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Please note that corrections may take a couple of weeks to filter through the various RePEc services. Economic literature: papers , articles , software , chapters , books. Lane Ales Bulir.
African Guarantee Fund for Small and Medium-sized Enterprises
Registered: Ales Bulir. This paper focuses on the macroeconomic aspects of fiscal management in aid-receiving countries. Despite the declining share of aid in budgets of donor countries, aid continues to play an important role in many developing countries. The paper first discusses the implications of aid in the economy as a whole and highlights the possibility of Dutch-disease effects of aid. Second, it discusses the implications of aid for short-term fiscal policy management?
Timothy D. More about this item Keywords Fiscal management ; Economic models ; Economic growth ; Development assistance ; Foreign aid ; exchange rate ; fiscal policy ; tax revenues ; exchange rates ; Statistics Access and download statistics. Corrections All material on this site has been provided by the respective publishers and authors. Louis Fed.
Help us Corrections Found an error or omission? Various market socialist systems or proposals utilize revenue generated by state-run enterprises to fund social dividends, eliminating the need for taxation altogether. Macroeconomic data to support public finance economics are generally referred to as fiscal or government finance statistics GFS. It is consistent with regionally accepted methodologies such as the European System of Accounts and consistent with the methodology of the System of National Accounts SNA and broadly in line with its most recent update, the SNA The size of governments, their institutional composition and complexity, their ability to carry out large and sophisticated operations, and their impact on the other sectors of the economy warrant a well-articulated system to measure government economic operations.
The GFSM addresses the institutional complexity of government by defining various levels of government. The main focus of the GFSM is the general government sector defined as the group of entities capable of implementing public policy through the provision of primarily non market goods and services and the redistribution of income and wealth , with both activities supported mainly by compulsory levies on other sectors.
The GFSM disaggregates the general government into subsectors: central government, state government, and local government See Figure 1. The concept of general government does not include public corporations. The general government plus the public corporations comprise the public sector See Figure 2.
The general government sector of a nation includes all non-private sector institutions, organisations and activities. It fulfils the two following criteria:. The GFSM framework is similar to the financial accounting of businesses. For example, it recommends that governments produce a full set of financial statements including the statement of government operations akin to the income statement , the balance sheet , and a cash flow statement. Two other similarities between the GFSM and business financial accounting are the recommended use of accrual accounting as the basis of recording and the presentations of stocks of assets and liabilities at market value.
The GFSM recommends standard tables including standard fiscal indicators that meet a broad group of users including policy makers, researchers, and investors in sovereign debt. Government finance statistics should offer data for topics such as the fiscal architecture, the measurement of the efficiency and effectiveness of government expenditures, the economics of taxation, and the structure of public financing.
The GFSM provides a blueprint for the compilation, recording, and presentation of revenues, expenditures, stocks of assets, and stocks of liabilities. The GFSM also defines some indicators of effectiveness in government's expenditures, for example the compensation of employees as a percentage of expense. This functional classification allows policy makers to analyze expenditures on categories such as health, education, social protection, and environmental protection.
The financial statements can provide investors with the necessary information to assess the capacity of a government to service and repay its debt, a key element determining sovereign risk, and risk premia. Like the risk of default of a private corporation, sovereign risk is a function of the level of debt, its ratio to liquid assets, revenues and expenditures, the expected growth and volatility of these revenues and expenditures, and the cost of servicing the debt.
The government's financial statements contain the relevant information for this analysis.
Fiscal Management of Scaled-Up Aid | D&R - Kültür, Sanat ve Eğlence Dünyası
The government's balance sheet presents the level of the debt; that is the government's liabilities. The memorandum items of the balance sheet provide additional information on the debt including its maturity and whether it is owed to domestic or external residents.
The balance sheet also presents a disaggregated classification of financial and non-financial assets. These data help estimate the resources a government can potentially access to repay its debt. The revenue accounts are divided into subaccounts, including the different types of taxes, social contributions, dividends from the public sector, and royalties from natural resources. Finally, the interest expense account is one of the necessary inputs to estimate the cost of servicing the debt.
GFS can be accessible through several sources. The World Bank gathers information on external debt. From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Fiscal policy. Monetary policy. Bank reserves requirements Discount window Gold reserves Interest rate Monetary authority central bank currency board Monetary base Monetary currency union Money supply. Trade policy. Revenue Spending. Non-tax revenue Tax revenue Discretionary spending Mandatory spending.
Balanced budget Economic growth Price stability. Fiscal adjustment Monetary reform. Government spending Final consumption expenditure Operations Redistribution. Taxation Deficit spending.
Economic history. Private equity and venture capital Recession Stock market bubble Stock market crash Accounting scandals. Types of banks. Funds transfer.
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Automated teller machine Bank regulation Loan Mobile banking Money creation Bank secrecy Ethical banking Fractional-reserve banking Full-reserve banking Islamic banking Private banking. Related topics. Main article: Government spending.
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Main article: Government operations. Main article: Income distribution. See also: Redistribution economics.
Main article: Government revenue. Main articles: Tax and Fiscal capacity. Main article: Government debt. Main article: Seigniorage.
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Further information: State-owned enterprise. Public Finance and Public Policy. New York: Worth Publications. The Economics of Public Finance. Public Sector Economics. The Journal of Economic Education.