| 学部・大学院区分 | | 開・博前 | | | 時間割コード | | 3060020 | | | 科目区分 | | 専門・プログラム
Program | | | 科目名 【日本語】 | | 公共財政管理 | | | 科目名 【英語】 | | Public Financial Management | | | コースナンバリングコード | | | | | 担当教員 【日本語】 | | 染矢 將和 ○ | | | 担当教員 【英語】 | | SOMEYA Masakazu ○ | | | 単位数 | | 2 | | | 開講期・開講時間帯 | | 秋 月曜日 １時限
Fall Mon 1 | | | 授業形態 | |
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| 授業の目的 【日本語】 | | | | | 授業の目的 【英語】 | | | Students will improve understanding on public financial management (PFM) in views of improving fiscal discipline, allocation of resources and accountability of spending. International development community has a consensus that improving financial management of the public sector has repercussions on a wide range of the other sector such as effectiveness of aid, efficient management of revenues and governance. With a tail wind of rising budget support type of aid, PFM is now a main stream agenda programmed in development policy loans. |
| | | 到達目標 【日本語】 | | | | | 到達目標 【英語】 | | | | | 授業の内容や構成 | | Structure of the Course / Schedule授業の構成・計画
The course starts with background in how and why PFM has emerged as a reform agenda in development strategy and then moves on to discussion on each of the sub-components in PFM. Firstly, fiscal framework such as medium term fiscal framework and medium term budgetary framework will be discussed. Secondly, tax revenues, tax structure and revenue instruments will be studied. The latter half of the course will study debt management, a critical part of PFM. Debt management has to improve hand-in-hand with promoting debt markets. The topics include cash management, revenues forecasting, promoting bond secondary markets and diversifying investor base as well as debt instrument such as inflation index bond or Islamic bonds. Case studies taken from development policy lending by the World Bank, IMF program and JICA programs will be discussed.
Week 1: Fiscal sustainability and linkage with other sectors of the economy:
Week 2: Analyze the budget cycle and fiscal risk with risk premium in borrowing: interest risk, foreign exchange risk, market risk and operational risk.
Week 3: Medium-Term Expenditure Frameworks (MTEF) and expenditure control – case study on Kenya, South Africa and OECD countries.
Week 4: Fiscal rule or fiscal responsibility act: long term deficit control – case study on India and Russia
Week 5: Cash management and treasury single account (TSA): concept of TSA, the impact of TSA on cash management, preconditions of TSA and difficulties in implementing TSA – case study on Nigella.
Week 6: Accrual Accounting and Government Financial Management Information System (GFMIS): difference between cash based accounting and accrual account and impact of GFMIS, readiness of GFMIS and difficulties in implementing GFMIS.
Week 7: Cash management and macroeconomic forecasting: improving reporting quality of cash spending and cash inflow in line ministries and top-down ceiling derived from macro-economic forecasting– case study on Jordan.
Week 8: Public expenditure management and public investment management: Role of the ministry of finance and ministry of planning– case study on Iraq.
Week 9: Debt management: structure of debt management department on functional base or instrument base.
Week 10: Coordination among PFM, fiscal policy and monetary policy: the impact of each policy on financial markets – case study on Brazil.
Week 11: Medium Term Debt Management Strategy (MTDS): Why MTDS is important and how it has to be reflected in borrowing plan and budgeting.
Week12: Risk management in on-lending and guarantees and technique in risk management: Value at risk, duration and scenario simulation for contingent liabilities.
Week 13: Asset-liability management and government security market promotion. How to diversify debt instrument and investor base with announcement of borrowing calendars and communicating with investors.
Week 14: Bond secondary market: Auction system and primary dealer system.
Week 15: Internal and external auditing – experiences in JICA lending and technical assistance activities.
Notes:
The schedule is subject to changes depending on the readiness and progress of the class.
Mathematics and statistics such as differentiation and linear algebra relevant to the lecture will be reviewed in the class when and if necessary. |
| | | 履修条件・関連する科目 | | Related Courses: Development Finance, Development Economics, Macroeconomics, Microeconomics.
There is no precondition to take this course. |
| | | 成績評価の方法と基準 | | In-class quiz and homework (30%), mid-term exam (35%) and final exam (35%)
Credit is given to C- or C (where applicable) or higher grade for each criterion. |
| | | 教科書・参考書 | | No textbook but the materials will be provided in the course.
References:
Allen, Richard. 2013 The International Handbook of Public Financial Management, Palgrave Macmillan.
Cangiano, Macro. 2017 Public Financial Management and Its Emerging Architecture, International Manetary Fund. |
| | | 課外学習等（授業時間外学習の指示） | | | | | 注意事項 | | | | | 使用言語 | | | | | 授業開講形態等 | | | | | 遠隔授業（オンデマンド型）で行う場合の追加措置 | | | |
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