Public Finance Management: Challenges and Opportunities

Liudmila Tkachenko

Athens Journal of Business & Economics, 2020, vol. 6, issue 1, 73-98

Abstract: The paper reveals the essence of the system of public financial management (PFM), defines its key elements of PFM system and articulates goals and objectives. The author's definition of PFM is given. A comparative analysis of managerial financial cycles in the public and private sectors of the economy is carried out. The historical aspect of the PFM reforms is also analyzed, and various approaches to financial management (income and expenditure) in the public sector are studied. Factors influencing the effectiveness of the PFM reforms are revealed. The challenges faced by financial managers in implementing public finance reforms are analyzed, and the opportunities that can be used to achieve the objectives of the PFM system, some of which are simultaneously challenges (Blockchain and open government data (OGD)), are analyzed. (JEL H5, H50)

Keywords: Public Finance Management; Efficiency of PFM Reform; Key Elements of the PFM System; Blockchain in the Public Sector; Open Government Data (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ate:journl:ajbev6i1-4

DOI: 10.30958/ajbe.6-1-4

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