Accounting Devices and Fiscal Illusions

Irwin, Timothy

doi:10.5089/9781475502640.006

Cited by 52 publications

(45 citation statements)

References 6 publications

(3 reference statements)

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“…Note also that the dummy variables are insignificant when ratings are included in the model. This is not 43 Discussions with practitioners suggest that, because of complications arising from tax treatment, sovereign bonds of the type that we examine (foreign law governed) are almost always issued at par. That said, researchers have found instances where sovereigns have tried to manipulate the coupon rates on the face of their bonds to help satisfy external benchmarks (e.g., imposed by the IMF or the Maastricht Treaty) Dias et al [23].…”

Section: Cost Of Capitalmentioning

confidence: 85%

“…Academic papers have documented a wide range of accounting devices that have been used by sovereign issuers to try and mislead both regulators and the markets. E.g., Buti, Martins and Turrini [15], Dias, Richmond and Wright [23], Buchheit and Gulati [14], Irwin [43].…”

Section: The Sovereign Debt Marketmentioning

confidence: 99%

“…Table 8 report the results of OLS regressions in which the dependent variable is the spread between the stated rate and the rate on a U.S. Treasury Bond with the same maturity. 43 Results are presented for all jurisdictions (Cols. 1-3), New York law (Cols.…”

Section: Cost Of Capitalmentioning

confidence: 99%

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Lawyers: Gatekeepers of the sovereign debt market?

Bradley

Salvatierra

Gulati

2014

International Review of Law and Economics

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The claim that lawyers act as gatekeepers or certifiers in financial transactions is widely discussed in the legal literature. There has, however, been little empirical examination of the claim. We test the hypothesis that law firms have replaced investment banks as the gatekeepers of the market for sovereign debt. Our results suggest that hiring outside law firms sends a negative signal to the market regarding the pending issuance; a finding that is inconsistent with the thesis that outside law firms primarily play a certification role in the sovereign debt market.

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Section: Cost Of Capitalmentioning

confidence: 85%

Section: The Sovereign Debt Marketmentioning

confidence: 99%

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Lawyers: Gatekeepers of the sovereign debt market?

Bradley

Salvatierra

Gulati

2014

International Review of Law and Economics

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“…Estos mecanismos financieros y contables pueden tener un impacto fiscal significativo (Irwin, 2012). Una mejor contabilidad, reforzada por una auditoría profesional externa, independiente y sólida puede asegurar mejores resultados.…”

Section: La Contabilidad En Base Devengado Comounclassified

Gestión financiera pública en América Latina: la clave de la eficiencia y la transparencia

Pimenta¹

2015

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“…Accrual-based accounting, if properly implemented, should prevent-or at least make more difficult because of increased transparency-some of the fiscal maneuvers or window dressing that governments revert to present their finances in an overly positive light. Such financial and accounting devices can have a significant fiscal impact (Irwin, 2012). Better accounting, reinforced by strong, independent, and professional external audit, can ensure better outcomes.…”

Section: Chaptermentioning

confidence: 99%

Public Financial Management in Latin America: The Key to Efficiency and Transparency

Pimenta¹,

Varea²,

Arosteguiberry³

et al. 2015

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Commons IGO 3.0 Attribution-NonCommercial-NoDerivatives (CC-IGO BY-NC-ND 3.0 IGO) license (http://creativecommons.org/licenses/by-nc-nd/3.0/igo/legalcode) and may be reproduced with attribution to the IDB and for any non-commercial purpose. No derivative work is allowed.Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license. At present, macro-fiscal policy faces significant regional challenges. Fiscal risks associated with contingent liabilities related to social security; public pensions; public-private partnerships; natural disasters; subnational government finances; volatile revenues, particularly in natural resource rich countries; and modest growth in developed countries must be made transparent through the sharing of PFM information. While there may be considerable heterogeneity across Latin American countries, there are widespread efforts toward fiscal discipline and sustainable levels of public debt, as well as concern regarding these risks in the medium and long term.In response to this scenario, most countries in the region have embarked on reforms to improve their financial management performance indicators; better integrate cash and debt management; further improve liquidity management through more efficient treasury single accounts; apply international public sector accounting standards; implement public sector cost management; further integrate financial management information systems;and incorporate more transparent and efficient public procurement. The objectives of these reforms are to allocate and use public financial resources more efficiently, effectively, and transparently; measure and manage fiscal risks; and improve the formulation of fiscal and public management policies, based on reliable, comprehensive, and timely financial information.Together, the IDB and the IMF remain committed to assist the countries of Latin America with the design and implementation of efficient PFM systems to strengthen their institutions. We hope that this book will contribute to this endeavor. These reforms and associated challenges matter, in any event, since they are part of the comprehensive effort of governments to meet the demands of citizens for better public services and more solid and transparent fiscal institutions. Governments must allocate and use public resources more efficiently if they wish to succeed in tackling the increasingly complex and uncertain global environment. PFM is the key to achieving these goals. Santiago Levy Vitor GasparThe work of the IDB's Institutions for Development Department focuses on assisting governments to strengthen public sector institutions so that they can achieve these goals. The Department's specialists have provided valuable advice an...

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Accounting Devices and Fiscal Illusions

Cited by 52 publications

References 6 publications

Lawyers: Gatekeepers of the sovereign debt market?

Lawyers: Gatekeepers of the sovereign debt market?

Gestión financiera pública en América Latina: la clave de la eficiencia y la transparencia

Public Financial Management in Latin America: The Key to Efficiency and Transparency

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