Determinants of Financial Transparency in Government

ABSTRACT

The search for enhanced transparency and accountability in government organizations has inspired studies to identify the key factors that facilitate greater disclosure of public financial information. With the advantages provided by the meta-analysis technique, applied to a sample of studies, we identify the most significant factors and incentives underlying the decisions adopted by public managers on policy strategies regarding information transparency and public responsibility. Our study shows the variables analyzed to be positively associated with the disclosure of public financial information, but also that this depends on the context in which the research is carried out. The most influential variables were the moderator variables of the administrative culture and of the measurement unit for the variables.     

Public Policy： The Reality in the Practice of Management Agreements

This paper presents the new version of public policy for government transparency, outlining state＇s required functions, in the context of economic globalization, to enable fulfillment of social demands and Brazil＇s competitive insertion in international markets. In this sense, public policies were adjusted to the role of social and economic development promoter and regulator： Strengthening government capacity for formulating and evaluating them; increasing governance, i.e., government＇s ability to implement public policies, from the viewpoint of efficiency, efficacy, and effectiveness through the introduction of new organizational models and new partnerships with civil society; establishing management contracts, agreements, and partnership terms; and finally modernizing public management. E-government （e-gov） includes three of the seven lines of action of the information society： universal service, government available for all and advanced infrastructure. The Integration and Intelligence Government Information System （i3-Gov） was developed in open platform. Thus, new trends in shared and interagency management for public, productive, and growing third （voluntary） sectors are contemplated. The paper presents the results obtained with the Federal Government Voluntary Transfers Integrated System （SICONV）, which adequately fulfills the expectations of service and transparency, but needs improvement in regard to government participation without state interference.     

The Political Economy of Institutions,Stability and Investment: A Simultaneous Equation Approach in an Emerging Economy. The Case of South Africa

The modern theory of investment identifies the importance of uncertainty to investment. A number of empirical studies have tested the theory on South African time series, employing political instability measures as proxies for uncertainty. This paper verifies that political instability measures are required in the formulation of the investment function for South Africa. It also establishes that there are distinct institutional factors that influence the uncertainty variable such as property rights and crime levels. We find that rising income and property rights lower political instability, and that rising crime levels are positively related to political instability. The inference is that political instability in South Africa may not represent uncertainty directly, since it is systematically related to a set of determinants. Instead, uncertainty would have to be understood as being related to a broader institutional nexus that in concert may generate uncertainty for investors. The paper highlights the significance of getting institutions right to ensure that uncertainty is kept to a minimum by providing a predictable long-term environment. Stability at a systemic level appears crucial if investment rates are to rise in South Africa and this paper demonstrates that stability in turn is driven by a sound institutional environment that has multiple dimensions.     

Aid Absorption and Spending in Africa: A Panel Cointegration Approach

This article focuses on the macroeconomic management of large inflows of foreign aid. It investigates the extent to which African countries have coordinated fiscal and macroeconomic responses to aid surges. In practice, we construct a panel dataset to assess the level of aid ‘absorption’ and ‘spending’. This article departs from the recent empirical literature by utilising better measures for aid inflows and by employing cointegration analysis. The empirical short-run results indicate that, on average, Africa's low-income countries have absorbed two-thirds of (grant) aid receipts. This suggests that most of the foreign exchange provided by the aid inflows has been used to finance imports. The other third has been used to build up international reserves, perhaps to protect economies from future external shocks. In the long run, absorption increases but remains below its maximum. Moreover, we also show that aid resources have been fully spent, especially in support of public investment. There is only weak evidence that a share of aid flows have been ‘saved’. Overall, these findings suggest that the macroeconomic management of aid inflows in Africa has been significantly better than often portrayed in comparable exercises. The implication is that African countries will be able to efficiently manage a gradual scaling up in aid resources.     

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