This paper discusses pilot fiscal transparency assessment for Costa Rica. The assessment confirmed that Costa Rica has various excellent and sophisticated fiscal transparency practices. Those include: (1) institutional coverage with annual consolidated budgetary information for the entire public...

Stock-flow adjustments are typically measured as the difference between changes in gross debt and deficits. These are interpreted as a proxy for unexplained fiscal discrepancies, and often associated with a lack of fiscal transparency. However, such measures fail to capture the role of financial...

This paper discusses Ireland’s Fiscal Transparency Assessment. The Irish government has ambitious plans to improve further the timeliness, quality, and comprehensiveness of its budgets, statistics, and accounts. Ireland has the capacity and information to bring its fiscal transparency...

This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between...

This paper re-examines the stock-flow discrepancies of government debt and deficits and correlation with fiscal transparency. Applying the fully integrated relationship between financial stocks and flows allows for a more refined analysis of the deterministic components that make up the...

Fiscal transparency has been consistently identified as a key feature of efficient fiscal policy and a prerequisite for good public governance. However, measuring fiscal transparency remains an empirical challenge, and extant literature on developing countries is still sparse. To that end, this...

The recent economic crisis, one of the symptoms of which is a sudden increase of public debt in the majority of OECD countries, again made the government and the society aware of the necessity for conducting transparent, but also responsible fiscal policy. Creating a framework of the fiscal...

Fiscal transparency has been consistently identified as a key feature of efficient fiscal policy and a prerequisite for good public governance. However, measuring fiscal transparency remains an empirical challenge, and extant literature on developing countries is still sparse. To that end, this...

The fiscal transparency is a key point in the fiscal policy stance, which is why a special attention should be paid to this issue. The fiscal transparency provides to the policymakers the ability to accurately analyse the costs and benefits of any changes in the fiscal policy. In addition, the...

Accounting devices that artificially reduce the measured fiscal deficit can be analyzed as transactions involving unrecognized assets and liabilities. Different accounting systems recognize different sets of assets and liabilities and are thus vulnerable to different sets of devices. Some...