The International Handbook of Public Financial Management by Richard Allen, Richard Hemming, Barry H. Potter (eds.)

By Richard Allen, Richard Hemming, Barry H. Potter (eds.)

The foreign instruction manual of Public monetary Management is vital studying for governmental policy-makers, and practitioners and experts operating during this box, whose significance has been highlighted by means of the worldwide monetary drawback. it's a basic resource for lecturers and scholars of economics, public finance, accountancy and public policy.

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For example, in the United Kingdom, the Cameron government’s program to improve the efficiency and “performance” of government looks much the same as that of 4 See Tanzi, V. 2010. Government versus Markets: The Changing Economic Role of the State. Cambridge: Cambridge University Press. 4 The International Handbook of Public Financial Management the Blair government, a few years earlier, and not so different from that of the Thatcher government in the 1980s. Despite its long history, the existence of PFM as an intellectual discipline came into being only in the mid-20th century but it subsequently evolved at a rapid pace.

Public spending on these activities had been almost non-existent at the beginning of the 20th century. Citizens came to regard the government’s new role as normal and essential. In promoting this expanded role, governments needed to find new sources of revenue, and tax rates and tax levels also went up sharply. They also had to find more efficient ways of managing public spending and revenues. In one sense, there is very little that is new in PFM. Lots of seemingly original and innovative ideas and developments are actually quite old: program budgeting dates back to at least the early part of the 20th century; the idea of the performing state has been an issue since Victorian times (at least); double-entry bookkeeping was invented in the 15th century by Luca Pacioli, a Franciscan monk and mathematical genius (yet many developing countries are still struggling with single-entry accounting systems); and the concept of a national budget was invented in the Roman Empire more than 2,000 years ago.

For example, it draws on a lengthy series of working papers and technical notes by staff of the IMF, recent major studies by the World Bank of its experience in funding FMIS systems over the last 25 years (Chapter 36), a similar review of the development of MTEFs (Chapter 10), and studies of central finance agencies (Chapter 5) and public investment management (Chapter 27). In short, the book is a compendium of both relatively familiar and cutting-edge material. Second, this volume is designed as a handbook not a textbook.

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