Article Sidebar

Download
Download Article

Main Article Content

Abstract

This study explores the complexities of public finance governance, focusing on fiscal policy analysis, government financial management, and public sector financial health. Employing a qualitative research methodology, the study aims to analyze existing literature to uncover key themes, trends, and challenges in these domains. Through systematic literature review and thematic analysis, the research synthesizes insights from diverse disciplinary perspectives, including economics, public administration, and political science. Findings highlight the significance of fiscal policy as a countercyclical tool for promoting macroeconomic stability, the importance of effective financial management in ensuring transparency and accountability, and the multidimensional nature of public sector financial health. Challenges such as corruption, inadequate institutional capacity, and political interference are identified, underscoring the need for proactive measures to strengthen governance integrity. Innovative approaches, including accrual accounting standards and performance-based budgeting frameworks, offer promising solutions to enhance governance effectiveness and resilience. The study also emphasizes the role of adaptive governance strategies and agile financial management frameworks in responding to unforeseen crises while maintaining long-term fiscal sustainability. Future research directions include exploring the differential impacts of fiscal policy interventions, assessing the long-term implications of the COVID-19 pandemic, and examining the role of international cooperation in addressing global fiscal challenges.

Keywords

Public Finance Governance Fiscal Policy Analysis Government Financial Management Public Sector Financial Health Qualitative Research

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

How to Cite
Idrus, A. . (2024). Exploring Public Finance Policies: A Qualitative Inquiry into Fiscal Policy Analysis, Government Financial Management, and Public Sector Financial Health. Golden Ratio of Finance Management, 4(2), 87–99. https://doi.org/10.52970/grfm.v4i2.481
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Akerlof, G. A. (1970). The market for" lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488-500. https://doi.org/10.2307/1879431
  2. Aldy, J. (2019). Environmental taxation. In The International Encyclopedia of Public Administration and Public Policy (pp. 1-7). John Wiley & Sons, Inc. https://doi.org/10.1002/9781119186779.ieepap0520
  3. Alesina, A., & Perotti, R. (1995). Fiscal expansions and adjustments in OECD countries. Economic Policy, 10(21), 205-248. https://doi.org/10.2307/1344629
  4. Alesina, A., & Tabellini, G. (2005). Why is fiscal policy often procyclical? National Bureau of Economic Research. https://doi.org/10.3386/w11600
  5. Allen, R., & Tommasi, M. (2001). Managing public expenditures: A comparative analysis. Edward Elgar Publishing.
  6. Andrews, M., Pritchett, L., & Woolcock, M. (2017). Building state capability: Evidence, analysis, action. Oxford University Press.
  7. Auerbach, A. J., & Gale, W. G. (2016). The fiscal theory of the price level. In Handbook of Macroeconomics (Vol. 2, pp. 2257-2301). Elsevier. https://doi.org/10.1016/bs.hesmac.2016.04.006
  8. Barro, R. J. (1974). Are government bonds net wealth? Journal of Political Economy, 82(6), 1095-1117. https://doi.org/10.1086/260266
  9. Blanchard, O. J. (1990). Suggestions for a new set of fiscal indicators. OECD Economic Studies, 15, 27-49.
  10. Blanchard, O. J., & Perotti, R. (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on output. The Quarterly Journal of Economics, 117(4), 1329-1368. https://doi.org/10.1162/003355302320935043
  11. Blanchard, O. J., Pisani-Ferry, J., & Posen, A. S. (2020). Steps to safeguard the global financial system in the COVID-19 crisis. MIT Sloan Research Paper, No. 6033-20. https://doi.org/10.2139/ssrn.3582226
  12. Blinder, A. S. (1974). The economics of public finance: Essays. Brookings Institution Press.
  13. Blinder, A. S. (2017). Keynesian economics. In The New Palgrave Dictionary of Economics (pp. 1-7). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-349-95121-5_2143-1
  14. Carroll, C. D., Slacalek, J., & Sommer, M. (2019). Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects. The American Economic Review, 109(1), 103-137. https://doi.org/10.1257/aer.20170616
  15. Christiaens, J., Rommel, J., & Vanstraelen, A. (2010). Accrual accounting reforms: Only for business-like governments? The case of Belgium. Accounting, Auditing & Accountability Journal, 23(8), 988-1014. https://doi.org/10.1108/09513571011079544
  16. Diamond, D. W. (1999). Liquidity, banks, and markets. Journal of Political Economy, 107(3), 383-393. https://doi.org/10.1086/250074
  17. Diamond, D. W., & Dybvig, P. H. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy, 91(3), 401-419. https://doi.org/10.1086/261155
  18. Fazekas, M., Tóth, B., & King, L. P. (2018). An exploratory study of the potential of open data to prevent corruption. European Commission. https://doi.org/10.2870/61602
  19. Furceri, D., Loungani, P., & Ostry, J. D. (2021). The COVID-19 pandemic and public sector responses. IMF Working Paper, WP/21/29. https://doi.org/10.5089/9781513582417.001
  20. Gali, J., López-Salido, D., & Vallés, J. (2020). Understanding the effects of government spending on consumption. Journal of the European Economic Association, 18(4), 1992-2035. https://doi.org/10.1093/jeea/jvaa011
  21. Hall, R. E. (2009). Reconciling cyclical movements in the marginal value of time and the marginal product of labor. Journal of Political Economy, 117(2), 281-323. https://doi.org/10.1086/599298
  22. Halpern, D. (2015). Inside the Nudge Unit: How small changes can make a big difference. Penguin UK.
  23. Hauner, D. (2006). A fiscal price tag for international reserves. IMF Staff Papers, 53(3), 384-407. https://doi.org/10.2139/ssrn.902867
  24. IMF. (2020). Fiscal monitor: Policies for the recovery. International Monetary Fund. https://doi.org/10.5089/9781513582905.089
  25. Kaufmann, D., Kraay, A., & Mastruzzi, M. (2019). The worldwide governance indicators: Methodology and analytical issues. Hague Journal on the Rule of Law, 11(2), 220-246. https://doi.org/10.1007/s40803-019-00082-6
  26. Keynes, J. M. (1936). The general theory of employment, interest and money. Macmillan.
  27. Kshetri, N. (2018). The economics of blockchain. In The Economics of Fintech and Digital Currencies (pp. 17-32). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-96430-7_2
  28. Larbi, G. A. (2018). The challenge of fiscal management in a democratic setting: The case of Africa. In Governance and the Democratic Challenge: Politicians, Bureaucrats and Technocrats in Africa (pp. 177-196). Routledge. https://doi.org/10.4324/9780429486747-10
  29. Mikesell, J. L. (2014). Fiscal administration: Analysis and applications for the public sector. Cengage Learning.
  30. Milanovic, B. (2016). Global inequality: A new approach for the age of globalization. Harvard University Press.
  31. Moynihan, D. P., & Lavertu, S. (2012). Does involvement in performance management routines encourage performance information use? Evaluating GPRA and PART. Journal of Public Administration Research and Theory, 22(3), 413-436. https://doi.org/10.1093/jopart/mur029
  32. Musgrave, R. A. (1959). The theory of public finance: A study in public economy. McGraw-Hill.
  33. OECD. (2019). Tax challenges arising from digitalisation: Report on pillar one blueprint. Organisation for Economic Co-operation and Development. https://doi.org/10.1787/51848355-en
  34. Onofrei, M. (2021). Fiscal discipline versus institutional independence in the European Union. Public Management Review, 23(1), 123-147. https://doi.org/10.1080/14719037.2020.1747341
  35. Piketty, T. (2014). Capital in the twenty-first century. Harvard University Press.
  36. Pollitt, C., & Bouckaert, G. (2017). Public management reform: A comparative analysis-new public management, governance, and the neo-Weberian state. Oxford University Press.
  37. Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a time of debt. American Economic Review, 100(2), 573-578. https://doi.org/10.1257/aer.100.2.573
  38. Reinhart, C. M., Reinhart, V., & Trebesch, C. (2016). Global capital and national institutions: Crisis responses and long-term outcomes. NBER Working Paper, No. 21958. https://doi.org/10.3386/w21958
  39. Romer, C. D. (2012). Fiscal policy in the crisis: Lessons and policy implications. Journal of Economic Perspectives, 26(3), 167-186. https://doi.org/10.1257/jep.26.3.167
  40. Romer, C. D., & Romer, D. H. (2019). Fiscal space and the aftermath of financial crises: How it matters and why. Journal of Applied Corporate Finance, 31(2), 8-19. https://doi.org/10.1111/jacf.12364
  41. Rose-Ackerman, S. (2017). The economics of corruption and the corruption of economics: An institutionalist perspective. Oxford University Press.
  42. Rosen, H. S., & Gayer, T. (2014). Public finance. McGraw-Hill Education.
  43. Solow, R. M. (1979). Another possible source of wage stickiness. Journal of Macroeconomics, 1(1), 79-82. https://doi.org/10.1016/0164-0704(79)90013-4
  44. Susskind, D., & Mckee, M. (2020). Leadershift: Reinventing leadership for the age of mass collaboration. Basic Books.
  45. Thaler, R. H., & Sunstein, C. R. (2008). Nudge: Improving decisions about health, wealth, and happiness. Yale University Press.
  46. Williams, G. (2018). Performance-based budgeting: Linking funding to results. Routledge.
  47. World Bank. (2020). Global economic prospects, June 2020. World Bank.