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PUBLIC FINANCE How To Fix Weak Governance And Obsolete Systems

Author Name: Subra Ramamurthy | Format: Hardcover | Genre : Business, Investing & Management | Other Details

This book begins with the current fiscal situation in eurozone countries such as Greece and Spain who emboldened by the currency integration adopted the policy of borrowing in euro that was available at low interest rates, and fueled their public spending. For a while they enjoyed a rising level of prosperity at the cost of burgeoning public debt. This resulted in the erosion of productivity in these countries making their exports uncompetitive, poor financial governance and lax surveillance of tax collections. Although the Maastricht Treaty creating the euro zone laid down strict norms for fiscal deficit and public debt in relation to GDP for the member countries, these were circumvented by creative fiscal accounting practices and underlying obsolete systems that understated their real levels. When the truth was discovered, there was a near-implosion in the euro area requiring collective bail-out measures by Germany and others to save it from collapse. Failure to adopt high fiscal management system standards that allowed such misleading practices is not uncommon in other regions, such as transition economies and developing countries.

Fiscal policies may vary across countries, but countries should reform their fiscal management systems adopting international standards. The book sets out the common contours of these reforms. The author shares his knowledge and forty years of international experience with countries planning to improve their fiscal management systems.

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Subra Ramamurthy

Subra Ramamurthy FCCA, FCIS (UK), Ph.D (USA) is an economist with public finance specialization. He has worked with the International Monetary Fund since 1991 as its fiscal resident/peripatetic advisor in many countries, helping them restructuring their economies, and on IMF diagnostic and technical assistance missions to various countries in Africa, central Asia and Europe. He has also done training assignments in the Vienna IMF-WB Institute and worked periodically with other international organizations such as the Commonwealth Fund for Technical Cooperation, United Nations, World Bank, Asian Development Bank and Arab Monetary Fund.

He has successfully presented papers at many international conferences organized by the UN and the IMF on Papua New Guinea and Kazakhstan models. The IMF also published his working papers on progress made by countries where he helped modernize their systems.

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