Foundations of public financial management: theories and concepts

Robert S. Kravchuk

Chapter 1 in Research Handbook on Public Financial Management, 2023, pp 2-17 from Edward Elgar Publishing

Abstract: This chapter explores the antecedent and evolving foundations of public financial management as a self-aware professional area of practice and academic discipline. A critical observation is that the public sector pursues its objectives in concert with private actors, in markets that are largely operated as private institutions (albeit subject to public regulation). This chapter argues that difficulties in the development of a clear and coherent theory of public financial management stem from deeper problems in conceptualizing the public and private sectors as separate and distinct realms. The scope of public finance needs to be expanded to include concerns that reach into adjacent fields including the conditions of money and credit open to governments, national monetary sovereignty, regional and local government subordination to national governments (even in federal systems), the effects of budget constraints across levels of government, and use of synthetic financial instruments as means to stretch, or otherwise overcome traditional budgetary limits.

Keywords: Business and Management; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/doi/10.4337/9781800379718.00010 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:20388_1

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().