IPSAS and Accounting Systems in the Italian Public Administrations： Expected Changes and Implementation Scenarios

This paper proposes to identify the main features of a possible implementation path of the International Public Sector Accounting Standard （IPSAS） standards within the Italian local public administration. In perspective, local Public Administrations （PA） may represent the reference target for the introduction of IPSAS standards but a direct application in the short-run can hardly be imagined in the Italian context. According to the CFOs of medium-small Municipalities in the Lazio Region, the IPSAS enforcement strategy swings between the ＂forced＂ model and the ＂spontaneous＂ model. The application of IPSAS standards to Italian PAs depends on specific law provisions at all institutional levels and requires a process of implementation based on a bottom-up model ＂governed by the center＂.

Public Finance Sources and Road Network Development in a Transition Country--Hungary （1990-2018）

This article reviews the history of the Hungarian public road network in the thirty years that has passed since the change of the political and economic regime up to the present from the aspect of financing. In the context of the neighboring countries that today are also members of the European Union, this writing outlines the growth-public finance course that this country, formerly belonging to the Soviet type planned economy mechanism, followed during the past nearly three decades after breaking away from that system. It provides insight into the specific public finance positions determined by the macroeconomic course since 1990 and the opportunities offered by this course for infrastructural developments. In connection with the above, the article outlines the main characteristic features of the social expectations, the financing solutions that could be linked to the various governmental concepts regarding road matters, focusing primarily on motorway development. It shall touch upon the respective starting points and life cycles of those concepts and the role of the EU supports in the developing of the domestic public road system. In light of expenditures, it is illustrating the development by some servicing indicators.

Apples, oranges and lemons: public sector debt statistics in the 21st century

In both academic research and policymaking,public sector debt and debt-to-GDP ratios are relied on for a multitude of important economic,political and socioeconomic decisions,especially as public sector balance sheets expand to an unprecedented size in the midst of the 2019–2020 COVID pandemic.The reliance on available data from reputable sources often overlooks the question of whether the denominator in this ratio is accurately measured or how well the denominator is understood by the audience interpreting it.Building on past work in international financial statistics,and making use of a unique and newly created dataset on media reporting of public sector debt,the purpose of this article is to examine the quality,accuracy,interpretation and overall meaningfulness of public sector financial statistics.The main findings suggest that i)most of the world’s governments still do not seem to feel sufficient pressure to voluntarily provide comprehensive financial statistics based on well-defined modern methodological frameworks and ii)high profile financial statistics,which are reported,have become increasingly numerous and complicated,making it difficult for non-experts to know which is most appropriate in the context of their analysis.

Theory of Risk in Conventional Public Finance and Islamic Finance

The research objective of the article is to extend the theoretical basis of risk management in the public and Islamic finance. The author hypothesizes that the existing theories of finance, the public choice theory, and the concept of New Public Management create insufficient conditions for risk management in the public finance sector entities and associated international structures of public-private partnership. As shown by the experience of recent years, the theory of financial markets as regards its operators has not yet developed a widely accepted model of risk management. In addition, the public choice theory and the concept of New Public Management do not fully illustrate the essence of risk management in the public sector, especially in capital structures where a private entity （Islamic investor） partners a public one. In Islamic finance, Sharia complaint instruments cannot be based on gharar, which is usually translated as risk, deception, delusion, and excessive uncertainty. The research methods mostly used in the article are analysis and critique of scientific literature with respect to risk of operation of public entities and risk in Islamic finance as well as public-private partnerships. The basic conclusion is that the adopted interpretations of risk in selected theories of conventional finance and the foundations of Islamic economy indicate that joint projects related to infrastructure are feasible.

Exploring Public Finance Management Reform and Building up Model of General State Accounting （GSA）： The Case of Vietnam

There is no doubt that public finance and accounting have been playing a pivotal role in supporting the government＇s aspirations in the development in any countries. Through the receipt of funds from the state budget, the organizations in the public sector use country＇s resources towards the implementation of objectives as well as social policies set by national government. Therefore, most countries will aim to gradually improve the management of public finance, but control of public finance has faced challenges because of the existing limitations As a result, the public finance management needs to be reformed. In Vietnam, this process has been performed in recent years. To enhance the effectiveness of improvement, public finance has to combine with the transformation of public sector accounting. In fact, there are a lot of researches in public sector accounting together with financial management. However, in the world, from the past to present, very little research has been conducted to examine the change in management to the public finance and relationship to public accounting, especially to the model of general accounting. Because of the significance of above matters, the main purposes of this paper are to identify the role of public finance and the process of reforming it and to build up the new model in Vietnam, called as General State Accounting （GSA） which is applied for Vietnamese government in the near future. By using the mixed method for research, the author will analyze the figures of last budget data, administer the described statistics, and collect information about the budget from Vietnamese experts.

Macroeconomic Instabilities and Cost-Recovery Potentials of Public Sector Organisations

The 2008 financial crisis raised concerns over the performance of public sector organisations operating under different cost recovery regimes.These concerns were linked to potential failure in attaining cost recovery targets as a result of declining revenues during economic downturn.This study utilised the Linear Mixed Effect(LME)models to analyse the data from the World Bank Indicator website and from six national Land Administration Organisations(LAOs),two of which being under“No cost recovery”(NCR)and the remaining being in“Full Cost Recovery”(FCR).Cost recovery indicators were computed from financial statement of national LAOs of these countries.The findings establish that a global financial crisis that is associated with declining GDP and a higher inflation rate can insignificantly reduce the level of cost recovery for LAOs while persistent decline in GDP growth rate significantly eliminates potentials for cost recovery.However prospects for recovery can be traced within the cost-revenue microstructures of LAOs themselves.With a significantly negative relationship between spending in information and technology as a ratio of GDP to the degree of cost recovery,LAOs need only to eliminate rigidities in their cost-revenue structure which tie them to macro-instabilities of the real estate market.Such flexibility can be attained through elastic cross-substitution in the LAO’s gross cost-revenues schedules for registration tasks in favour of information delivery tasks.

The Efficiency of Public Health Expenditure in Turkey Between 2003 and 2013

Turkey launched a project in 2003 known as ＂Health Transformation Programme＂ （HTP）, which enabled Turkey to make considerable progress and radical changes to the health care system. The programme in 2003 included the effectiveness and the efficiency factors within the process by setting them as the primary objectives to increase the health status of the population （effectiveness） and to use resources in the best possible manner and at the lowest possible cost （efficiency）. Accessing services according to the need of patients and state benefits according to their ability to pay would be viable under these objectives. In this study, initially, Turkish National Health System will be articulated on a literature-study basis approach to measure the efficiency of public expenditure on health. Then, the measured level of the efficiency will be analysed in Turkey, The paper serves a purpose to analyse the efficiency based on the outcomes of heath service such as satisfaction with public health services over the period of 2003-2013. A simple linear regression was employed to test the degree of statistical relation between public health expenditure and satisfaction with public health care services.

General Aspects of Financial Law

The aim of this article is to outline the general parts of the legal branch called financial law. It is intended as the first part of a series of articles outlineing the topic in detail. The aim of the submitted contribution is to demonstrate that the financial and legal aspects created the basis of economic development of the regions from the early beginnings of human society. Social relations constituting the subject-matter of the financial law had been developing, changing, and had become established before the financial law itself has been constituted. These relations seem to have been present from the very beginning of the existence of the human society. Regulatory acts associated with regulation of these relationships embodied solidarity and methodological specificities. The specificity of the subject-matter of regulation, solidarity and methodological specificities of the financial, and legal standards sufficiently define superstructure with a natural law character. The superstructure is based on constitutional system of national states after the EU integration has been completed on the EU law. As we can evaluate retrospectively, the transfer of fmanciallaw competencies in Brussels was a failiure. Since the political union was established through the Lisbon treaty in 2009 the European sovereign debt crisis emerged and ravaged the EU until today.

China＇s Electricity Industry at the Crossroads： New Challenges for Developing the Right Model of Regulation

China is facing important challenges stemming from increasing rates of urbanization and aging population. To pursue its ＂harmonious society＂ objective without disrupting its path to development major overhauls are necessary in education, health, social security and above all in public services, particularly in electricity. China＇s electricity industry is at the crossroads. To meet the challenges, new models of regulation should be developed and applied. This paper examines the current state of the Chinese electricity industry and the burden it imposes on its public finances. It also reviews and critically examines the existing FIT （Europe） and RPS （USA） models of regulation and of promotion of renewable energies and advances on whether they are advantageous for China. It is argued that the electricity industry has already undergone important reforms but cross subsidies still exist, equivalent to 1.5% of China＇s GDP. Drastic rate rebalancing policies will create sustainability problems and a deterioration of China＇s public finances. To avoid such negative results, China has to further reform its electricity industry gradually and use wisely FIT-type programs to bring renewables into the grid and fulfill the Kyoto Protocol

Seven Decades of China's Fiscal Modernization

After its founding in 1949,the People’s Republic of China'started to modernize its fiscal system-an essential part of its broader modernization drive.Its unified and wellfunctioning fiscal system supported the stability of the nascent government,and helped stabilize the economy and restore public order after then.In the era of the planned economy,public finance in the country was put at the service of economic plans while striving to reach a fiscal equilibrium,which was of great significance at that time.Economic equilibrium,including fiscal,credit and material equilibrium,was perceived as a manifestation of macroeconomic stability.Problems encountered during the era of the planned economy led to the launch of a reform and opening-up program-a brilliant chapter in modern Chinese history.The Third Plenum of the 11th CPC Central Committee marks a brand-new era of reform and opening-up.In this transformative period,China’s fiscal system was initially decentralized to keep abreast of its“planned commodity economy.”After the goal of socialist market economic reform was announced in 1992,China’s fiscal reforms embarked on a fast track.As China'strived to build a public finance system compatible with a socialist market economic system,fiscal reforms took place and fiscal policy played a more important role in macroeconomic regulation.The Third Plenum of the 18th CPC Central Committee held in November 2013 set the goal of the reform to establish a modern fiscal system.Afterwards,China deepened its fiscal reforms,focusing on budget management,taxation and reform of central-local fiscal relations.

公共财政:渊源、内涵与属性

在我国,看待"公共财政"问题,必须有一个特定的历史视角,即不能简单照搬西方,而应在我国特定的国情下理解"公共财政"的涵义,它标识着一种与以往不同的、适应于社会主义市场经济体制的新财政模式。

The Role of Institutional Investors in the Evolutionary Dynamics of Agro-food Enterprises

The research topic is the one of public finance company whose core business is focused to support investment projects to overcome enterprises technological and structural gap. The research question is： If and how a public finance company is able to create and favor value creation processes sustainability for agro-food enterprises, highlighting the positive emerging externalities for different categories of stakeholders. They have results with particular evidences allow comparisons between the private investments and the support of institutional public investors. In such perspective, the mode of disbursement of soft loans and investment operations made by a public financing company will be examined. The methodological approach used, following a deductive-inductive perspective, is based on the ease study. Such technique able to formulate theories about a little known phenomena in their context, allows the study of recent events on which the researcher has little control. To this, a qualitative analysis on both primary and secondary data adds. From data analysis, it resulted that the Institute of Agribusiness Development （ISA） initiatives facilitated, just for example, the technological innovation of production department and consequent production capacity, the acquisition of production assets for row material processing and optimization of internal logistics, through an innovative automated warehouse. As a result, the case study finds sustainability at multiple levels reached by the activities promoted by ISA and the subsequent co-creation of value for stakeholders involved, small agro-food businesses innovation, and/or internationalization processes. As long as practical implications are concerned, such highlight the importance and the need for public and private institutions in their effort to continue to invest in projects to support the economy of the country. The originality of the paper lies in the proposed interpretation of more integrative paradigms （viable system approach, sustainability, and, value creation）, analyzing a financial institution for the development of the Italian food industry. At the same time, authors stress the research limit that is the analysis of the input of only one organization and consequent limited data in quantity and time span.

The Distributional Impacts of Fiscal Consolidation in Uganda

While Uganda is considered to be at low risk of debt distress,the stagnant tax effort and large planned capital expenditures might significantly alter this position.This paper employs the Dynamic Stochastic General Equilibrium(DSGE)model to examine tax design issues that arise in addressing debt increases.The results suggest that Uganda may improve it debt position by permanently increasing tax rates by 5%point.However,an increase of consumption tax rates(Value Added Tax(VAT)and Excise)by this magnitude to meet debt reduction is found to be relatively more distortionary affecting consumption,especially for the poor households,in both the short and long run leading to large temporary reductions in the Gross Domestic Product(GDP).

Taxes, Loans, Credit and Debts in the 15th Century Towns of Moravia： A Case Study of Olomouc and Brno

The paper explores urban public finance in the late medieval towns on the example of two largest cities in Moravia-Olomouc and Brno. Its purpose is to define similarities and differences between them, to express changes which have taken place in the course of the 15th century, and to distinguish financial administration and types of investments in the towns situated in the Eastern part of the Holy Roman Empire from those in the West. The primary sources （municipal books, charters, and Jewish registers） are analyzed using quantitative and comparative methods and the concept of the 15th century financial crisis is reconsidered. The analysis proved that each town within the Empire paid a fixed percentage of the total tax sum of central direct taxation through a system of repartition so that each tax increase caused an ever growing pressure on its finances. New taxes collected in Bmo and Olomouc after 1454 were not proportional to the economic power and population of both cities and gave preferential benefit to Olomouc. At the same time the importance of urban middle classes as tax-farmers started to grow. They increasingly gained influence on the financial and fiscal regime, both through political emancipation as well as by serving as financial officials. The Jewish registers document a general lack of money in the 1430s and 1440s which played into hands of the Jewish usurers. Accounting records from the 1480s and 1490s, to the contrary, give evidence of the growth of loans, debts and credit enterprise. The restructuring of urban elites, caused by financial crises and social conflicts, was centered round the wish for a more efficient management of urban financial resources and more intensive control rights. It was a common feature of towns in the West just as in the East of the Empire. On the other side, the tax basis in the West was rather created by indirect taxes, while direct taxes prevailed in the East. Trade activities played more important role in the West, whereas rich burghers in the East rather invested into land estates. From the research also emerged that the establishment of separate cashes is documented in the West only, the management of urban finance in the East remained limited to a single-entry accounting.

Financial Effectiveness and Areas of Improvement in Greek Municipalities

The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. In this study, it investigated the existence of differences between the characteristics of these two categories. The main objective is to investigate the influence of financial effectiveness regarding those areas falling under state jurisdiction with the greatest room for improvement. Specifically, in Municipalities with ineffective financial management, local employment was notably considered to be the area with the greatest margin for improvement. Additionally, 21% of mayors of Municipalities with effective fmancial management consider that the state area of responsibility with the greatest capacity for improvement is that of attracting private investment. Moreover, the influence of financial effectiveness regarding the areas of competence of Greek Municipalities with the greatest room for improvement has a similar pattern. According to responses from mayors in Municipalities with ineffective fmancial administration, the areas of competence with the greatest room for improvement are provision and maintenance of infrastructure （23% of responses） and attraction of private investment （19% of responses）. Accordingly, responses from mayors in Municipalities with the highest financial performance indicate that the areas of competence with the greatest room for improvement are provision and maintenance of infrastructure （21% of responses） and attraction of private investment （20% of responses）.

Financial Effectiveness of Greek Municipalities： An Empirical Investigation

Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Moreover, all Municipalities are quite different considering specific characteristics, such as geographic, demographic, and economic. The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. For the separation of the sample into groups, cluster analysis was preferred. For this reason, three variables were used： the lending capacity of the Municipality, flexibility in making non-investment costs, and flexibility in investment spending. These three variables were considered to be the key dimensions of effectiveness in financial management and therefore their use, representatively describes the effectiveness of Greek Municipalities. Thus, this paper presents the literature review of the financial effectiveness of Municipalities and the methodology of an empirical research through structured questionnaire that was sent to the entire population of Greek Municipalities, characterized in this way with considerable heterogeneity. In this way, it investigates the views of Mayors in the two categories of Municipalities （effective and non effective financial management and financial performance） as regards： （a） the biggest problems faced by the citizens in their Municipality, and （b） the biggest personnel problems faced by their Municipality. Concluding, the prioritization of both problems seems to be the same for both groups of Municipalities. The frequency of responses differs slightly and differences are not so large that financial performance can be considered to affect respondents＇ opinions.

Considerations About Municipal Government Finance in the State of the Espirito Santo： 2001/2009

Fiscal decentralization in Brazil has promoted a break in the national collection system and granted greater autonomy to states and municipalities against the federal government with regard to fundraising. The theoretical difference emerged, when one observes the greatest proliferation of local entities from the autonomy granted by the Federal Constitution （FC） from 1988 to the various levels of government, many of which almost totally depend on inter-governmental transfers. There are those who advocate the strengthening of public actions from observing the problems of small units （municipalities） and who will now have greater decision-making freedom. Therefore, this article aims to analyze the public finances of municipalities in the core theoretical （all people born in Espirito Santo） state guided by the Fiscal Responsibility Law （FRL） and fiscal decentralization in the country. For this purpose, they were taken as the time frame 2001 and 2009. Methodologically, this paper used a literature review, as well as data from the National Treasury Secretariat （STN）. In addition, authors took as a tool to help multiple regression models to strengthen the results. The principal evidence shows that, even with a slight improvement in the framework of indicators of revenue, these municipalities have proved essentially dependent on resources from the Union. Additionally, the results show a relative reduction of spending on items, such as staff costs and legislation in one year to another. In parallel, there were greater participation of the variables, costs of health and sanitation, education and culture, among others, to explain the variation of the expenditure of municipalities in Espirito Santo in the years observed. The data fit well to the model with a significance level of 1%.

Does Digitalization Matter for Grievance Redress Mechanism?An Analysis of the E-Government Procurement in the Local Government

Public procurement denotes the attainment of goods,works,or services required by governments through contracts.Public procurement is usually plagued with covert practices and exclusive forms of corruption in Bangladesh.The cost of development finance is much higher in public procurement than that of others in Bangladesh.There have been no unified rules or laws regarding government purchases since 2006.The Government of Bangladesh enacted its ever first act of public procurement,the Public Procurement Act,2006(PPA,2006),and the Public Procurement Rules,2008(PPR,2008).The procurement entity must disseminate procurement information through electronic medium i.e.Electronic Government Procurement(hereinafter e-GP).Despite passing over an era since its enactment,the role of the PPA,2006 remains seriously under-researched area,specifically there is no research on the issue of the grievance redress mechanisms.The study has been done using a qualitative case study methodology,backed by both primary and secondary documentary analysis.Based on empirical data,this paper explained the role of digitalization in the process of government procurement and depicted changes that have been brought by the implementation of e-GP in government purchases.However,it concluded that the grievance redress mechanism in the process of procurement is only existing in the policy papers which need mandatory implementation for a transparent and accountable governance system.Despite the significant changes and up-gradation in digital government procurement,it is hardly found that the GRM process is digitalized.And the mass tenderers are yet to be acquainted with the improvised system apart from the consistent efforts of the government.

Assessment of Local Public Finance Performance in China When Undesirable Fiscal Phenomena are Taken into Account

Making use of the data envelopment analysis （DEA） technique and taking undesirable fiscal phenomena into account, this paper comprehensively quantifies the public fnance performance of local governments in China during the course of fiscal decentralization reform. The introduction of undesirable fiscal outcomes into this assessment makes it possible to identify meaningful and informative characteristics of local public finance performance in China. When reforms are first implemented, local pubIic financial performance improves because undesirable fiscal phenomena have not yet become too serious. The tax sharing system reform did not work well in its early stages, and negatively impacted public expenditure e3ficiency. The reform started to play a substantial role between 2001 and 2005, when local governments experienced better public finance performance. Corresponding to the deterioration of the financial sector in recent years, local public financial performance worsened after 2007. Further reform of the current fiscal and taxation system is necessary in China, to ensure a brighter future for the nation.

Managing Public Finance through Palace Memorials： The Controversy over Taxation Transfer, 1860-1900

Lacking a centralized fiscal administration to manage taxation collection and transfer before 1904, the Qing court relied solely on the palace memorial system to enforce overland silver shipment when transferring provincial revenues. However, after 1860 provincial officials gradually discarded the conventional procedure for overland silver shipment and employed third-party private financiers to deliver provincial revenues. After four failed campaigns against private financial firms＇ interference in imperial fiscal affairs, the palace memorial system became inefficient for the implementation of public financial policies at the local level. The Qing dynasty＇s prolonged and uneasy financial transformation from a minimalist Confucian agrarian empire to an expanding modem fiscal state from 1860 to 1904 was the underlying reason for the declining effectiveness of the palace memorial system in supervising public finance and the ultimate reason for the empire＇s increasing financial vulnerability during that period.