授業の目的 【日本語】
Goals of the Course(JPN) | | | 本講義は、近年開発途上国政府による改革が目覚ましい公共財務管理に関する理解を深めることを目的とする。履修生は、財政規律、資源配分、支出の説明責任、財政責任法、財務持続性について学習します。 |
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授業の目的 【英語】
Goals of the Course | | | This course aims at familiarizing course participants with 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. |
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到達目標 【日本語】
Objectives of the Course(JPN) | | | 履修者は公共財政管理の各課題に関する理解を深め、PFM改革の評価ができるようにある事を到達目標とする。 |
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到達目標 【英語】
Objectives of the Course | | | Students will be ale to understand critical issues in public financial management reform ongoing in developing country governments and advise PFM reforms in their own governments. |
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授業の内容や構成
Course Content / Plan | | 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. |
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履修条件・関連する科目
Course Prerequisites and Related Courses | | Development Finance, Development Economics, Macroeconomics, Microeconomics.
There is no precondition to take this course. |
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成績評価の方法と基準
Course Evaluation Method and Criteria | | 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. |
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教科書・参考書
Textbook/Reference Book | | No textbook but the materials will be provided in the course.
References:
Allen, Richard. 2013 The International Handbook of Public Financial Management, Palgrave Macmillan. ASIN : B00FJYJWT2
Cangiano, Macro. 2017 Public Financial Management and Its Emerging Architecture, International Manetary Fund. ASIN : B00CRE3M3Y |
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課外学習等（授業時間外学習の指示）
Study Load(Self-directed Learning Outside Course Hours) | | | Students are expected to read the above books and lecture notes before the class. |
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注意事項
Notice for Students | | | Students are not expected to have a solid background in economics or finance since the lecture will start from introductory levels. |
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使用言語
Language(s) for Instruction & Discussion | | |
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授業開講形態等
Lecture format, etc. | | 原則として対面で行う。例外的に、遠隔授業（同時双方向）を行う。
遠隔授業は Teams、Zoom等で⾏う。
※履修登録後に授業形態等に変更がある場合には、NUCＴの授業サイトで案内します。
In principle, lecture and seminar course subjects are offered in-person.
Online participation in classes (interactive communication classes via Teams, Zoom, etc.) may be permitted by the instructor under exceptional circumstances.
*Guidance will be posted on NUCT if there are any changes in the class format, etc. after registration. |
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遠隔授業（オンデマンド型）で行う場合の追加措置
Additional measures for remote class (on-demand class) | | |
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