scholarly journals Reflections on the Austrian COVID-19 budgetary emergency measures and their potential to reconfigure the public financial management system

2020 ◽  
Vol 32 (5) ◽  
pp. 855-864 ◽  
Author(s):  
Johann Seiwald ◽  
Tobias Polzer
Keyword(s):  
Financial Management ◽  
Ad Hoc ◽  
Current System ◽  
Stress Tests ◽  
Risk Disclosure ◽  
Content Type ◽  
The Public ◽  
Public Financial Management ◽  
Financial Management System ◽  
Emergency Measures

PurposeCrises constitute stress tests for public sectors, with public financial management (PFM) systems having to respond to emergency needs. In this study, the authors analyze (1) what elements of the Austrian PFM system have been affected by the COVID-19 pandemic and (2) what mechanisms have been applied to close identified gaps in the PFM system and to ensure alignment with budget principles. The authors then reflect on these PFM measures.Design/methodology/approachThe research departs from the pre-crisis configuration of the Austrian PFM system. Making use of a data triangulation strategy, the paper analyses draft laws and regulations with corresponding explanatory notes and impact assessments, transcripts from debates in the federal Parliament and articles and commentaries issued by various stakeholders.FindingsThe analysis of five areas relevant to the reconfiguration of the Austrian PFM system shows that the pandemic has caused an external shock, but at the same time, the current system has not been challenged in substance and has been utilized to react to the pandemic—resulting in (ad hoc) modifications. The system has proved robust and crisis responsive; however, in a reactive pattern, emerging ad hoc elements have been integrated, with a number of defensive mechanisms ensuring compliance with budget principles. In addition, in some areas, more proactive actions have been taken for closing system gaps (e.g. risk disclosure).Originality/valueThe authors evaluate the likelihood of (proposed, decided and implemented) emerging elements or revisions to a PFM system being embedded into the existing PFM system, alongside reflecting on results and necessary further adjustments.

scholarly journals Economic development and institutions in Mozambique: Factors affecting public financial management

2020 ◽  
Author(s):  
António S. Cruz ◽  
Fausto J. Mafambissa
Keyword(s):  
Economic Development ◽  
Financial Management ◽  
Management System ◽  
Separation Of Powers ◽  
Growth Strategy ◽  
Inclusive Development ◽  
Factors Affecting ◽  
The Public ◽  
Public Financial Management ◽  
Financial Management System

Mozambique has achieved incipient but still fragile socio-economic development since 1975. The public financial management system has been reformed and improved, but its performance has weakened since 2013. Applying an institutional economics approach, we have identified the economic growth strategy, the separation of powers principle, and the degree of decentralization as key factors affecting the public financial management system. As the current strategy based on natural resources seems to be failing, we suggest an alternative balanced growth strategy in the context of an effective democratic political system. It would entail the identification of policy priorities required for fostering sustainable and inclusive development.

scholarly journals Public finance management system in modern conditions

2020 ◽  
Vol 17 (4) ◽  
pp. 402-410
Author(s):  
Alla Chornovol ◽  
Julia Tabenska ◽  
Tetiana Tomniuk ◽  
Liudmyla Prostebi
Keyword(s):  
Public Finance ◽  
Public Debt ◽  
Financial Management ◽  
Management System ◽  
Budget Deficit ◽  
Negative Impact ◽  
The Public ◽  
Finance Management ◽  
Public Financial Management ◽  
Financial Management System

The public finance management system is an important lever for equalizing financial and budgetary disproportions in the context of institutional changes. The paper aims to substantiate the directions of development of the public financial management system. Economic and statistical methods and correlation-regression analysis methods are used to determine the relationship between the GDP deflator and the share of revenues, expenditures, the general government budget deficit, and public debt in GDP, assessing the features of the public financial management system in Ukraine and EU countries. This study reveals that one of the main restraining factors in the public finance system development is a significant level of uncertainty in economic processes, which intensifies macroeconomic fluctuations, significant indicators of the share of public debt and budget deficit of the state administration sector pose risks to financial and economic stability; their potential negative impact on socio-economic processes is much more destructive than the pro-cyclical nature of fiscal policy. From this point of view, the public finance management system should be directed at optimizing financial and budgetary tools to prevent the growth of public debt and budget deficit in gross domestic product, which determines the importance of substantiating further development directions of the public financial management system. It is concluded that the mechanism of public financial management in recent years is quite rigid and restrictive, in the context of institutional change expands the tools of public financial management and increases its impact on socio-economic processes.

scholarly journals THE CHALLENGES FOR THE IMPLEMENTATION OF A GENDER-ORIENTED APPROACH TO BUDGETING IN UKRAINE: WHAT CAN BE IMPROVED?

2021 ◽  
Vol 7 (2) ◽  
pp. 101-109
Author(s):  
Anna Karpych ◽  
Nataliia Miedviedkova
Keyword(s):  
Gender Equality ◽  
Gender Stereotypes ◽  
Financial Management ◽  
Public Management ◽  
Primary Data ◽  
The Public ◽  
Secondary Sources ◽  
Public Financial Management ◽  
The Relationship ◽  
Oriented Approach

The purpose of this article is to identify the obstacles which emerge on the way of the implementation of a gender-oriented approach to budgeting in Ukraine and hinder the promotion of this approach within the public financial system as well as to give recommendations on the possible ways to eliminate them from Ukrainian public financial management. Methodology. The article is based on a review of existing academic literature and on the analysis of secondary sources (mainly, government and non-government reports and publications). The results of the research show that the main barriers for the application of a gender-oriented approach to budgeting in Ukraine are, among others, dominance of gender stereotypes, the lack of funds for gender initiatives, insufficient understanding of the relationship between gender equality and public policy, the low level of awareness of civil servants and officials regarding the policy of gender equality. The overview of the best international practices in the integration of gender aspects in budgeting helped authors identify prior tasks for ensuring effectiveness of a gender-oriented approach to budgeting in modern conditions. Based on the obtained findings, the recommendations were provided; they include the measures to reduce gender gaps and suggested methods for modification of a gender-oriented approach to budgeting. Research limitations/implications. The authors did not study the underlying reasons for the emerging problems for the application of a gender-oriented approach to budgeting. Also, the research was based only on the review and analysis of secondary sources, thus, primary data collection techniques were omitted. Practical implications. The findings are likely to be useful for researchers and public sector practitioners both in Ukraine and abroad to gain knowledge on the implementation of a gender-oriented approach to budgeting. The developing countries may investigate the case of Ukraine and prepare for the similar challenges and problems adjusting the practice of implementation of a gender-oriented approach to budgeting according to their conditions and model of public management system. Value/originality. The article contributes to the discussion about the challenges for the effective implementation of a gender-oriented approach to budgeting in order to strengthen the public financial management in modern Ukraine.

scholarly journals FACTORS OF GROWTH OF THE EFFICIENCY OF PUBLIC DEBT MANAGEMENT

2021 ◽  
pp. 5-11
Author(s):  
M. E. Kosov
Keyword(s):  
Public Debt ◽  
Financial Management ◽  
The State ◽  
Debt Management ◽  
Macroeconomic Factors ◽  
The Public ◽  
Correlation And Regression Analysis ◽  
Public Financial Management ◽  
Public Debt Management ◽  
Debt Policy

Public debt is an integral part of public finances of various countries, the process of its management, including formation, maintenance and repayment has a powerful impact on the macroeconomic system of the state. The subject of the study is the public debt of the Russian Federation. The article performs a correlation and regression analysis of factors that have a direct impact on the state of the Russia’s public debt under the conditions of the restrictions caused by the Covid-19 coronavirus infection, as well as the consequences of these restrictions. The paper proposes an econometric model that describes a system of indirect macroeconomic factors that are not directly related to the state’s debt policy, but show the strongest influence on the formation of public debt in modern realities and increase the efficiency of its management, as well as reflect the quality of public financial management in general. The author concludes that the demographic burden and the indicator reflecting the ratio of the budget deficit to the total budget revenue have the greatest impact on the effectiveness of public debt management.

scholarly journals 5.6. QUALITY ASSESSMENT OF FINANCIAL MANAGEMENT IN THE public sector: METHODICAL ASPECTS

2020 ◽  
Author(s):  
Л.И. Ткаченко
Keyword(s):  
Public Finance ◽  
Public Sector ◽  
Quality Assessment ◽  
Financial Management ◽  
Federal Budget ◽  
Operational Efficiency ◽  
The Public ◽  
Public Financial Management ◽  
Methodological Aspects

В статье обоснована актуальность оценки качества управления государственными финансами с целью повышения эффективности их использования. Проанализировано развитие методики оценки качества финансового менеджмента главными администраторами средств федерального бюджета за период с 2008 по 2019 гг. Исследованы методические аспекты определения итоговой оценки качества финансового менеджмента. В частности, проанализирован расчет некоторых показателей операционной эффективности расходов бюджета и дана их интерпретация. Представлен авторский взгляд на расчет и интерпретацию проанализированных показателей. The author in this article substantiates the relevance of assessing the quality of public financial management in order to increase the efficiency of use of public finance. The development of the methodology for assessing the quality of financial management by the chief administrators of the federal budget for the period from 2008 to 2019 is analyzed. Methodological aspects of determining the final assessment of the quality of financial management are investigated. In particular, it analyzes the calculation of some indicators of the operational efficiency of budget expenditures and gives their interpretation. The author's view on the calculation and interpretation of the analyzed indicators is presented.

Guest editorialHappy endings and successful stories in public sector financial management: a lesson drawing perspective

2021 ◽  
Vol 34 (4) ◽  
pp. 393-406
Author(s):  
Sandra Cohen ◽  
Francesca Manes-Rossi ◽  
Isabel Brusca ◽  
Eugenio Caperchione
Keyword(s):  
Public Sector ◽  
Financial Management ◽  
Local Governments ◽  
Financial Statements ◽  
Special Issue ◽  
Content Type ◽  
Public Financial Management ◽  
Political Implications ◽  
Public Sector Organizations ◽  
And Performance

PurposePublic financial management has been characterized by the implementation of several innovations and reforms that embrace different areas and scope. These reforms aim at expenditure rationalization and efficiency enhancement, as well as the improvement of accountability and performance. Despite research having already paid attention to these innovations and reforms, the strengths, weaknesses, opportunities and threats empirically faced by public sector organizations still need to be investigated. This editorial introduces the special issue by emphasizing on the lessons that can be learned from past reform experiences.Design/methodology/approachThe editorial synthesizes some of the findings of the previous literature and evidences the necessity of both successful and unsuccessful stories, presenting a future agenda of research which emphasizes the use of case studies as a suitable method to get insights out of multiple experiences.FindingsThe four articles presented in this special issue, covering the topics of accrual accounting adoption, the use of financial statements by councilors, the use of performance information by politicians and the outsourcing of auditing in local governments, provide an overview of the efforts and challenges faced by public administrations by analyzing the influence of the institutional context, the relevance of political implications and their practical footprint.OriginalityIn this special issue, four successful stories that touch upon multiple facets of public financial management in different country contexts are discussed, and they signal important takeaway messages for further reforms.

Corporate governance in state-owned enterprises in Lesotho

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Emmanuel Kopang Botlhale
Keyword(s):  
Corporate Governance ◽  
Financial Management ◽  
Research Approach ◽  
African Countries ◽  
Content Type ◽  
The Public ◽  
Descriptive Research ◽  
Policy Debates ◽  
Institutional Architecture

Purpose The purpose of this study is to discuss corporate governance in state-owned enterprises (SOEs) in Lesotho to influence policy debates. Design/methodology/approach This is a desktop study that used the qualitative research approach. For this research, the case study method has been adopted. In terms of orientation, this is descriptive research. Data were collected from three-tiered sources: independent publications (e.g. World Bank); government publications; and newspaper articles. Data analysis was in the form of document analysis. Findings The study concluded that there are instances of poor and/or bad governance in SOEs in Lesotho. Egregious examples include transgressing against the Public Financial Management Act (2011) and the failure to submit Audited Financial Results. Research limitations/implications The findings are limited to a specific case. Nonetheless, there are general lessons that can be drawn for African countries from the case study. A key general lesson is the imperative need to reconfigure the legal-institutional architecture of SOEs so that they create public value. Practical implications Other than cataloguing instances of poor and/or bad governance in SOEs in Lesotho, the paper goes further and accordingly makes policy recommendations to enhance corporate governance in SOEs in Lesotho. Originality/value There is no academic study on corporate governance in SOEs in Lesotho; therefore, there is a gap in the literature. Hence, the study makes an original contribution to the literature.

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