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The Handbook is a virtual encyclopedia of public financial
management, written by topmost experts, many with a background in
the IMF and World Bank. It provides the first comprehensive guide
to the subject that has been published in more than ten years. The
book is aimed at a broad audience of academics/students, government
officials, development agencies and practitioners. It covers both
bread-and-butter topics such as the macroeconomic and legal
framework for budgeting, budget preparation and execution,
procurement, accounting, reporting, audit and oversight, as well as
specialist subjects such as government payroll systems, local
government finance, fiscal transparency, the management of fiscal
risks, sovereign wealth funds, the management of state-owned
enterprises, and political economy aspects of budgeting. The book
sets out numerous examples and case studies describing good
practice in public financial management, and is highly relevant for
use in both advanced and developing countries.
The Handbook is a virtual encyclopedia of public financial
management, written by topmost experts, many with a background in
the IMF and World Bank. It provides the first comprehensive guide
to the subject that has been published in more than ten years. The
book is aimed at a broad audience of academics/students, government
officials, development agencies and practitioners. It covers both
bread-and-butter topics such as the macroeconomic and legal
framework for budgeting, budget preparation and execution,
procurement, accounting, reporting, audit and oversight, as well as
specialist subjects such as government payroll systems, local
government finance, fiscal transparency, the management of fiscal
risks, sovereign wealth funds, the management of state-owned
enterprises, and political economy aspects of budgeting. The book
sets out numerous examples and case studies describing good
practice in public financial management, and is highly relevant for
use in both advanced and developing countries.
Public-private partnerships (PPPs) refer to arrangements under
which the private sector supplies infrastructure assets and
infrastructure-based services that traditionally have been provided
by the government. PPPs are used for a wide range of economic and
social infrastructure projects, but they are mainly used to build
and operate roads, bridges and tunnels, light rail networks,
airports and air traffic control systems, prisons, water and
sanitation plants, hospitals, schools, and public buildings. PPPs
offer benefits similar to those offered by privatization, which is
the sale of government-owned enterprises or assets. By the late
1990s, when privatization was losing much of its earlier momentum,
PPPs began to be widely seen as a means of obtaining private sector
capital and management expertise for infrastructure investment.
After a modest start, a wave of PPPs is now beginning to sweep the
world. This Special Issue paper provides an overview of some of the
issues raised by PPPs, with a particular focus on their fiscal
consequences. It also looks at government guarantees, which are
used fairly widely to shield the private sector from risk, and are
a common feature of PPPs. And it examines the consequences of PPPs
and guarantees for debt sustainability. The paper concludes with a
list of measures that can maximize the benefits and minimize the
fiscal risks associated with the use of PPPs. Various appendices
augment the discussion by examining country experiences with PPPs,
summarizing the statistical reporting framework used to discuss
fiscal accounting and reporting, explaining accounting for risk
transfer, examining how guarantees are modeled and estimated in
Chile, and summarizinginternational accounting and reporting
standards for contingent liabilities.
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