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Business and Economics > Budgeting

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Cover Technical Notes and Manuals
Digital Solutions Guidelines for Public Financial Management
Lorena Rivero del Paso
,
Sailendra Pattanayak
,
Gerardo Uña
, and
Hervé Tourpe
The Digital Solutions Guidelines for Public Financial Management (Guidelines) are intended to serve as a comprehensive reference material for the assessment, design, and improvement of digital initiatives in the public financial management (PFM) area. To support the digital transformation of PFM functions, the Guidelines are structured around three Pillars – Functional, IT Architectural, and Governance and Management. Each pillar comprises six principles, which are further broken down into one to four attributes to promote more efficient and transparent PFM operations while fostering innovation and managing digital risks. These Guidelines also allow a graduated approach to digital transformation of PFM through three levels of maturity for each Attribute – foundational, intermediate, and advanced – to help take into account country-specific contexts and capacities in digital transformation strategies.
Keywords:
Digitalization; Digital Transformation; Public Financial Management; GovTech; Financial Management Information Systems; Open Data; IMF Library; PFM function; solutions guidelines implementation tool; manuals 2023/07; title page; PFM information systems; Budget execution and treasury management; Budget planning and preparation; Global
Cover IMF Working Papers
Gender Budgeting in G20 Countries
Virginia Alonso-Albarran
,
Ms. Teresa R Curristine
,
Gemma Preston
,
Alberto Soler
,
Nino Tchelishvili
, and
Sureni Weerathunga
Achieving gender equality remains a significant challenge, that has only deepened with the on-set of the COVID-19 pandemic. Gender budgeting (GB) can help promote gender equality by applying a gender perspective to fiscal policies and the budget process. This paper takes stock of GB practices in G20 countries and benchmarks country performance using a GB index and data gathered from an IMF survey. All G20 countries have enacted gender focused fiscal policies but the public financial management (PFM) tools to operationalize these policies are far less established. We find that notwithstanding heterogeneity across countries, the average G20 level of GB practice is relatively low. More progress has been made establishing GB frameworks and budget preparation tools than with budget execution, monitoring and auditing. Too few countries assess the upfront impact of policies on gender and/or evaluate ex-post the effectiveness of policies and programs. Where GB features are in place, they tend to operate as an ‘add-on’, rather than a strategic and integral part of resource allocation decisions. Progress with GB does not appear to be dependent on the level of country development. Key to future efforts will be harnessing opportunities for integrating GB tools into existing PFM systems and more closely linking GB initiatives with PFM reforms.
Keywords:
G20; Gender Equality; Gender Budgeting; Public Financial Management; GB practice; GB tool; Gender budgeting (Gb; GB index; IMF Gender Budgeting approach; Gender inequality; Gender budgeting; Budget planning and preparation; Women; Africa
Cover IMF Staff Country Reports
Austria: Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This paper evaluates the state of fiscal transparency in Austria. Austria has built strong fiscal institutions over the past decade, notably through the budget reforms introduced in 2009 and 2013, which have significantly improved fiscal transparency. Many elements of sound fiscal transparency practices are in place in Austria. Fiscal reports, covering a substantial part of public activities, are published in a frequent and timely manner and include reconciliations between alternative measures of fiscal aggregates. Budgets and forecasts have a clearer medium-term and performance-oriented focus, and are guided by clear fiscal policy objectives, the compliance with which is subject to independent scrutiny. In addition, there is regular, high-quality reporting on the long-term sustainability of public finances.
Keywords:
ISCR; CR; evaluation; budget reform; report; fiscal policy objective; balance sheet; state government; government of Austria; central government; financial assets; District authority; pension liability; revenue government; government unit; debt portfolio; operating statement; BMF authority; Budget planning and preparation; Fiscal risks; Financial statements; Fiscal reporting; Global
Cover IMF Working Papers
Europe: A Survey of Gender Budgeting Efforts
Sheila Quinn
This paper surveys European gender budgeting efforts, which have enjoyed sustained support for more than a decade and a half. In a number of countries, gender budgeting led to significant changes in budget legislation and administrative practices. In some countries, it is also possible to tie gender budgeting efforts to expenditure and revenue policy reforms. At a time of continued fiscal austerity in Europe, gender budgeting can help inform fiscal policies to ensure gender-related goals are met. Civil society has played an active role in advocating for effective gender budgeting.
Keywords:
WP; economic policy; Gender equality objective; civil society; personal income; budget initiative; Gender budgeting; Europe; fiscal policies and administration; gender inequality; federal budget; social policy; coalition government; government policy; Gender equality policy; equal pay; governance reform; Women; Budget planning and preparation; Western Europe; Eastern Europe
Cover IMF Working Papers
Gender Budgeting: Fiscal Context and Current Outcomes
Ms. Janet Gale Stotsky
Gender budgeting is an approach to budgeting that uses fiscal policy and administration to promote gender equality and girls and women’s development. This paper posits that, properly designed, gender budgeting improves budgeting, and it places budgeting for this purpose in the context of sound budgeting principles and practices. The paper provides an overview of the policies and practices associated with gender budgeting as they have emerged across the world, as well as examples of the most prominent initiatives in every region of the world. Finally, it suggests what can be learned from these initiatives.
Keywords:
WP; government; country; government policy; budget decision; state budget; Gender budgeting; fiscal policies; fiscal administration; government budget decision; government program; government ministry; a number of country effort; government bureaucracy; government activity; budget process; government oversight; Women; Budget planning and preparation; Gender inequality; Sub-Saharan Africa
Cover IMF Working Papers
Aggregate Stability and Balanced-Budget Rules
Matteo Ghilardi
and
Raffaele Rossi
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real business cycle model a more general and data coherent class of production functions, namely a constant elasticity of substitution production function. We show that the degree of substitutability between production factors is a key ingredient to understand the (de)stabilising properties of a balanced-budget rule. Then we calibrate the model consistently with the empirical evidence, i.e. we set the elasticity of substitution between labour and capital below unity. We show that compared to the Cobb-Douglas case, the likelihood of indeterminacy under a balanced-budget rule is greatly reduced in the United States, the European Union and the United Kingdom.
Keywords:
WP; production function; Laffer curve; fiscal policy; Constant Elasticity of Substitution; Indeterminacy; Business Cycles; elasticity of substitution; demand function; income share; demand schedule; government budget constraint; substitution elasticity; capital tax; depreciation rate; labour income tax; Income tax systems; Budget planning and preparation
Cover IMF Working Papers
Fiscal Performance, Institutional Design and Decentralization in European Union Countries
Luc Eyraud
,
Ms. Anita Tuladhar
,
Mr. Julio Escolano
,
Ms. Marialuz Moreno Badia
, and
Ms. Juliane Sarnes
This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance.
Keywords:
WP; government; country; Lagged government debt; Fiscal decentralization; fiscal institutions; fiscal rules; European Union; national government; access to borrowing; authorities' access; central government; expenditure share; government tier; Fiscal federalism; Fiscal stance; General government spending; Eastern Europe; Europe
Cover IMF Staff Country Reports
Austria: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria
International Monetary Fund
A mix of solid economic policies, wage moderation, and an early orientation toward Eastern Europe explain Austria’s strong economic performance. The economy has grown strong in 2007 and through the first quarter of 2008. Employment growth remains strong, but the trend of a declining unemployment rate appears to be tapering off. Tighter labor market conditions have not resulted in sharp wage increases; instead negotiated wages for 2008 are up. Austria’s external position remains strong, despite a recent decline in competitiveness.
Keywords:
ISCR; CR; authority; government agreement; supervisory authority; deficit; headline inflation; IMF staff projection; Austrian authorities; government program; Income; Employment; Inflation; Wages; Global; Eastern Europe; Europe; Southern Europe
Cover IMF Working Papers
Medium-Term Budgetary Frameworks - Lessons for Austria from International Experience
Mr. Erik J. Lundback
The Austrian government is about to introduce a new fiscal management framework. The first step is to introduce a medium-term budgetary framework, including an expenditure rule. The paper focuses on this first step. The purpose is to describe and evaluate the Austrian model in light of other countries' experiences with their frameworks. An attempt is made to identify features that have proven to be effective elsewhere and that can be applied to the Austrian case. The paper also identifies potential challenges and possible trade-offs when implementing the framework.
Keywords:
WP; fiscal policy rule; country; government
Cover IMF Staff Country Reports
Austria: Selected Issues
International Monetary Fund
This Selected Issues paper focuses on the medium-term budgetary framework (MTBF) for Austria. Austria is part of a trend among many countries to consider some form of MTBF. This paper describes the proposed framework in Austria and assesses it in light of the experience of other countries. The general conclusion is that the track records are mixed, but that, on balance, the experiences with MTBFs have been favorable. The paper also examines the long-term fiscal challenges arising from demographic change.
Keywords:
ISCR; CR; retirement age; expenditure; fiscal policy rule; early retirement; pension expenditure; expenditure projection; multiyear expenditure rule; pension pillar; medium-term-oriented fiscal policies; corridor pension; Pension spending; Aging; Medium-term budget frameworks; Retirement; Australia and New Zealand; Europe