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Towards Efficient Public Sector Asset Management

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Author Info

  • Mihaela Grubisic

    (The Institute of Economics, Zagreb)

  • Mustafa Nusinovic

    (The Institute of Economics, Zagreb)

  • Gorana Roje

    (The Institute of Economics, Zagreb)

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    Abstract

    Governments are accountable for providing quality public services to their citizens at the most favourable terms. They are, among other issues, responsible for managing a diversified public asset portfolio. This paper examines one of the critical financial challenges in Croatia: managing public sector assets efficiently. It attempts to facilitate better understanding of public asset management as an integral part of public sector reforms. The lack of reliable information on public assets in place hinders determination of the assets’ value, budgeting for asset management activities and evaluating public asset portfolio performance. As a result, assets are managed on an ad-hoc, often reactive basis. Starting from the concept that public authorities have to be fully accountable to the public, we propose the preconditions necessary for commencing proper public asset management practice in Croatia. Our model might help other countries that are also faced with public asset management inefficiency.

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    File URL: http://www.ijf.hr/eng/FTP/2009/3/grubisic-nusinovic-roje.pdf
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    Bibliographic Info

    Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

    Volume (Year): 33 (2009)
    Issue (Month): 3 ()
    Pages: 329-362

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    Handle: RePEc:ipf:finteo:v:33:y:2009:i:3:p:329-362

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    Related research

    Keywords: public sector assets; centralised asset registry; accrual financial reporting; professional asset management; Croatia;

    References

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    1. Olov Olson & Christopher Humphrey & James Guthrie, 2001. "Caught in an evaluatory trap: a dilemma for public services under NPFM," European Accounting Review, Taylor & Francis Journals, vol. 10(3), pages 505-522.
    2. Andrew Likierman, 2003. "Planning and Controlling UK Public Expenditure on a Resource Basis," Public Money & Management, Chartered Institute of Public Finance and Accountancy, vol. 23(1), pages 45-50, 01.
    3. Noel Hepworth, 2003. "Preconditions for Successful Implementation of Accrual Accounting in Central Government," Public Money & Management, Chartered Institute of Public Finance and Accountancy, vol. 23(1), pages 37-44, 01.
    4. Dimitar Radev & Richard Allen, 2006. "Managing and Controlling Extrabudgetary Funds," IMF Working Papers 06/286, International Monetary Fund.
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