The International Handbook of Public Financial Management

The Handbook Is A Virtual Encyclopedia Of Public Financial Management, Written By Topmost Experts, Many With A Background In The Imf And World Bank. It Provides The First Comprehensive Guide To The Subject That Has Been Published In More Than Ten Years. The Book Is Aimed At A Broad Audience Of Academics/students, Government Officials, Development Agencies And Practitioners. It Covers Both Bread-and-butter Topics Such As The Macroeconomic And Legal Framework For Budgeting, Budget Preparation And Execution, Procurement, Accounting, Reporting, Audit And Oversight, As Well As Specialist Subjects Such As Government Payroll Systems, Local Government Finance, Fiscal Transparency, The Management Of Fiscal Risks, Sovereign Wealth Funds, The Management Of State-owned Enterprises, And Political Economy Aspects Of Budgeting. The Book Sets Out Numerous Examples And Case Studies Describing Good Practice In Public Financial Management, And Is Highly Relevant For Use In Both Advanced And Developing Countries. List Of Figures -- List Of Tables -- List Of Boxes -- Acknowledgements -- Notes On Contributors -- Acronyms And Abbreviations -- The Institutional And Legal Framework -- Introduction -- The Macroeconomic Framework For Managing Public Finances / Richard Hemming -- Public Financial Management Requirements For Effective Implementation Of Fiscal Rules / Ana Corbacho And Teresa Ter-minassian -- The Legal Framework For Public Finances And Budget Systems / Ian Lienert -- Designing Fiscal Institutions: The Political Economy Of Pfm Reforms / Joachim Wehner And Paolo De Renzio -- Role, Responsibilities, Structure And Evolution Of Central Finance Agencies / Richard Allen And Philipp Krause -- Role Of The Legislature In Budget Processes / Ian Lienert -- Assessing And Comparing The Quality Of Public Financial Management Systems : Theory, History And Evidence / Paolo De Renzio -- The Allocation Of Resources -- The Coverage And Classification Of The Budget / Daniel Tommasi -- Policy Formulation And The Budget Process / Jack Diamond -- Medium-term Expenditure Frameworks -- Performance Budgeting -- Fiscal Federalism And Intergovernmental Financial Relations -- Managing Budget Execution -- The Budget Execution Process -- The Role Of Procurement -- Public Sector Payroll Management -- The Treasury Function And The Treasury Single Account -- Internal Control And Internal Audit -- Managing Extra-budgetary Funds -- Managing Government Revenue -- Tax Design From A Public Financial Management Perspective -- Revenue Forecasting -- Efficient Revenue Administration -- Customs Administration -- User Charging -- Managing Nonrenewable Resource Revenues -- Managing Foreign Aid Through Country Systems -- The Development And Use Of Public Sector Balance Sheets -- Public Investment Management And Public-private Partnerships -- Managing Fiscal Risk -- Sovereign Wealth Funds -- Assessing A Government's Non-debt Liabilities -- Debt And Cash Management -- Financial Management And Oversight Of State Owned Enterprises -- Accounting, Reporting And Oversight Of Public Finances -- Strengthening Fiscal Transparency -- Government Accounting Standards And Policies -- Government Financial Reporting Standards And Practices -- Government Financial Management Information Systems -- External Audit -- The Role Of Independent Fiscal Agencies -- References -- Glossary -- Index. Edited By Richard Allen, Richard Hemming, Barry H. Potter. Includes Bibliographical References And Indexes. Front Matter....Pages i-xlii Introduction: The Meaning, Content and Objectives of Public Financial Management....Pages 1-12 Front Matter....Pages 13-16 The Macroeconomic Framework for Managing Public Finances....Pages 17-37 Public Financial Management Requirements for Effective Implementation of Fiscal Rules....Pages 38-62 The Legal Framework for Public Finances and Budget Systems....Pages 63-83 Designing Fiscal Institutions: The Political Economy of PFM Reforms....Pages 84-97 The Role, Responsibilities, Structure and Evolution of Central Finance Agencies....Pages 98-115 Role of the Legislature in Budget Processes....Pages 116-136 Assessing and Comparing the Quality of Public Financial Management Systems: Theory, History and Evidence....Pages 137-160 Front Matter....Pages 161-163 The Coverage and Classification of the Budget....Pages 164-192 Policy Formulation and the Budget Process....Pages 193-218 Medium-Term Expenditure Frameworks....Pages 219-236 Performance Budgeting....Pages 237-258 Fiscal Federalism and Intergovernmental Financial Relations....Pages 259-280 Front Matter....Pages 281-284 The Budget Execution Process....Pages 285-311 The Role of Procurement....Pages 312-335 Public Sector Payroll Management....Pages 336-354 The Treasury Function and the Treasury Single Account....Pages 355-373 Internal Control and Internal Audit....Pages 374-395 Managing Extrabudgetary Funds....Pages 396-411 Front Matter....Pages 413-415 Tax Design from a Public Financial Management Perspective....Pages 416-434 Front Matter....Pages 413-415 Revenue Forecasting....Pages 435-452 Efficient Revenue Administration....Pages 453-479 Customs Administration....Pages 480-495 User Charging....Pages 496-512 Managing Non-renewable Resource Revenues....Pages 513-539 Managing Foreign Aid through Country Systems....Pages 540-554 Front Matter....Pages 555-557 The Development and Use of Public Sector Balance Sheets....Pages 558-572 Public Investment Management and Public-Private Partnerships....Pages 573-589 Managing Fiscal Risk....Pages 590-618 Sovereign Wealth Funds....Pages 619-637 Assessing a Government’s Non-debt Liabilities....Pages 638-660 Debt and Cash Management....Pages 661-684 Financial Management and Oversight of State-Owned Enterprises....Pages 685-706 Front Matter....Pages 707-710 Strengthening Fiscal Transparency....Pages 711-741 Government Accounting Standards and Policies....Pages 742-766 Government Financial Reporting Standards and Practices....Pages 767-796 Government Financial Management Information Systems....Pages 797-816 External Audit....Pages 817-836 The Role of Independent Fiscal Agencies....Pages 837-850 Back Matter....Pages 851-881 The International Handbook of Public Financial Management is essential reading for governmental policy-makers, and practitioners and consultants working in this field, whose importance has been highlighted by the global financial crisis. It is a primary source for academics and students of economics, public finance, accountancy and public policy. The Handbook is a virtual encyclopedia of public financial management, written by topmost experts, many with a background in the IMF and World Bank. It provides the first comprehensive guide to the subject that has been published in more than ten years. The book is aimed at a broad audience of academics/students, government officials, development agencies and practitioners. It covers both bread-and-butter topics such as the macroeconomic and legal framework for budgeting, budget preparation and execution, procurement, accounting, reporting, audit and oversight, as well as specialist subjects such as government payroll systems, local government finance, fiscal transparency, the management of fiscal risks, sovereign wealth funds, the management of state-owned enterprises, and political economy aspects of budgeting. The book sets out numerous examples and case studies describing good practice in public financial management, and is highly relevant for use in both advanced and developing countries