Contemporary Issues and Challenges in Public Financial Management

Responding to Global Crises

Richard Allen, Philipp Krause

• Publisher: Palgrave Macmillan
• Year: 2025
• Print ISBN: 9783031811357
• eBook ISBN: 9783031811364
• Topic: Economics
• Subtopic: Corporate Finance
• Index: Economics

Public financial management (PFM) has gone through a period of intense change since the Global Financial Crisis (GFC) of 2008-2009 and its aftermath. The implications from the GFC alongside the Covid-19 crisis, the Ukraine-Russia war, and the associated energy crises have had profound implications for how countries conduct their fiscal, tax, and budgetary policies. There has also been a huge growth of interest in "green" fiscal policy, in the challenges of income and gender inequality, and in the management of public infrastructure, and in digitalization.

This book offers a deeper and more selective analysis of PFM topics that have either been profoundly affected by the GFC and subsequent crises or have dramatically transformed or evolved for other reasons. Itdiscusses the extent to which these developments have led to improvements in countries' fiscal and budgetary performance. Written by top academics or practitioners in the field, this book tackles the main issues of fiscal governance and its nexus with climate change, anti-corruption, and financial crisis. It will be of interest to academics, researchers, students, and practitioners of public financial management and public finance.

Table of contents

• Cover
• Front Matter
• 1. Introduction
• 2. Back to the Basics of PFM
• 3. New Goals, More Actors: Rethinking the Political Economy of Fiscal Institutions
• 4. The Evolving and Enduring Role of Finance Ministries
• 5. The Evolution of Budgeting Practices
• 6. Evolution of Treasury Practices
• 7. Planning and Budgeting—Two Sides of the Same Coin?
• 8. Effective Spending on Public Infrastructure
• 9. Green Public Financial Management
• 10. Budgeting for Gender Equality
• 11. The Quest for Open and Accountable Budgets: Moving Beyond Transparency
• 12. ‘Events, Dear Boy, Events’—Fiscal Risks in an Age of Uncertainty
• 13. PFM and Digitalisation
• Back Matter