- List of Figures and Tables
- List of Contributors
- The Multifaceted Concept of Transparency
- Constitutional Transparency
- Monetary Policy Transparency
- Fiscal Policy Transparency
- Transparent and Unique Sovereign Default Risk Assessment
- Transparency and Competition Policy in an Imperfectly Competitive World
- Transparency in International Trade Policy
- Transparency of Climate Change Policies, Markets, and Corporate Practices
- Transparency of Human Resource Policy
- Transparency of Innovation Policy
- Labor Market Transparency
- Transparency of Financial Regulation
- Price Transparency and Market Integration
- Transparency and Inward Investment Incentives
- Transparency and Corruption
- Multinational Corporations’ Relationship with Political Actors Transparency versus Opacity
- Corporate Governance and Optimal Transparency
- Transparency Differences at the Top of the Organization Market-Pull versus Strategic Hoarding Forces
- Governance Transparency and the Institutions of Capitalism Implications for Finance
- Transparency and Executive Compensation
- Transparency and Disclosure in the Global Microfinance Industry
- Accounting Transparency and International Standard Setting
- Transparency of Fair Value Accounting and Tax
- Transparency of Corporate Risk Management and Performance
- Stress Testing, Transparency, and Uncertainty in European Banking What Impacts?
- Author Index
- Subject Index
Abstract and Keywords
Public expenditure and taxation are at the core of the relationship between governments and citizens. Yet transparency in fiscal policy has been relatively neglected, compared to its significance in other policy areas, notably monetary policy. This chapter first discusses what is meant by transparency, then goes on to explore the underlying rationale and theoretical models for having it. The varied experience of fiscal transparency and the role of international organizations, such as the International Monetary Fund and the Organisation for Economic Co-operation and Development, in encouraging governments to implement it are reviewed. The principles that fiscal policy should seek to follow are discussed as is its role in the policy process, and the chapter concludes by highlighting issues on which further research might focus, such as how information disclosure affects policy making and the optimal degree of transparency.
Iain Begg, Professorial Research Fellow at the European Institute of the London School of Economics, London, UK.
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