Promoting Fiscal Transparency the Complementary Roles of the Imf, Financial Markets and Civil Society
IMF Working Papers, October 1, 2003
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Bibliographic details
- Authors: Murray Petrie
- Published: October 1, 2003
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451860139.001
Summary
- This paper explores initiatives to date by the IMF, financial markets, and civil society organizations to assess and utilize information on fiscal transparency.
- Presents results of:
- surveys and interviews of rating agency analysts; and
- surveys of civil society organizations on their level of awareness of, and use of IMF fiscal transparency assessments.
- Considers the relative roles of:
- the IMF,
- the private sector, and
- civil society organizations in assessing and promoting fiscal transparency.
- Examines the scope for greater complementarity among the roles of these actors.
- Concludes with a number of suggestions for making the IMF's fiscal transparency initiatives more effective.
Surveys, Interviews, and Evidence Presented
- Surveys and interviews of rating agency analysts.
- Surveys of civil society organizations measuring:
- level of awareness of IMF fiscal transparency assessments; and
- use of IMF fiscal transparency assessments.
Analysis: Roles and Complementarity
- Comparative consideration of the roles of:
- the IMF in producing fiscal transparency assessments and initiatives;
- financial markets (including rating agencies) in assessing and utilizing fiscal transparency information; and
- civil society organizations in monitoring and using fiscal transparency information.
- Discussion of opportunities to increase complementarities between the IMF, financial markets, and civil society in promoting fiscal transparency.
Policy Recommendations and Conclusions
- The paper concludes with a number of suggestions aimed at making the IMF's fiscal transparency initiatives more effective. (Specific recommendations are presented in the body of the paper.)
Subject Areas and Keywords
- Subject: Budget planning and preparation, Civil society, Economic sectors, Fiscal transparency, Fiscal transparency assessment, Fiscal transparency code, Public financial management (PFM)
- Keywords include: Africa, B. country budget transparency, Budget planning and preparation, Civil society, country, fiscal ROSCs, Fiscal Transparency, Fiscal transparency assessment, Fiscal transparency code, IMF area department, IMF ROSC, lack candor, nonindustrial market access country, ROSC, ROSC mission, ROSC program, WP