The Role of Government in Fighting Financial Crisis Public Budgeting and Fiscal Management It's Public Money, Isn't It?

Caroline Covell

No 220, Apas Papers from Academic Public Administration Studies Archive - APAS

Abstract: Countries are going bankrupt because of poor financial and accounting management. The financial and accounting management of the public sector is different from that of the private sector in every aspect. It is risky to equalize or generalize it to that of the private sector as it leads to the individualization of public money. Indeed, the financial crisis in the public sector is the result of the equalization or generalization of public finance, which leads to its individualization. The equalization of public finance to the private finance has resulted in the adoption of the Galloping Horse of Budget Apocalypse, the use of Categorical Funding and the individualization of public finance and it leads to massive waste, corruption, fraud in the public sector, and theft of public money. All create financial crisis in the public sector. This paper explains the theoretical foundation of public finance and accounting management, its application, the consequences of the generalization, the equalization, and the individualization of public finance and accounting management, as well as the process to solve the problem of financial crisis in the public sector through financing and accounting in public administration. Good and proper financial and accounting management in the public administration is started from leadership and management.

Keywords: PUBLIC FINANCIAL MANAGEMENT; PUBLIC ACCOUNTING MANAGEMENT; FISCAL BUDGET; GOVERNMENT REVENUES; PUBLIC VS. PRIVATE FINANCE AND ACCOUNTING MANAGEMENT; GOSSIP AND PUBLIC FINANCE (search for similar items in EconPapers)
Date: 2010-06-14
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