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Cover title: Identification of municipal procedures. ; Includes bibliography. ; Mode of access: Internet.

Price pressures in the form of escalating tuition will continue to impinge upon colleges and universities in an unabated fashion. While distance learning experiments and electronic assisted teaching may provide some relief in training-centric sectors of higher education, the university enterprise remains a labor intensive endeavor. Technology and healthcare expenses will continue to grow at most institutions at a rate far above the cost-of-living index. Public institutions are finding strong resistance to additional support based on tax revenue. Private institutions are increasingly being questioned about the "valueadded" they provide and whether it justifies their premium tuition.

Amidst output moderation, rising deficits and increasing debt, India's macro-fiscal arithmetic witnesses severe strain and often invites downward rating pressures by sovereign rating agencies. The article aims to examine India's fiscal sustainability during the past four decades employing time series integration and cointegration techniques, with structural breaks in a sequential schematic framework under intertemporal government budget constraints. It examines stationarity with exogenous and endogenous structure breakpoint(s) at the level and slope for government revenue and expenditure data-generating process following Narayan and Popp (2010), Lee and Strazicich (2003), Zivot and Andrews (1992) and Perron (1989). Furthermore, the cointegration vectors of these fiscal variables in Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS) and a generic cointegration framework following Gregory and Hansen (1996) with structural shifts confirm the sustainability of India's fiscal management. However, a less-than-unity estimate of the DOLS cointegrating slope parameter with few exogenous breakpoints signifies a weak form of sustainability and hence emphasises a credible commitment to fiscal consolidation going forward for India. JEL Codes: C32, H50, E62, H62

Public finance reforms have been a key area of focus both locally and internationally. With implementation of several reforms in the public finance sector it was expected that there would be improved transparency and accountability levels in the public sector. Some of the immediate output in the field of public finance reforms include favorable changes in tax revenue collections, increased inflow of foreign grants and reduced budget deficits. The main aim of this study was to review the various public finance management reforms that have taken place between the years 2000 and 2017 in Kenya and thereafter determine whether these revenues enhancing public finance reforms have an impact on the public finance transparency and accountability levels. The study employed time series techniques to examine the effect of public finance reforms on transparency and accountability. In this study, budget absorption was used as a proxy for the transparency and accountability levels while tax revenue, foreign grants and budget deficits were the explanatory variables of the study as proxies for public finance and fiscal reforms. The bounds test established presence of a long run relationship between the depended variable (budget absorption rates) and the explanatory variables namely: grants revenue, tax revenue and budget deficit. The disequilibrium in the short run model was corrected for rates between 71% and 100% which was indicative of the relative speed to which the long run equilibrium adjustments take place. Based on the long run regression results, it is therefore concluded that revenue enhancing fiscal management reforms in tax and grants had a positive impact on budget accountability and transparency. Based on the findings of the study, it is recommended that the national Government in Kenya should continue to implement the public finance reforms at the subnational level to improve budget transparency and accountability for the devolved units.

Financed in part by a grant from the Dept. of Housing and Urban Development. ; Mode of access: Internet.

The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Policy makers, economists, and public finance professionals working in such countries are frequently confronted with issues that require an in-depth understanding of the sector, its economics, governance, and policy challenges, as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This second volume, Fiscal Management in Resource-Rich Countries, addresses critical fiscal challenges typically associated with large revenue flows from the EI sector. The volume discusses fiscal policy across four related dimensions: short-run stabilization, the management of fiscal risks and vulnerabilities, the promotion of long-term sustainability, and the importance of good public financial management and public investment management systems. The volume subsequently examines several institutional mechanisms used to aid fiscal management, including medium-term expenditure frameworks, resource funds, fiscal rules, and fiscal councils. The volume also discusses the earmarking of revenue, resource revenue projections as applied to the government budget, and fiscal transparency, and outlines several fiscal indicators used to assess the fiscal stance of resource-rich countries. The authors hope that economists, public finance professionals, and policy makers working in resource-rich countries—including decision makers in ministries of finance, international organizations, and other relevant entities—will find the volume useful to their understanding and analysis of fiscal management in resource-rich countries.

PurposeThis paper provides empirical evidence regarding the effect of fiscal management performance on local economic development in an emerging economy.Design/methodology/approachThe authors performed a panel data analysis based on data from the 5,568 Brazilian municipalities from 2006 to 2015. To consider if the difference in the characteristics of the municipalities can affect the results, the authors used different samples: a total of municipalities, metropolitan, nonmetropolitan, urban and rural municipalities. Furthermore, to check the difference of the effect on economic development associated with good and bad fiscal management in the municipalities, the authors considered a sample of the 500 best and the 500 worst fiscal management performances.FindingsThe findings indicate that an improvement in fiscal management is an important strategy to stimulate local economic development. In particular, the relevance of fiscal management performance to stimulate economic development is more significant in metropolitan and urban municipalities.Originality/valueThis analysis is the first to use data that take into account all the Brazilian municipalities covering information of the 21st century. Moreover, different from the previous literature, which considered efficiency from the data envelopment analysis (DEA), the authors used a fiscal management index that allowed one to consider a time-varying fiscal performance of the Brazilian municipalities.

Based on a survey of 850 U.S. city governments. Managerial/financial procedures including departmental accounting, centralized purchasing, and program budgeting.