Public Financial Management Requirements for Effective Implementation of Fiscal Rules

Corbacho, Ana; Ter-Minassian, Teresa

doi:10.1057/9781137315304.0012

Cited by 14 publications

(14 citation statements)

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“…Adequate PFM capacity and fiscal transparency are key requirements for a fiscal rule, given the credibility and reputational costs associated with ambiguity or noncompliance. Ter-Minassian (2010) and Corbacho and Ter-Minassian (2013) provide comprehensive overviews of PFM preconditions for fiscal rules. They emphasize that PFM requirements for the effective implementation of fiscal rules should not be an afterthought.…”

Section: Public Financial Management and Capacity Prerequisitesmentioning

confidence: 99%

Fiscal Management in Resource-Rich Countries: Essentials for Economists, Public Finance Professionals, and Policy Makers

Ossowski¹,

Halland²

2016

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World Bank Studies are published to communicate the results of the Bank's work to the development community with the least possible delay. The manuscript of this paper therefore has not been prepared in accordance with the procedures appropriate to formally edited texts. This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.

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Section: Public Financial Management and Capacity Prerequisitesmentioning

confidence: 99%

Fiscal Management in Resource-Rich Countries: Essentials for Economists, Public Finance Professionals, and Policy Makers

Ossowski¹,

Halland²

2016

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“…En países descentralizados para intentar alcanzar la estabilidad y sostenibilidad del conjunto de las cuentas públicas es necesario implantar reglas fiscales para las entidades subnacionales. La fuente legal, el diseño de la regla fiscal, la capacidad para implantar la norma y los mecanismos de ejecución para garantizar el cumplimiento son elementos que afectan a la eficacia de las reglas subnacionales (Corbacho & Ter-Minassian, 2013). Por lo tanto, el hecho de que el principio de sostenibilidad de deuda comercial se ampare en una ley orgánica, sea una regla fiscal numérica de fácil seguimiento, exista transparencia en la difusión periódica de los periodos de pago, se regulen importantes mecanismos de ejecución y exista el papel supervisor del Ministerio de Hacienda, son las bases iniciales que contribuyen a facilitar el control eficaz de los plazos de pago.…”

Section: Evolución Del Periodo De Pago De Los Ayuntamientos Españolesunclassified

Determinantes del periodo medio de pago municipal y eficacia del principio de sostenibilidad de la deuda comercial

Chica-Olmo

Brusca

2021

RC-SAR

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Las medidas implantadas para mejorar la liquidez de los municipios españoles y el principio de sostenibilidad de la deuda comercial ponen de manifiesto la importancia de controlar la morosidad pública. En este contexto, este trabajo comprueba el efecto de la regla fiscal que controla los plazos de pago y si el entorno político, socioeconómico y presupuestario incide en el periodo de pago de los ayuntamientos españoles. Para ello, se realiza un análisis exploratorio y se aplica la metodología de datos de panel (2009-2015). Los resultados contribuyen a demostrar la eficacia del control del periodo de pago y evidenciar los factores de riesgo en la situación financiera a corto plazo. Determinants of the municipal average payment period and effectiveness of the commercial debt sustainability principle. The policies implemented to improve the liquidity of Spanish municipalities and the introduction of the commercial debt sustainability principle reveal the importance of controlling late payment by public sector. In this context, the purpose of this paper is to analyse the effect of the fiscal rule directed to control the average payment periods of public administrations and whether the political environment, socioeconomic characteristics and financial situation influence on the average payment period of municipalities. In order to achieve this goal, an exploratory analysis is carried oud and panel data methodology (2009-2015) is applied. The paper contributes to provide evidence of the effectiveness of the commercial debt sustainability principle and improves the knowledge for the analysis of short-term financial position.

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“…One inherent risk of financial decentralisation is that revenue decentralisation does not match expenditure decentralisation and local governments thus suffer from insufficiently funded mandates. In combination with limited revenue autonomy, inadequate financial transfers provided by higher levels of government may also cause ongoing borrowing (OECD/KIPF 2016; Corbacho and Ter-Minassian 2013). Furthermore, negative external shocks to the local government budget such as economic crises can further jeopardise financial sustainability.…”

Section: The Relevance Of Local Government Financementioning

confidence: 99%

Introduction: The Relevance and Conceptualisation of Local Finance Regulatory Regimes

Geißler

Hammerschmid

Raffer

2021

Local Public Finance

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Although local governments are essential providers of public services and infrastructure across Europe, they ultimately depend on funding from higher levels of government. The clear relevance of local government finances necessitates effective regulation in order to ensure financial sustainability, but as of yet there has been hardly any comparative research regarding this particular topic. The 18 chapters contained in this volume bring together the work of 40 experts in the disciplines of political science, economics, and public administration research to approach the subject of local financial regulation in various scales and contexts across Europe. In this introductory chapter, we first outline key concepts such as fiscal decentralisation and regulation and briefly describe associated underlying theories and research. Secondly, we present comparative fiscal data to demonstrate the variance and trends of fiscal decentralisation across Europe. It also introduces the concept and components of regulatory regimes and develops the argument, that the effectiveness and outcome of fiscal regulation depends not only on the quality of individual components but also on the interactions of those components. We finally present the three guiding questions of this volume and provide a short overview of the chapters to follow.

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Public Financial Management Requirements for Effective Implementation of Fiscal Rules

Cited by 14 publications

References 0 publications

Fiscal Management in Resource-Rich Countries: Essentials for Economists, Public Finance Professionals, and Policy Makers

Fiscal Management in Resource-Rich Countries: Essentials for Economists, Public Finance Professionals, and Policy Makers

Determinantes del periodo medio de pago municipal y eficacia del principio de sostenibilidad de la deuda comercial

Introduction: The Relevance and Conceptualisation of Local Finance Regulatory Regimes

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