Fiscal and Financial Transparency

  • Johann Seiwald
Living reference work entry
DOI: https://doi.org/10.1007/978-3-319-31816-5_2270-1

Synonyms

Definition

Fiscal transparency can be broadly defined as the state of openness and accountability in fiscal decision-making through which fiscal policy-making and implementation as well as budget preparation and execution processes are subject to greater public scrutiny. The IMF (2012) choses a more narrow definition and defines it as “the comprehensiveness, clarity, reliability, timeliness, and relevance of public reporting on the past, present, and future state of public finances.” The OECD (2002) has chosen a synonym, “budget transparency,” defined in a similar narrow way as “the full disclosure of all relevant fiscal information in a timely and systematic manner.”

Financial transparencyis a less specific concept and does not specifically refer to fiscal policy-making but applies to a wider range of organizations and aims at the visibility or accessibility of financial information, especially concerning business practices of (public...

Keywords

Fiscal Policy Fiscal Rule International Transparency Fiscal Transparency Budget Information 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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References

  1. De Renzio P, Wehner J (2015) The impacts of fiscal openness: a review of the evidence. http://www.fiscaltransparency.net/resources/. Accessed 31 Aug 2016
  2. GIFT (2016) GIFTS’s principles. http://www.fiscaltransparency.net/giftprinciples/. Accessed 31 Aug 2016
  3. International Budget Partnership (2012) The power of making it simple: a government guide to developing citizens budgets. www.internationalbudget.org/wp-content/uploads/Citizen-Budget-Guide.pdf. Accessed 31 Aug 2016
  4. International Budget Partnership (2015) Open budget survey 2015. http://www.internationalbudget.org/opening-budgets/open-budget-initiative/open-budget-survey/publications-2/full-report/. Accessed 31 Aug 2016
  5. International Monetary Fund (1998) Code of good practices on fiscal transparency—declaration on principles. https://www.imf.org/external/pubs/ft/history/2012/pdf/4d.pdf. Accessed 31 Aug 2016
  6. International Monetary Fund (2012) Fiscal transparency, accountability, and risk. IMF policy paper http://www.imf.org/external/np/pp/eng/2012/080712.pdf. Accessed 31 Aug 2016
  7. International Monetary Fund (2014a) Update of the fiscal transparency initiative. IMF policy paper http://www.imf.org/external/pp/longres.aspx?id=4888. Accessed 31 Aug 2016
  8. International Monetary Fund (2014b) Government finance statistics manual 2014 (GFSM 2014). https://www.imf.org/external/Pubs/FT/GFS/Manual/2014/gfsfinal.pdf. Accessed 31 Aug 2016
  9. Irwin T (2013) Shining a light on the mysteries of state: the origins of fiscal transparency in western Europe. IMF working paper, WP/13/219. https://www.imf.org/external/pubs/ft/wp/2013/wp13219.pdf. Accessed 31 Aug 2016
  10. ISSAI 21 – Principles of transparency and accountability – principles and good practices. http://www.issai.org/media/12934/issai_21_e_.pdf. Accessed 31 Aug 2016
  11. OECD (2002) Best practice for budget transparency. http://www.oecd.org/gov/budgeting/best-practices-budget-transparency.htm. Accessed 31 Aug 2016
  12. OECD (2015) Recommendation of the council on budgetary governance. http://www.oecd.org/gov/budgeting/best-practices-budget-transparency.htm. Accessed 31 Aug 2016
  13. PEFA (2016) Framework for assessing public financial management. https://pefa.org/content/pefa-framework. Accessed 31 Aug 2016
  14. Philipps L, Stewart M (2008) Fiscal transparency: global norms, domestic laws, and the politics of budgets. Brooklyn J Int Law 34:797–859Google Scholar
  15. World Bank (2016) BOOST initiative. http://wbi.worldbank.org/boost/boost-initiative. Accessed 31 Aug 2016

Copyright information

© Springer International Publishing AG 2016

Authors and Affiliations

  1. 1.International Monetary FundWashingtonUSA