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The Handbook is a virtual encyclopedia of public financial management, written by topmost experts, many with a background in the IMF and World Bank. It provides the first comprehensive guide to the subject that has been published in more than ten years. The book is aimed at a broad audience of academics/students, government officials, development agencies and practitioners. It covers both bread-and-butter topics such as the macroeconomic and legal framework for budgeting, budget preparation and execution, procurement, accounting, reporting, audit and oversight, as well as specialist subjects such as government payroll systems, local government finance, fiscal transparency, the management of fiscal risks, sovereign wealth funds, the management of state-owned enterprises, and political economy aspects of budgeting. The book sets out numerous examples and case studies describing good practice in public financial management, and is highly relevant for use in both advanced and developing countries.

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Introduction
PART I: THE INSTITUTIONAL AND LEGAL FRAMEWORK
The Macroeconomic Framework for Managing Public Finances in a Global Environment
Fiscal Rules and Public Financial Management
The Legal Framework for Public Finances and Budget Systems
Political Economy Aspects of Managing Public Finances
Role, Responsibilities and Structure of Central Finance Agencies
Role of the Legislature in Budget Processes
Strengthening Performance in Public Financial Management
PART II: ALLOCATION OF RESOURCES
The Coverage and Classification of the Budget
Policy Formulation and the Budget Process
Medium-term Fiscal and Expenditure Frameworks
Managing for Results and Performance Budgeting
Fiscal Federalism and Intergovernmental Financial Relations
PART III: MANAGING BUDGET EXECUTION
The Budget Execution Cycle
Public Procurement
Managing Government Payroll
The Treasury Function and Treasury Single Accounts
Internal Control and Internal Audit
Managing Extra-budgetary Funds
PART IV: MANAGING GOVERNMENT REVENUES
Tax Design from a Fiscal Management Perspective
Revenue Forecasting
Efficient Revenue Administration
Customs Administration
User Charges and Earmarking
Managing Natural Resource Revenues
Managing External Aid
PART V: LIABILITY AND ASSET MANAGEMENT
Government Balance Sheets
Public Investment Management and PPPs
Managing Fiscal Risks
Sovereign Wealth Funds
Long-term Obligations and Generational Accounting
Cash Management and Debt Management
Managing State-owned Enterprises
PART VII: ACCOUNTING, REPORTING AND OVERSIGHT OF PUBLIC FINANCES
Strengthening Fiscal Transparency
Government Accounting Standards and Policies
Government Financial Reporting Standards and Practices
Financial Management Information Systems
External Audit
Role of Independent Fiscal Agencies
About the Editors and Contributors
Glossary
References
Index

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