Fiscal Transparency in Recovery from the COVID-19 Pandemic Crisis

• Autorzy: Edyta Małecka-Ziembińska
• Języki publikacji: EN

Abstrakty

EN

The aim of the article is to present the impact of unprecedented fiscal measures taken in the context of the COVID-19 pandemic on fiscal transparency and to identify the role and importance of fiscal transparency in the process of recovering from the crisis. The conducted analysis proved that in the vast majority of countries around the world, the condition of public finances, measured by the deficit and public debt, has declined significantly as a result of measures taken to reduce the effects of the COVID-19 pandemic. These activities and strategies contribute to the lack of fiscal transparency. Meanwhile, fiscal transparency is an ally in recovering from the crisis. Strong fiscal frameworks (including numerical rules which promote fiscal prudence), backed by clear communication of policy priorities and fiscal transparency can meaningfully contribute to strengthening the credibility of public finances and reduce borrowing costs. These conclusions may be particularly important for emerging market economies and low-income developing countries, which find it more difficult and more expensive to obtain return sources of financing public investments.(original abstract)

Słowa kluczowe

EN

COVID-19; Pandemic; Fiscal policy; Public finance; Fiscal transparency

PL

COVID-19; Pandemia; Polityka fiskalna; Finanse publiczne; Przejrzystość fiskalna

• Czasopismo: Research Papers in Economics and Finance
• Rocznik: 2021
• Tom: 5
• Numer: nr 1
• Strony: 36--46

Twórcy

autor

Edyta Małecka-Ziembińska

• Poznań University of Economics and Business, Poland

Bibliografia

• Alt, J.E., Lassen, D.D. (2006). Fiscal transparency, political parties, and debt in OECD countries. European Economic Review, Volume 50, Issue 6, pp. 1403-1439. https:// doi.org/10.1016/j.euroecorev.2005.04.001.
• Arbatli, E., Escolano, J. (2015). Fiscal transparency, fiscal performance and credit ratings. Fiscal Studies, vol. 36, no. 2, pp. 237-270. https://doi.org/10.1111/1475-5890.12051.
• Bouckaert, G., Galli, D., Kuhlmann, S., Reiter, R., Van Hecke, S. (2020). European Coronationalism? A Hot Spot Governing a Pandemic Crisis. Public Administration Review, 80(5), pp. 765-773. https://doi.org/10.1111/puar.13242.
• Capasso, S., Cicatiello, L., De Simone, E., Gaeta, G.L., Mourão, P.R. (2021). Fiscal transparency and tax ethics: does better information lead to greater compliance?. Journal of Policy Modeling, Volume 43, Issue 5, pp. 1031-1050. https://doi.org/10.1016/j. jpolmod.2020.06.003.
• Cho, C.H., Kurpierz, J. (2020). Stretching the public purse: budgetary responses to COVID-19 in Canada. Journal of Public Budgeting, Accounting and Financial Management, 32(5), pp. 771-783. https://doi.org/10.1108/JPBAFM-05-2020-0070.
• Council Directive 2011/85/EU of 8 November 2011 on requirements for budgetary frameworks of the Member State, OJ L 306 of 23 November 2011, pp. 41-47.
• Dabla-Norris, E., and others, (2010). Budget Institutions and Fiscal Performance in Low-Income Countries, IMF Working Paper No. 10/80 (Washington: International Monetary Fund). https://doi.org/10.5089/9781451982237.001.
• Eurostat. Database. Retrieved from: https://ec.europa.eu/eurostat/data/database (accessed on 28 December 2021).
• Hameed, F. (2005). Fiscal Transparency and Economic Outcomes. IMF Working Paper No. 05/225 (Washington: International Monetary Fund). https://doi. org/10.5089/9781451862447.001.
• International Budget Partnership [IBP]. (2019). Open Budget Survey. Retrieved from: https://www.internationalbudget.org/open-budget-survey/open-budget-survey- 2019 (accessed on 10 July 2021).
• International Budget Partnership [IBP]. (2021). Managing COVID funds. The accountability gap. Retrieved from: https://internationalbudget.org/covid/wp-content/uploads/ 2021/05/Report_English-2.pdf (accessed on 10 July 2021).
• International Monetary Fund [IMF]. (2012). Fiscal Transparency, Accountability, and Risk. Retrieved from: https://www.elibrary.imf.org/view/journals/ 007/2012/054/007.2012.issue-054-en.xml (accessed on 10 July 2021). https:// doi.org/10.5089/9781498340076.007.
• International Monetary Fund [IMF]. (2018). Fiscal transparency handbook. Retrieved from: https://www.elibrary.imf.org/view/books/069/24788-9781484331859- en/24788-9781484331859-en-book.xml?cid=va-com-compd-fth (accessed on 10 July 2021).
• International Monetary Fund [IMF]. (2019). The Fiscal Transparency Code. Washington, DC. Retrieved from: https://www.imf.org/external/np/fad/trans/Code2019.pdf (accessed on 10 July 2021).
• International Monetary Fund [IMF]. (2021a). Fiscal Monitor Update January 2021. Retrieved from: https://www.imf.org/en/Publications/FM/Issues/2021/01/20/fiscal- monitor-update-january-2021 (accessed on 10 July 2021).
• International Monetary Fund [IMF]. (2021b). Fiscal Monitor, October 2021: Strengthening the Credibility of Public Finances. Retrieved from: https://www. imf.org/en/Publications/FM/Issues/2021/10/13/fiscal-monitor-october-2021 (accessed on 28 December 2021).
• Joyce, P. G., Suryo Prabowo, A. (2020). Government responses to the coronavirus in the United States: immediate remedial actions, rising debt levels and budgetary hangovers. Journal of Public Budgeting, Accounting and Financial Management, 32(5), pp. 745-758. https://doi.org/10.1108/JPBAFM-07-2020-0111.
• Kakati, S., Roy, A. (2021). Financial sustainability: An annotated bibliography. Economics and Business Review EBR 21(3), pp. 35-60. https://doi.org/10.18559/ebr.2021.3.4.
• Kańduła, S., Przybylska, J. (2021). Financial instruments used by Polish municipalities in response to the first wave of COVID-19. Public Organiz Rev 21, pp. 665-686. https://doi.org/10.1007/s11115-021-00569-7.
• Kowalski, T. (2021). The economy battling Covid-19. A macroeconomic approach. In E. Mińska-Struzik, & B. Jankowska (Eds.), Toward the "new normal" after Covid-19-a post-transition economy perspective (pp. 11-29). Poznań University of Economics and Business Press. https://doi.org/10.18559/978-83-8211-061-6/I1.
• Małecka-Ziembińska, E. (2021). Jawność i przejrzystość finansów publicznych w warunkach pandemii COVID-19. W M. Zioło, (Red.), Finanse publiczne. Warszawa, Polska Akademia Nauk, ss. 49-62. Retrieved from: https://publikacje.pan.pl/dlibra/ publication/140087/edition/121862/content (accessed on 28 December 2021).
• Montes, G.C.,Leitão da Cunha Lima, L. (2018). Effects of fiscal transparency on inflation and inflation expectations: Empirical evidence from developed and developing countries. The Quarterly Review of Economics and Finance, Volume 70, pp. 26-37. https://doi.org/10.1016/j.qref.2018.06.002.
• OECD. (2002). OECD Best Practices for Budget Transparency. OECD Journal on Budgeting, vol. 1/3. https://doi.org/10.1787/budget-v1-art14-en.
• OECD. (2017). OECD Budget Transparency Toolkit: Practical Steps for Supporting Openness, Integrity and Accountability in Public Financial Management. OECD Publishing, Paris. https://doi.org/10.1787/9789264282070-en.
• Pancrazi, R., Prosperi, L. (2020). Transparency, political conflict, and debt. Journal of International Economics, Volume 126, 103331. https://doi.org/10.1016/j.jinteco. 2020.103331.
• Raudla, R. (2021). Estonian response to COVID-19 pandemic: learning, cooperation, and the advantages of being a small country. Revista de Administracao Publica, 55(1), pp. 111-121. https://doi.org/10.1590/0034-761220200414.
• Shkurat, M., Temerbek, A. (2021). Innovative development of countries in the context of global economic imbalances. Research Papers in Economics and Finance, 4(4), pp. 49-60. https://doi.org/10.18559/ref.2020.4.5.
• Szpringer, Z. (2016). Zasady zarządzania finansami publicznymi i ich znaczenie dla Polski, Studia BAS, Nr 3(47), ss. 27-72. Retrieved from: https://orka.sejm.gov.pl/ WydBAS.nsf/0/6019181A09D63853C1258059002D2FCC/$file/Strony%20odStudia_ BAS_47-3.pdf (accessed on 28 December 2021).

Identyfikatory

DOI

10.18559/ref.2021.1.3