Description : The Manual on Fiscal Transparency provides an authoritative account and explanation of the revised IMF Code of Good Practices on Fiscal Transparency (the Code). It expands and updates the 2001 edition of the Manual, which has been used by countries undertaking assessments of the transparency of their fiscal management practices (including so-called fiscal ROSCs), legislatures, civil society organizations, economists, and financial analysts. Numerous new examples of implementation of the Code by countries in all regions of the world and at different levels of development are included. The Manual, which reflects a public comment process, is also supplemented by the revised Guide on Resource Revenue Transparency. It identifies numerous benefits from fiscal transparency, including providing citizens with information to hold governments accountable for their policy choices, informing and improving the quality of economic policy decisions, highlighting potential risks to the fiscal outlook, and easing a country’s access to international capital markets.
Author by : International Monetary Fund. Fiscal Affairs Department
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 27
Total Download : 560
File Size : 50,9 Mb
Description : This Manual provides guidance on the implementation of the Code of Good Practices on Fiscal Transparency by setting out its principles and practices in detail, and establishing priorities for improving fiscal transparency. Serving as a reference for economists and financial analysts on the various aspects of fiscal transparency, the Manual includes a section on open budget preparation, execution, and reporting, and presents the OECD's best practices for achieving budget transparency.
Description : This book critically analyses fundamental principles of EU law for the control of international economic crime. Discussing how the reporting system and the exchange of information are at the heart of the global anti-money laundering regime, the study also looks at the inferential force of financial intelligence in criminal proceedings and the responsibilities this places on prosecutors and criminals alike. The author closely examines the application of Article 8(2) of the European Court of Human Rights for the retention and movement of the fingerprints, cellular samples and DNA profiles of unconvicted persons, and argues the incompatibility with the ECHR, along with the effect of socially stigmatising unconvicted persons. The work concludes with exploring how financial regulation has, inter alia, shifted responsibility to businesses and financial institutions to become more transparent and accountable to financial regulators and tax authorities. This critical analysis is essential reading for law students and the Judicial Body, as well as financial crime investigators and regulators.
Description : This paper focuses on the observance of standards and codes on fiscal transparency for Switzerland. The assessment reveals that the fiscal role of the executive and legislative branches of government, and the legal framework for the management of federal public finances, are clearly defined. The federal budget process is governed by a precise legal framework. A coherent medium-term fiscal framework provides a clear context for budget decisions. The accuracy of macroeconomic forecasts compares favorably with private sector counterparts. There are some areas, however, where further measures could be considered.
Description : A tax expenditure is a 'tax break' allowed to a taxpayer or group of taxpayers, for example, by way of concession, deduction, deferral or exemption. The tax expenditure concept, as it was first identified, was designed to demonstrate the similarity between direct government spending on the one hand and spending through the tax system on the other. The identification of benefits provided through the tax system as tax expenditures allows analysts to consider the fiscal significance of those parts of the tax system which do not contribute to the primary purpose of raising revenue. Although a seemingly simple concept, it has generated a range of complex definitional and practical issues, and this book identifies and critically assesses the controversial aspects of tax expenditure and tax expenditure management.
Description : "The Guide on Resource Revenue Transparency" applies the principles of the revised IMF Code of Good Practices on Fiscal Transparency ('the Code') to the unique set of transparency problems faced by countries that derive a significant share of their revenues from natural resources and need to address complex and volatile transaction flows. The Guide identifies and explains generally recognised good or best practices for transparency of resource revenue management. It supplements the IMF Manual on Fiscal Transparency. The Guide has been revised to reflect the new Code and to provide more recent examples of good practice by individual countries. It is designed to give a framework for assessing resource-specific issues within broader fiscal transparency assessments (including so-called 'fiscal ROSCs'). The Guide has been used by the governments and legislatures of resource-rich countries, civil societies, providers of technical support, and interested academics and observers.
Description : This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between advanced and developing economies. Fiscal transparency is measured by an index based on the IMF’s Reports on the Observance of Standards and Codes (ROSCs). We find that fiscal transparency has a positive and significant effect on ratings, but it works through different channels in advanced and developing economies. In advanced economies the indirect effect of transparency through better fiscal outcomes is more significant whereas for developing economies the direct uncertainty-reducing effect is more relevant. Our results suggest that a one standard deviation improvement in fiscal transparency index is associated with a significant increase in credit ratings: by 0.7 and 1 notches in advanced and developing economies respectively.
Description : This report provides an assessment of fiscal transparency practices in El Salvador. Many of the code standards are followed by the country. In addition, fiscal data dissemination and monthly updating will be improved with the recent incorporation of the Finance Ministry’s Fiscal Transparency Portal. Reports on the observance of standards and codes (ROSC) are undertaken on a voluntary basis. Rules and responsibilities are provided by the government to maintain the stability. Relations between government and the public and private sectors are discussed.
Description : In recent years, the term 'transparency' has emerged as one of the most popular and keenly-touted concepts around. In the economic-political debate, the principle of transparency is often advocated as a prerequisite for accountability, legitimacy, policy efficiency, and good governance, as well as a universal remedy against corruption, corporate and political scandals, financial crises, and a host of other problems. But transparency is more than a mere catch-phrase. Increased transparency is a bearing ideal behind regulatory reform in many areas, including financial reporting and banking regulation. Individual governments as well as multilateral bodies have launched broad-based initiatives to enhance transparency in both economic and other policy domains. Parallel to these developments, the concept of transparency has seeped its way into academic research in a wide range of social science disciplines, including the economic sciences. This increased importance of transparency in economics and business studies has called for a reference work that surveys existing research on transparency and explores its meaning and significance in different areas. The Oxford Handbook of Economic and Institutional Transparency is such a reference. Comprised of authoritative yet accessible contributions by leading scholars, this Handbook addresses questions such as: What is transparency? What is the rationale for transparency? What are the determinants and the effects of transparency? And is transparency always beneficial, or can it also be detrimental (if so, when)? The chapters are presented in three sections that correspond to three broad themes. The first section addresses transparency in different areas of economic policy. The second section covers institutional transparency and explores the role of transparency in market integration and regulation. Finally, the third section focuses on corporate transparency. Taken together, this volume offers an up-to-date account of existing work on and approaches to transparency in economic research, discusses open questions, and provides guidance for future research, all from a blend of disciplinary perspectives.
Description : This paper examines the role of the legislature in budget processes. The paper highlights that for promoting good governance and fiscal transparency, the legislature’s active engagement in the budget process is essential. When fiscal policies and medium-term budgetary objectives are debated in parliament, budget strategies and policies are “owned” more widely. However, more active participation by the legislature runs the risk that fiscal discipline deteriorates. In countries where the legislature has unrestrained budget amendment authority, parliament is prone to introduce changes that increase spending or reduce taxes.