Public finance management: challenges and opportunities L. Tkachenko
Material type:
ArticleContent type: Текст Media type: электронный Subject(s): управление государственными финансами | блокчейн | государственный сектор | открытые данныеGenre/Form: статьи в журналах Online resources: Click here to access online
In:
Athens journal of business & economics Vol. 6, № 1. P. 73-98Abstract: The paper reveals the essence of the system of public financial management (PFM), defines its key elements of PFM system and articulates goals and objectives. The author's definition of PFM is given. A comparative analysis of managerial financial cycles in the public and private sectors of the economy is carried out. The historical aspect of the PFM reforms is also analyzed, and various approaches to financial management (income and expenditure) in the public sector are studied. Factors influencing the effectiveness of the PFM reforms are revealed. The challenges faced by financial managers in implementing public finance reforms are analyzed, and the opportunities that can be used to achieve the objectives of the PFM system, some of which are simultaneously challenges (Blockchain and open government data (OGD)), are analyzed. (JEL H5, H50)
Библиогр.: с. 98
The paper reveals the essence of the system of public financial management (PFM), defines its key elements of PFM system and articulates goals and objectives. The author's definition of PFM is given. A comparative analysis of managerial financial cycles in the public and private sectors of the economy is carried out. The historical aspect of the PFM reforms is also analyzed, and various approaches to financial management (income and expenditure) in the public sector are studied. Factors influencing the effectiveness of the PFM reforms are revealed. The challenges faced by financial managers in implementing public finance reforms are analyzed, and the opportunities that can be used to achieve the objectives of the PFM system, some of which are simultaneously challenges (Blockchain and open government data (OGD)), are analyzed. (JEL H5, H50)
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