is first on establishing timely annual integrated estimates between the National Administrative Department of Statistics (DANE) and the BRC, followed by quarterly estimates.
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Fiscal vulnerability describes a situation where a government is exposed to the possibility of failure to meet its aggregate fiscal policy objectives. The suggested framework for assessing vulnerability highlights four macro-fiscal aspects of vulnerability: incorrect specification of the initial fiscal position; sensitivity of short-term fiscal outcomes to risk; threats to longer-term fiscal sustainability; and structural or institutional weaknesses affecting the design and implementation of fiscal policy. Fiscal vulnerability indicators are suggested.
Macroeconomics --- Public Finance --- Fiscal Policy --- Public Administration --- Public Sector Accounting and Audits --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Fiscal policy --- Fiscal stance --- Fiscal risks --- Public financial management (PFM) --- Expenditure --- Finance, Public --- Expenditures, Public
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Persistently high inflation rates have led many to believe that inflation in Turkey has become "inertial," posing an obstacle to disinflation. We assess the empirical validity of this argument. We find that the current degree of inflation persistence in Turkey is lower than in Brazil and Uruguay prior to their successful stabilization programs. More significantly, expectations of future inflation are more important than past inflation in shaping the inflation process, providing little evidence of "backward-looking" behavior. Using survey data, we find that inflation expectations, in turn, depend largely on the evolution of fiscal variables.
Inflation --- Macroeconomics --- Public Finance --- Price Level --- Deflation --- Monetary Policy --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Public finance & taxation --- Inflation persistence --- Disinflation --- Government debt management --- Fiscal stance --- Prices --- Public financial management (PFM) --- Fiscal policy --- Debts, Public --- Turkey
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This paper examines some recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes. An alternative two-step approach, based on the decomposition between permanent and transitory components of a "credibility variable" is proposed. The methodology is then used to test for the existence of a credibility effect in the Cruzado stabilization plan implemented in Brazil in 1986.
Foreign Exchange --- Inflation --- Macroeconomics --- Public Finance --- Price Level --- Deflation --- Debt --- Debt Management --- Sovereign Debt --- Currency --- Foreign exchange --- Public finance & taxation --- Price controls --- Exchange rates --- Government debt management --- Prices --- Public financial management (PFM) --- Government policy --- Debts, Public --- Argentina
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This report evaluates the Observance of Standards and Codes on Monetary and Financial Policies Transparency and Fiscal Transparency for France. Up to mid-2001, different rules were applied to insurance firms regulated by the Insurance Code and to establishments regulated by the Code de la Mutualité. Moving toward the consolidation of these rules, a new Code de la Mutualité was ratified by Parliament in July 2001. Now, prudential rules concerning authorizations for new entrants in the insurance business, technical provision, and solvency margins are the same for all companies in the sector.
Budgeting --- Insurance --- National Budget --- Budget Systems --- Insurance Companies --- Actuarial Studies --- Budgeting & financial management --- Insurance & actuarial studies --- Fiscal transparency --- Budget planning and preparation --- Financial institutions --- Public financial management (PFM) --- Budget --- France
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This paper presents an update to the Report on the Observance of Standards and Codes for Bulgaria. In 2001–02, Bulgaria continued to use the common General Data Dissemination System (GDDS) as a framework for the further development and improvement in the quality of statistics. In June 2001, the country carried out the first update of the national metadata included in the electronic bulletin maintained by IMF. All existing tables were revised, and three new tables with metadata were developed.
Budgeting --- Public Finance --- National Budget --- Budget Systems --- National Budget, Deficit, and Debt: General --- Budgeting & financial management --- Budget planning and preparation --- Chart of accounts --- Fiscal transparency --- Budget execution and treasury management --- Public financial management (PFM) --- Budget --- Bulgaria
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