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Public Finance Management: Challenges and Opportunities

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  • Liudmila Tkachenko

Abstract

The paper reveals the essence of the system of public financial management (PFM), defines its key elements of PFM system and articulates goals and objectives. The author's definition of PFM is given. A comparative analysis of managerial financial cycles in the public and private sectors of the economy is carried out. The historical aspect of the PFM reforms is also analyzed, and various approaches to financial management (income and expenditure) in the public sector are studied. Factors influencing the effectiveness of the PFM reforms are revealed. The challenges faced by financial managers in implementing public finance reforms are analyzed, and the opportunities that can be used to achieve the objectives of the PFM system, some of which are simultaneously challenges (Blockchain and open government data (OGD)), are analyzed. (JEL H5, H50)

Suggested Citation

  • Liudmila Tkachenko, 2020. "Public Finance Management: Challenges and Opportunities," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 6(1), pages 73-98, January.
    • Handle: RePEc:ate:journl:ajbev6i1-4
    DOI: 10.30958/ajbe.6-1-4
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    References listed on IDEAS

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    3. Charles Baubion, 2013. "OECD Risk Management: Strategic Crisis Management," OECD Working Papers on Public Governance 23, OECD Publishing.
    4. Guthrie, Doug, 2005. "Organizational Learning and Productivity State Structure and Foreign Investment in the Rise of the Chinese Corporation," Management and Organization Review, Cambridge University Press, vol. 1(2), pages 165-195, July.
    5. Doug Guthrie, 2005. "Organizational Learning and Productivity: State Structure and Foreign Investment in the Rise of the Chinese Corporation," Management and Organization Review, International Association of Chinese Management Research, vol. 1(2), pages 165-195, July.
    6. Stefan Olander, 2007. "Stakeholder impact analysis in construction project management," Construction Management and Economics, Taylor & Francis Journals, vol. 25(3), pages 277-287.
    7. Barbara Ubaldi, 2013. "Open Government Data: Towards Empirical Analysis of Open Government Data Initiatives," OECD Working Papers on Public Governance 22, OECD Publishing.
    8. Teresa Curristine & Zsuzsanna Lonti & Isabelle Joumard, 2007. "Improving Public Sector Efficiency: Challenges and Opportunities," OECD Journal on Budgeting, OECD Publishing, vol. 7(1), pages 1-41.
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    Cited by:

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    2. Tassisius Muzivi, 2022. "An Effective and Prompt Assessment of Good Corporate Governance on Public Sector Entities- Evaluation of Ideal Best Practices," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(1), pages 690-698, January.

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    More about this item

    Keywords

    Public Finance Management; Efficiency of PFM Reform; Key Elements of the PFM System; Blockchain in the Public Sector; Open Government Data;
    All these keywords.

    JEL classification:

    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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