Strengthening Fiscal Transparency

David Heald

Chapter 33 in The International Handbook of Public Financial Management, 2013, pp 711-741 from Palgrave Macmillan

Abstract: Abstract In principle, fiscal transparency “entails being open to the public about the government’s past, present, and future fiscal activities, and about the structure and functions of government that determine fiscal policies and outcomes” (IMF 2008). In practice, it is a child of our times as well as a reflection of wider social developments (Hood 2006). A whole series of economic and public policy failures are now attributed, at least in part, to shortfalls in transparency, including weak regulation of the financial sector prior to 2008 (which led to the conversion of private debt into public debt), the sovereign debt crisis and the Eurozone crisis.

Keywords: European Union; International Monetary Fund; Fiscal Policy; European Central Bank; Sovereign Debt (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-31530-4_34

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DOI: 10.1057/9781137315304_34

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