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Public Financial Management and Fiscal Outcomes in Sub-Saharan African Heavily-Indebted Poor Countries

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  • Ezequiel Cabezon
  • Tej Prakash
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    Abstract

    This paper examines, in a formal econometric framework, the linkages between public financial management and fiscal outcomes in sub-Saharan African countries. Similar analyses have been done for Latin America, Europe, and the United States, but none in the context of low-income countries. Using public financial management indicators, as measured in two recent assessments related to the Heavily-Indebted Poor Countries Initiative, this study shows that improving public financial management leads to better fiscal outcomes, as measured by the overall fiscal balance and external debt levels, after controlling for other characteristics that might alter fiscal outcomes.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/217.

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    Length: 46
    Date of creation: 01 Sep 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/217

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    Related research

    Keywords: Heavily indebted poor countries; Fiscal sector; Economic indicators; External debt; Economic models; debt; pfm systems; pfm system; interest; payments; debt relief; financial management; central government debt; fiscal discipline; budget process; public financial management; budget formulation; budget execution; liabilities; fiscal policy; fiscal transparency; expenditures; public expenditure; debts; deficits; contingent liabilities; public debt; public finance; budget reform; fiscal performance; budgeting process; budgetary institutions; budget rules; budget reporting; government guarantees; budget outcomes; budgetary processes; budgetary management; budget outturn; internal control; debt forgiveness; obligations; government expenditure; budgetary process; budget outturn data; budget institutions; debt service; tax revenues; debtors; public finances; debt stocks; sovereign debt; budget requests; budget law; budget rule; debt level; annual budgeting; asset management; public financial management indicators; current expenditure; payment arrears; fiscal deficits; budget preparation; organic budget law; budgetary allocation; budget outturns; budgetary outcomes; cash budget; debt obligations; budget classification system; financial management system; budget classification; public financial management system; annual budgeting process; internal budget reports; revenue projections; loans; extrabudgetary funds; budget decisions; capital expenditure; repayment; budget control; deficit reduction; budget cycle; budget transparency; budget policy; budgetary power; budget expenditures; debt limit; budget resources; internal audit; budget support; disbursed debt; budget ? systems; budget coverage;

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    References

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    1. Paolo Mauro, 1996. "The Effects of Corruptionon Growth, Investment, and Government Expenditure," IMF Working Papers 96/98, International Monetary Fund.
    2. Barry Eichengreen & Ricardo Hausmann & Jürgen Von Hagen, 1999. "Reforming Budgetary Institutions in Latin America: The Case for a National Fiscal Council," Open Economies Review, Springer, vol. 10(4), pages 415-442, October.
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    11. repec:fth:eeccco:96 is not listed on IDEAS
    12. International Monetary Fund, 2005. "Fiscal Transparency and Economic Outcomes," IMF Working Papers 05/225, International Monetary Fund.
    13. Vito Tanzi, 1998. "Corruption Around the World: Causes, Consequences, Scope, and Cures," IMF Staff Papers, Palgrave Macmillan, vol. 45(4), pages 559-594, December.
    14. Florence Kuteesa & Ishmael Magona & Maris Wanyera & James Wokadala, 2006. "Uganda: A Decade of Budget Reform and Poverty Reduction," OECD Journal on Budgeting, OECD Publishing, vol. 6(2), pages 1-25.
    15. Daron Acemoglu & Simon Johnson & James Robinson, 2004. "Institutions As The Fundamental Cause Of Long-Run Growth," DOCUMENTOS CEDE 002889, UNIVERSIDAD DE LOS ANDES-CEDE.
    16. Daria Zakharova & Annalisa Fedelino, 2006. "Reflectionson Quantitative Fiscal Conditionality in African PRGF-Supported Programs," IMF Working Papers 06/118, International Monetary Fund.
    17. Alt, James E. & Lassen, David Dreyer, 2006. "Fiscal transparency, political parties, and debt in OECD countries," European Economic Review, Elsevier, vol. 50(6), pages 1403-1439, August.
    18. Brautigam, Deborah A & Knack, Stephen, 2004. "Foreign Aid, Institutions, and Governance in Sub-Saharan Africa," Economic Development and Cultural Change, University of Chicago Press, vol. 52(2), pages 255-85, January.
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    Citations

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    Cited by:
    1. Tapsoba, René, 2012. "Do National Numerical Fiscal Rules really shape fiscal behaviours in developing countries? A treatment effect evaluation," Economic Modelling, Elsevier, vol. 29(4), pages 1356-1369.
    2. Lledó, Victor & Poplawski-Ribeiro, Marcos, 2013. "Fiscal Policy Implementation in Sub-Saharan Africa," World Development, Elsevier, vol. 46(C), pages 79-91.
    3. Sophia Gollwitzer & Eteri Kvintradze & Tej Prakash & Luis-Felipe Zanna & Era Dabla-Norris & Richard Allen & Irene Yackovlev & Victor Duarte Lledo, 2010. "Budget Institutions and Fiscal Performance in Low-Income Countries," IMF Working Papers 10/80, International Monetary Fund.

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