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<span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Public_finance_management" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Public_finance_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Public finance management</span> </div> </a> <ul id="toc-Public_finance_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Government_expenditures" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Government_expenditures"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Government expenditures</span> </div> </a> <button aria-controls="toc-Government_expenditures-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Government expenditures subsection</span> </button> <ul id="toc-Government_expenditures-sublist" class="vector-toc-list"> <li id="toc-Government_operations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Government_operations"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Government operations</span> </div> </a> <ul id="toc-Government_operations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Income_distribution" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Income_distribution"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Income distribution</span> </div> </a> <ul id="toc-Income_distribution-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Financing_of_government_expenditures" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Financing_of_government_expenditures"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Financing of government expenditures</span> </div> </a> <button aria-controls="toc-Financing_of_government_expenditures-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Financing of government expenditures subsection</span> </button> <ul id="toc-Financing_of_government_expenditures-sublist" class="vector-toc-list"> <li id="toc-Taxes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Taxes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Taxes</span> </div> </a> <ul id="toc-Taxes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Debt" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Debt"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Debt</span> </div> </a> <ul id="toc-Debt-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Seigniorage" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Seigniorage"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Seigniorage</span> </div> </a> <ul id="toc-Seigniorage-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Public_finance_through_state_enterprise" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Public_finance_through_state_enterprise"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>Public finance through state enterprise</span> </div> </a> <ul id="toc-Public_finance_through_state_enterprise-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Government_finance_statistics_and_methodology" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Government_finance_statistics_and_methodology"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Government finance statistics and methodology</span> </div> </a> <button aria-controls="toc-Government_finance_statistics_and_methodology-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Government finance statistics and methodology subsection</span> </button> <ul id="toc-Government_finance_statistics_and_methodology-sublist" class="vector-toc-list"> <li id="toc-Measuring_the_public_sector" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Measuring_the_public_sector"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Measuring the public sector</span> </div> </a> <ul id="toc-Measuring_the_public_sector-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Users_of_GFS" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Users_of_GFS"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Users of GFS</span> </div> </a> <ul id="toc-Users_of_GFS-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fiscal_data_using_the_GFSM_2001_methodology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fiscal_data_using_the_GFSM_2001_methodology"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Fiscal data using the <i>GFSM 2001</i> methodology</span> </div> </a> <ul id="toc-Fiscal_data_using_the_GFSM_2001_methodology-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Public_finance_and_social_equality" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Public_finance_and_social_equality"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Public finance and social equality</span> </div> </a> <button aria-controls="toc-Public_finance_and_social_equality-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Public finance and social equality subsection</span> </button> <ul id="toc-Public_finance_and_social_equality-sublist" class="vector-toc-list"> <li id="toc-Principles_of_social_equality_in_public_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Principles_of_social_equality_in_public_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Principles of social equality in public finance</span> </div> </a> <ul id="toc-Principles_of_social_equality_in_public_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Implementation_strategies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Implementation_strategies"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Implementation strategies</span> </div> </a> <ul id="toc-Implementation_strategies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Challenges_and_considerations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Challenges_and_considerations"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Challenges and considerations</span> </div> </a> <ul id="toc-Challenges_and_considerations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Public_finance_and_social_equity" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Public_finance_and_social_equity"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Public finance and social equity</span> </div> </a> <button aria-controls="toc-Public_finance_and_social_equity-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Public finance and social equity subsection</span> </button> <ul id="toc-Public_finance_and_social_equity-sublist" class="vector-toc-list"> <li id="toc-Concepts_and_implementation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Concepts_and_implementation"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>Concepts and implementation</span> </div> </a> <ul id="toc-Concepts_and_implementation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Focus_areas" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Focus_areas"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2</span> <span>Focus areas</span> </div> </a> <ul id="toc-Focus_areas-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Measuring_Social_Equity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Measuring_Social_Equity"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.3</span> <span>Measuring Social Equity</span> </div> </a> <ul id="toc-Measuring_Social_Equity-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Public finance</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 46 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-46" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">46 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%D9%8A%D8%A9_%D8%B9%D8%A7%D9%85%D8%A9" title="مالية عامة – Arabic" lang="ar" hreflang="ar" data-title="مالية عامة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0ctimai_maliyy%C9%99" title="İctimai maliyyə – Azerbaijani" lang="az" hreflang="az" data-title="İctimai maliyyə" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Ch%C3%A2i-ch%C3%A8ng" title="Châi-chèng – Minnan" lang="nan" hreflang="nan" data-title="Châi-chèng" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%9F%D1%83%D0%B1%D0%BB%D1%96%D1%87%D0%BD%D1%8B%D1%8F_%D1%84%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D1%8B" title="Публічныя фінансы – Belarusian" lang="be" hreflang="be" data-title="Публічныя фінансы" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D1%83%D0%B1%D0%BB%D0%B8%D1%87%D0%BD%D0%B8_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8" title="Публични финанси – Bulgarian" lang="bg" hreflang="bg" data-title="Публични финанси" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Javne_finansije" title="Javne finansije – Bosnian" lang="bs" hreflang="bs" data-title="Javne finansije" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Finanzwissenschaft" title="Finanzwissenschaft – German" lang="de" hreflang="de" data-title="Finanzwissenschaft" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Riigi_rahandus" title="Riigi rahandus – Estonian" lang="et" hreflang="et" data-title="Riigi rahandus" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%94%CE%B7%CE%BC%CF%8C%CF%83%CE%B9%CE%B1_%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%AF%CE%B1" title="Δημόσια οικονομία – Greek" lang="el" hreflang="el" data-title="Δημόσια οικονομία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Finanzas_p%C3%BAblicas" title="Finanzas públicas – Spanish" lang="es" hreflang="es" data-title="Finanzas públicas" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Finantza_publikoak" title="Finantza publikoak – Basque" lang="eu" hreflang="eu" data-title="Finantza publikoak" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D9%87_%D8%B9%D9%85%D9%88%D9%85%DB%8C" title="مالیه عمومی – Persian" lang="fa" hreflang="fa" data-title="مالیه عمومی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Finances_publiques" title="Finances publiques – French" lang="fr" hreflang="fr" data-title="Finances publiques" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%AC%EC%A0%95" title="재정 – Korean" lang="ko" hreflang="ko" data-title="재정" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%A1%D5%B6%D6%80%D5%A1%D5%B5%D5%AB%D5%B6_%D6%86%D5%AB%D5%B6%D5%A1%D5%B6%D5%BD%D5%B6%D5%A5%D6%80" title="Հանրային ֆինանսներ – Armenian" lang="hy" hreflang="hy" data-title="Հանրային ֆինանսներ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B2%E0%A5%8B%E0%A4%95_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4" title="लोक वित्त – Hindi" lang="hi" hreflang="hi" data-title="लोक वित्त" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Javne_financije" title="Javne financije – Croatian" lang="hr" hreflang="hr" data-title="Javne financije" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Keuangan_publik" title="Keuangan publik – Indonesian" lang="id" hreflang="id" data-title="Keuangan publik" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Finanza_pubblica" title="Finanza pubblica – Italian" lang="it" hreflang="it" data-title="Finanza pubblica" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B8%E0%B2%BE%E0%B2%B0%E0%B3%8D%E0%B2%B5%E0%B2%9C%E0%B2%A8%E0%B2%BF%E0%B2%95_%E0%B2%B9%E0%B2%A3%E0%B2%95%E0%B2%BE%E0%B2%B8%E0%B3%81" title="ಸಾರ್ವಜನಿಕ ಹಣಕಾಸು – Kannada" lang="kn" hreflang="kn" data-title="ಸಾರ್ವಜನಿಕ ಹಣಕಾಸು" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/%C3%81llamh%C3%A1ztart%C3%A1stan" title="Államháztartástan – Hungarian" lang="hu" hreflang="hu" data-title="Államháztartástan" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%88%D0%B0%D0%B2%D0%BD%D0%B8_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D0%B8" title="Јавни финансии – Macedonian" lang="mk" hreflang="mk" data-title="Јавни финансии" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%D9%8A%D9%87_%D8%B9%D8%A7%D9%85%D9%87" title="ماليه عامه – Egyptian Arabic" lang="arz" hreflang="arz" data-title="ماليه عامه" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kewangan_awam" title="Kewangan awam – Malay" lang="ms" hreflang="ms" data-title="Kewangan awam" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Openbare_financi%C3%ABn" title="Openbare financiën – Dutch" lang="nl" hreflang="nl" data-title="Openbare financiën" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%B8%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%B5%E0%A4%9C%E0%A4%A8%E0%A4%BF%E0%A4%95_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4" title="सार्वजनिक वित्त – Nepali" lang="ne" hreflang="ne" data-title="सार्वजनिक वित्त" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E8%B2%A1%E6%94%BF" title="財政 – Japanese" lang="ja" hreflang="ja" data-title="財政" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%A0%E1%9E%B7%E1%9E%9A%E1%9E%89%E1%9F%92%E1%9E%89%E1%9E%9C%E1%9E%8F%E1%9F%92%E1%9E%90%E1%9E%BB%E1%9E%9F%E1%9E%B6%E1%9E%92%E1%9E%B6%E1%9E%9A%E1%9E%8E%E1%9F%88" title="ហិរញ្ញវត្ថុសាធារណៈ – Khmer" lang="km" hreflang="km" data-title="ហិរញ្ញវត្ថុសាធារណៈ" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Finanse_publiczne" title="Finanse publiczne – Polish" lang="pl" hreflang="pl" data-title="Finanse publiczne" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Finan%C3%A7as_p%C3%BAblicas" title="Finanças públicas – Portuguese" lang="pt" hreflang="pt" data-title="Finanças públicas" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Finan%C8%9Be_publice" title="Finanțe publice – Romanian" lang="ro" hreflang="ro" data-title="Finanțe publice" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9F%D1%83%D0%B1%D0%BB%D0%B8%D1%87%D0%BD%D1%8B%D0%B5_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D1%8B" title="Публичные финансы – Russian" lang="ru" hreflang="ru" data-title="Публичные финансы" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Financa_publike" title="Financa publike – Albanian" lang="sq" hreflang="sq" data-title="Financa publike" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B6%BB%E0%B7%8F%E0%B6%A2%E0%B6%BA_%E0%B6%B8%E0%B7%96%E0%B6%BD%E0%B6%BA" title="රාජය මූලය – Sinhala" lang="si" hreflang="si" data-title="රාජය මූලය" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Public_finance" title="Public finance – Simple English" lang="en-simple" hreflang="en-simple" data-title="Public finance" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Verejn%C3%A9_financie" title="Verejné financie – Slovak" lang="sk" hreflang="sk" data-title="Verejné financie" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Javne_finance" title="Javne finance – Slovenian" lang="sl" hreflang="sl" data-title="Javne finance" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Javni_prihodi" title="Javni prihodi – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Javni prihodi" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/Kauangan_publik" title="Kauangan publik – Sundanese" lang="su" hreflang="su" data-title="Kauangan publik" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Maliye" title="Maliye – Turkish" lang="tr" hreflang="tr" data-title="Maliye" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%94%D0%B5%D1%80%D0%B6%D0%B0%D0%B2%D0%BD%D1%96_%D1%84%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%B8" title="Державні фінанси – Ukrainian" lang="uk" hreflang="uk" data-title="Державні фінанси" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%B3%D8%B1%DA%A9%D8%A7%D8%B1%DB%8C_%D9%85%D8%A7%D9%84%DB%8C%D8%A7%D8%AA" title="سرکاری مالیات – Urdu" lang="ur" hreflang="ur" data-title="سرکاری مالیات" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vec mw-list-item"><a href="https://vec.wikipedia.org/wiki/Finansa_publega" title="Finansa publega – Venetian" lang="vec" hreflang="vec" data-title="Finansa publega" data-language-autonym="Vèneto" data-language-local-name="Venetian" class="interlanguage-link-target"><span>Vèneto</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%C3%A0i_ch%C3%ADnh_c%C3%B4ng" title="Tài chính công – Vietnamese" lang="vi" hreflang="vi" data-title="Tài chính công" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng 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searchaux" style="display:none">Study of the role of government within the economy</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Public Finance" redirects here. 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><th class="sidebar-title"><a class="mw-selflink selflink">Public finance</a></th></tr><tr><td class="sidebar-image"><span class="mw-image-border" typeof="mw:File/Frameless"><a href="/wiki/File:Government-Vedder-Highsmith-detail-1.jpeg" class="mw-file-description"><img alt="Detail from the mural "Government" by Elihu Vedder in the Library of Congress" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/250px-Government-Vedder-Highsmith-detail-1.jpeg" decoding="async" width="250" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/375px-Government-Vedder-Highsmith-detail-1.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/500px-Government-Vedder-Highsmith-detail-1.jpeg 2x" data-file-width="3696" data-file-height="2343" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Public_policy" title="Public policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Agricultural_policy" title="Agricultural policy">Agricultural</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Economic</a></li> <li><a href="/wiki/Energy_policy" title="Energy policy">Energy</a></li> <li><a href="/wiki/Industrial_policy" title="Industrial policy">Industrial</a></li> <li><a href="/wiki/Investment_policy" title="Investment policy">Investment</a></li> <li><a href="/wiki/Social_policy" title="Social policy">Social</a></li> <li><a href="/wiki/Trade_policy" class="mw-redirect" title="Trade policy">Trade</a></li> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Policy_mix" title="Policy mix">Policy mix</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Government_budget" title="Government budget">Budget</a> <ul><li><a href="/wiki/Budgetary_policy" title="Budgetary policy">policy</a></li></ul></li> <li><a href="/wiki/Government_debt" title="Government debt">Debt</a> <ul><li><a href="/wiki/Internal_debt" title="Internal debt">internal</a></li></ul></li> <li><a href="/wiki/Government_budget_deficit" class="mw-redirect" title="Government budget deficit">Deficit / surplus</a></li> <li><a href="/wiki/Finance_minister" class="mw-redirect" title="Finance minister">Finance ministry</a></li> <li><a href="/wiki/Fiscal_union" title="Fiscal union">Fiscal union</a></li> <li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li> <li><a href="/wiki/Government_spending" title="Government spending">Spending</a> <ul><li><a href="/wiki/Deficit_spending" title="Deficit spending">deficit</a></li></ul></li> <li><a href="/wiki/Tax_policy" title="Tax policy">Tax</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Bank_reserves" title="Bank reserves">Bank reserves</a> <ul><li><a href="/wiki/Reserve_requirement" title="Reserve requirement">requirements</a></li></ul></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount window</a></li> <li><a href="/wiki/Gold_reserves" class="mw-redirect" title="Gold reserves">Gold reserves</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Monetary_authority" class="mw-redirect" title="Monetary authority">Monetary authority</a> <ul><li><a href="/wiki/Central_bank" title="Central bank">central bank</a></li> <li><a href="/wiki/Currency_board" title="Currency board">currency board</a></li></ul></li> <li><a href="/wiki/Monetary_base" title="Monetary base">Monetary base</a></li> <li><a href="/wiki/Currency_union" title="Currency union">Monetary (currency) union</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Commercial_policy" title="Commercial policy">Trade policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balance_of_trade" title="Balance of trade">Balance of trade</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Gains_from_trade" title="Gains from trade">Gains from trade</a></li> <li><a href="/wiki/Non-tariff_barrier" class="mw-redirect" title="Non-tariff barrier">Non-tariff barrier</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionism</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a></li> <li><a href="/wiki/Trade_bloc" title="Trade bloc">Trade bloc</a></li> <li><a href="/wiki/Trade_creation" title="Trade creation">Trade creation</a></li> <li><a href="/wiki/Trade_diversion" title="Trade diversion">Trade diversion</a></li> <li><a href="/wiki/Commerce_minister" title="Commerce minister">Trade / commerce ministry</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><div class="hlist"><ul><li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li><li><a href="/wiki/Government_spending" title="Government spending">Spending</a></li></ul></div></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Discretionary_spending" title="Discretionary spending">Discretionary spending</a></li> <li><a href="/wiki/Mandatory_spending" title="Mandatory spending">Mandatory spending</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)">Optimum</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balanced_budget" title="Balanced budget">Balanced budget</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Price_stability" title="Price stability">Price stability</a></li></ul></div></div></td> 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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a <a href="/wiki/Category:Finance" title="Category:Finance">series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Finance" title="Finance">Finance</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/250px-Philippine-stock-market-board.jpg" decoding="async" width="250" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/375px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/500px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_market" title="Financial market">Markets</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_asset" title="Financial asset">Assets</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Bond_market" title="Bond market">Bond</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a></li> <li><a href="/wiki/Domain_name_speculation" title="Domain name speculation">Domains</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><span class="nowrap"><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></span></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Spot_market" title="Spot market">Spot</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planner</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a> <ul><li><a href="/wiki/Institutional_investor" title="Institutional investor">institutional</a></li></ul></li> <li><a href="/wiki/Retail" title="Retail">Retail</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculator</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_centre" title="Financial centre">Locations</a></th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_instrument" title="Financial instrument">Instruments</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-left:2.0em;padding-right:2.0em;"><div class="hlist"> <ul><li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Collateralised_debt_obligation" class="mw-redirect" title="Collateralised debt obligation">Collateralised debt obligation</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swap</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit</a> (<a href="/wiki/Certificate_of_deposit" title="Certificate of deposit">certificate of deposit</a>)</li> <li><a href="/wiki/Line_of_credit" title="Line of credit">Credit line</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative</a></li> <li><a href="/wiki/Futures_contract" title="Futures contract">Futures contract</a></li> <li><a href="/wiki/Indemnity" title="Indemnity">Indemnity</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance</a></li> <li><a href="/wiki/Letter_of_credit" title="Letter of credit">Letter of credit</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mortgage" title="Mortgage">Mortgage</a></li></ul> <div class="hlist"><ul><li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a> (<a href="/wiki/Call_option" title="Call option">call</a></li><li><a href="/wiki/Exotic_option" title="Exotic option">exotic</a></li><li><a href="/wiki/Put_option" title="Put option">put</a>)</li></ul></div> <ul><li><a href="/wiki/Performance_bonds" class="mw-redirect" title="Performance bonds">Performance bonds</a></li> <li><a href="/wiki/Repurchase_agreement" title="Repurchase agreement">Repurchase agreement</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security</a></li> <li><a href="/wiki/Syndicated_loan" title="Syndicated loan">Syndicated loan</a></li> <li><a href="/wiki/Synthetic_CDO" title="Synthetic CDO">Synthetic CDO</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Accounting" title="Accounting">Accounting</a></li> <li><a href="/wiki/Audit" title="Audit">Audit</a></li> <li><a href="/wiki/Capital_budgeting" title="Capital budgeting">Capital budgeting</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Credit_rating_agency" title="Credit rating agency">Credit rating agency</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Financial_risk_management" title="Financial risk management">Risk management</a></li> <li><a href="/wiki/Financial_statement" title="Financial statement">Financial statements</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Transactions</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture capital</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Corporate_tax" title="Corporate tax">Taxation</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS)</li> <li><a href="/wiki/Corporate_tax_haven" class="mw-redirect" title="Corporate tax haven">Corporate tax haven</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax haven</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Personal_finance" title="Personal finance">Personal</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">Credit</a> / <a href="/wiki/Consumer_debt" title="Consumer debt">Debt</a></li> <li><a href="/wiki/Employment_contract" title="Employment contract">Employment contract</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planning</a></li> <li><div class="hlist"><ul><li><a href="/wiki/Retirement" title="Retirement">Retirement</a></li><li><a href="/wiki/Student_loan" title="Student loan">Student loan</a></li></ul></div></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a class="mw-selflink selflink">Public</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;;display:block;margin-top:0.15em;"> <a href="/wiki/Government_spending" title="Government spending">Government spending</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Government_final_consumption_expenditure" title="Government final consumption expenditure">Final consumption expenditure</a></li> <li><div class="hlist"><ul><li><a href="/wiki/Government_operations" class="mw-redirect" title="Government operations">Operations</a></li><li><a href="/wiki/Redistribution_of_income_and_wealth" title="Redistribution of income and wealth">Redistribution</a></li></ul></div></li> <li><a href="/wiki/Transfer_payment" title="Transfer payment">Transfer payment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;;padding-left:0.5em;padding-right:0.5em;"> <ul><li><div class="hlist"><ul><li><a href="/wiki/Tax" title="Tax">Taxation</a></li><li><a href="/wiki/Deficit_spending" title="Deficit spending">Deficit spending</a></li></ul></div></li> <li><div class="hlist"><ul><li><a href="/wiki/Government_budget" title="Government budget">Budget</a> (<a href="/wiki/Government_budget_balance" title="Government budget balance">balance</a>)</li><li><a href="/wiki/Government_debt" title="Government debt">Debt</a></li></ul></div></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Warrant_of_payment" title="Warrant of payment">Warrant of payment</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank" title="Bank">Banking</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li></ul> </div> <ul><li><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></li></ul> <table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;;display:block;margin-top:0.15em;"> <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Banking_license" title="Banking license">Banking license</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a></li> <li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a></li> <li><a href="/wiki/Deposit_insurance" title="Deposit insurance">Deposit insurance</a></li> <li><a href="/wiki/Separation_of_investment_and_retail_banking" title="Separation of investment and retail banking">Separation of investment and retail banking</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a> <b>·</b> <a href="/wiki/Financial_law" title="Financial law">Financial law</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content"> <ul><li><a href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</a></li> <li><a href="/wiki/ISO_31000" title="ISO 31000">ISO 31000</a></li> <li><a href="/wiki/Professional_certification_in_financial_services" title="Professional certification in financial services">Professional certification</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Economic_history" title="Economic history">Economic history</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">Private equity and venture capital</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li> <li><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></li> <li><a href="/wiki/Accounting_scandals" title="Accounting scandals">Accounting scandals</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Outline_of_finance" title="Outline of finance">Outline</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" 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//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Finance_sidebar" title="Template:Finance sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Finance_sidebar" title="Template talk:Finance sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Finance_sidebar" title="Special:EditPage/Template:Finance sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on <a href="/wiki/Financial_services" title="Financial services">financial services</a></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Bank" title="Bank">Banking</a></th></tr><tr><td class="sidebar-image"><span class="skin-invert" typeof="mw:File"><a href="/wiki/File:Community_Noun_project_39956.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/120px-Community_Noun_project_39956.svg.png" decoding="async" width="120" height="126" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/180px-Community_Noun_project_39956.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/240px-Community_Noun_project_39956.svg.png 2x" data-file-width="56" data-file-height="59" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Types of banks</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advising_bank" title="Advising bank">Advising</a></li> <li><a href="/wiki/Banq_(term)" class="mw-redirect" title="Banq (term)">Banq</a></li> <li><a href="/wiki/Bulge_bracket" title="Bulge bracket">Bulge bracket</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial</a></li> <li><a href="/wiki/Community_development_bank" title="Community development bank">Community development</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Custodian_bank" title="Custodian bank">Custodian</a></li> <li><a href="/wiki/Depository_bank" title="Depository bank">Depository</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development</a></li> <li><a href="/wiki/Direct_bank" title="Direct bank">Direct</a></li> <li><a href="/wiki/Export_credit_agency" title="Export credit agency">Export credit agency</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment</a></li> <li><a href="/wiki/Industrial_loan_company" title="Industrial loan company">Industrial</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant</a></li> <li><a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle market</a></li> <li><a href="/wiki/Money_center_bank" title="Money center bank">Money center</a></li> <li><a href="/wiki/Mutual_savings_bank" title="Mutual savings bank">Mutual savings</a></li> <li><a href="/wiki/Neobank" title="Neobank">Neobank</a></li> <li><a href="/wiki/Offshore_bank" title="Offshore bank">Offshore</a></li> <li><a href="/wiki/Participation_banking" title="Participation banking">Participation</a></li> <li><a href="/wiki/Payments_bank" title="Payments bank">Payments</a></li> <li><a href="/wiki/Postal_savings_system" title="Postal savings system">Postal savings</a></li> <li><a href="/wiki/Private_bank" title="Private bank">Private</a></li> <li><a href="/wiki/Public_bank" title="Public bank">Public</a></li> <li><a href="/wiki/Retail_banking" title="Retail banking">Retail</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings</a></li> <li><a href="/wiki/Savings_and_loan_association" title="Savings and loan association">Savings and loan</a></li> <li><a href="/wiki/Universal_bank" title="Universal bank">Universal</a></li> <li><a href="/wiki/Wholesale_banking" title="Wholesale banking">Wholesale</a></li> <li><a href="/wiki/Bank_holding_company" title="Bank holding company">Bank holding company</a></li></ul> <i><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></i></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank_account" title="Bank account">Accounts</a> <b>·</b> <a href="/wiki/Bank_card" title="Bank card">Cards</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Accounts</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Christmas_club" title="Christmas club">Christmas club</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit (Bond)</a></li></ul> <a href="/wiki/Transaction_account" title="Transaction account">Transaction (checking / current)</a></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Cards</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit</a></li> <li><a href="/wiki/Credit_card#Prepaid_cards" title="Credit card">Prepaid</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Funds transfer</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Payment_card" title="Payment card">Card</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic</a> <ul><li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li> <li><a href="/wiki/Mobile_payment" title="Mobile payment">Mobile</a></li></ul></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire</a> <ul><li><a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">RTGS</a></li> <li><a href="/wiki/Net_settlement" title="Net settlement">NS</a></li></ul></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">ACH</a></li> <li><a href="/wiki/Instant_payment" title="Instant payment">Instant payment</a></li> <li><a href="/wiki/Giro_(banking)" title="Giro (banking)">Giro</a></li> <li><a href="/wiki/SWIFT" title="SWIFT">SWIFT</a> <ul><li><a href="/wiki/Correspondent_account" title="Correspondent account">Correspondent account</a></li></ul></li> <li><a href="/wiki/CLS_Group#Operations" title="CLS Group">CLS</a></li> <li><a href="/wiki/Cross-Border_Interbank_Payment_System" title="Cross-Border Interbank Payment System">CIPS</a></li> <li><a href="/wiki/SPFS" title="SPFS">SPFS</a></li> <li><a href="/wiki/BRICS_PAY" title="BRICS PAY">BRICS PAY</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Terms</div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">management</a></li></ul></li> <li><a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">Automated teller machine</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></li> <li><a href="/wiki/Bank_secrecy" title="Bank secrecy">Bank secrecy</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve banking</a></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Islamic banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mobile_banking" title="Mobile banking">Mobile banking</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private_banking" title="Private banking">Private banking</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist" style="padding-bottom:0;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a></li> <li><a href="/wiki/Financial_law" title="Financial law">law</a> <ul><li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/List_of_banks_(alphabetical)" title="List of banks (alphabetical)">List of banks</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a class="mw-selflink selflink">Public finance</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security (finance)</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Shares</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Time_value_of_money" title="Time value of money">Time value of money</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Too_connected_to_fail" title="Too connected to fail">Too connected to fail</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> <ol><li class="mw-empty-elt"></li></ol></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Banking" title="Category:Banking">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:Banking" class="extiw" title="commons:Category:Banking">Commons</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Banking" class="mw-redirect" title="Portal:Banking">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Banking" title="Template:Banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Banking" title="Template talk:Banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Banking" title="Special:EditPage/Template:Banking"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Public finance</b> refers to the monetary resources available to <a href="/wiki/Government" title="Government">governments</a> and also to the study of finance within government and role of the government in the <a href="/wiki/Economy" title="Economy">economy</a>.<sup id="cite_ref-Public_Finance_and_Public_Policy_1-0" class="reference"><a href="#cite_note-Public_Finance_and_Public_Policy-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> As a subject of study, it is the branch of <a href="/wiki/Economics" title="Economics">economics</a> which assesses the <a href="/wiki/Government_revenue" title="Government revenue">government revenue</a> and <a href="/wiki/Government_expenditure" class="mw-redirect" title="Government expenditure">government expenditure</a> of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.<sup id="cite_ref-The_Economics_of_Public_Finance_2-0" class="reference"><a href="#cite_note-The_Economics_of_Public_Finance-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The purview of public finance is considered to be threefold, consisting of governmental effects on:<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <ol><li>The <a href="/wiki/Economic_efficiency" title="Economic efficiency">efficient allocation</a> of available resources;</li> <li>The <a href="/wiki/Distribution_of_income" class="mw-redirect" title="Distribution of income">distribution of income</a> among citizens; and</li> <li>The <a href="/wiki/Economic_stability" title="Economic stability">stability</a> of the economy.</li></ol> <p>Economist <a href="/wiki/Jonathan_Gruber_(economist)" title="Jonathan Gruber (economist)">Jonathan Gruber</a> has put forth a framework to assess the broad field of public finance.<sup id="cite_ref-Gruber,_J._2010_Pg._3_4-0" class="reference"><a href="#cite_note-Gruber,_J._2010_Pg._3-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Gruber suggests public finance should be thought of in terms of four central questions: </p> <ol><li>When should the government intervene in the economy? To which there are two central motivations for government intervention, <a href="/wiki/Market_failure" title="Market failure">Market failure</a> and <a href="/wiki/Redistribution_of_income_and_wealth" title="Redistribution of income and wealth">redistribution of income and wealth</a>.<sup id="cite_ref-Gruber,_J._2010_Pg._3_4-1" class="reference"><a href="#cite_note-Gruber,_J._2010_Pg._3-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></li> <li>How might the government intervene? Once the decision is made to intervene the government must choose the specific tool or policy choice to carry out the intervention (for example public provision, taxation, or subsidization).<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></li> <li>What is the effect of those interventions on economic outcomes? A question to assess the empirical direct and indirect effects of specific government intervention.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li>And finally, why do governments choose to intervene in the way that they do? This question is centrally concerned with the study of <a href="/wiki/Political_economy" title="Political economy">political economy</a>, theorizing how governments make public policy.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ol> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=1" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>One of the more traditional subfields of economics, public finance emphasizes the function and role of government in the economy. A region's inhabitants established a formal or informal entity known as the government to carry out a variety of tasks, including providing for social requirements like education and healthcare as well as protecting the populace's private property from outside threats. </p><p>The proper role of government provides a starting point for the analysis of <a rel="nofollow" class="external text" href="https://www.economicstool.com/2020/02/public-finance.html">public finance</a>. In theory, under certain circumstances, <a href="/wiki/Market_economy" title="Market economy">private markets</a> will allocate goods and services among individuals efficiently (in the sense that no waste occurs and that individual tastes are matching with the economy's productive abilities). If private markets were able to provide efficient outcomes and if the distribution of income were socially acceptable, then there would be little or no scope for government. In many cases, however, conditions for private market efficiency are violated. For example, if many people can enjoy the same good (the moment that good was produced and sold, it starts to give its utility to every one for free) at the same time (non-rival, non-excludable consumption), then private markets may supply too little of that good. National defense is one example of non-rival consumption, or of a <a href="/wiki/Public_good_(economics)" title="Public good (economics)">public good</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>"<a href="/wiki/Market_failure" title="Market failure">Market failure</a>" occurs when private markets do not allocate goods or services efficiently. The existence of market failure provides an efficiency-based rationale for collective or governmental provision of goods and services.<sup id="cite_ref-HewettR_9-0" class="reference"><a href="#cite_note-HewettR-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Externalities" class="mw-redirect" title="Externalities">Externalities</a>, <a href="/wiki/Public_good_(economics)" title="Public good (economics)">public goods</a>, informational advantages, strong <a href="/wiki/Economies_of_scale" title="Economies of scale">economies of scale</a>, and network effects can cause market failures. Public provision via a government or a voluntary association, however, is subject to other inefficiencies, termed "<a href="/wiki/Government_failure" title="Government failure">government failure</a>." </p><p>Under broad assumptions, government decisions about the efficient scope and level of activities can be efficiently separated from decisions about the design of taxation systems (Diamond-Mirrlees separation). In this view, <a href="/wiki/Public_sector" title="Public sector">public sector</a> programs should be designed to maximize social benefits minus costs (<a href="/wiki/Cost-benefit" class="mw-redirect" title="Cost-benefit">cost-benefit</a> analysis), and then revenues needed to pay for those expenditures should be raised through a <a href="/wiki/Tax" title="Tax">taxation</a> system that creates the fewest efficiency losses caused by <a href="/wiki/Distortion_(economics)" class="mw-redirect" title="Distortion (economics)">distortion</a> of economic activity as possible. In practice, government <a href="/wiki/Budgeting" class="mw-redirect" title="Budgeting">budgeting</a> or <a href="/wiki/Public_budgeting" title="Public budgeting">public budgeting</a> is substantially more complicated and often results in inefficient practices. </p><p>Government can pay for spending by borrowing (for example, with <a href="/wiki/Government_bond" title="Government bond">government bonds</a>), although borrowing is a method of distributing tax burdens through time rather than a replacement for taxes. A <a href="/wiki/Government_budget_deficit" class="mw-redirect" title="Government budget deficit">deficit</a> is the difference between government spending and revenues. The accumulation of deficits over time is the total public <a href="/wiki/Debt" title="Debt">debt</a>. Deficit finance allows governments to smooth tax burdens over time and gives governments an important <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a> tool. Deficits can also narrow the options of successor governments. There is also a difference between public and private finance, in public finance the source of income is indirect, e.g., various taxes (specific taxes, value added taxes), but in private finance sources of income is direct.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Although public finance only began to be viewed as a body of knowledge no more than a century and a half ago, there is evidence of principles common to public finance as early as the <a href="/wiki/Bible" title="Bible">bible</a> with discussions of Sunday-trade, slavery regulations, and compassion for the poor. Public finance, although not explicitly named, is often the subject of much of <a href="/wiki/Political_philosophy" title="Political philosophy">political philosophy</a>. </p><p>These concepts can be seen in <a href="/wiki/Ancient_Greece" title="Ancient Greece">ancient greece</a> as well, although it was split into two categories there: on one hand the government was to provide for a theater in every city and works of art in the country side. On the other hand, the government was to provide financing for war. Unemployment in ancient Greece was virtually non-existent as Greek economic rule equated heavily to <a href="/wiki/Slavery_in_ancient_Greece" title="Slavery in ancient Greece">slavery</a>. Greek <a href="/wiki/Economic_development" title="Economic development">economic development</a> as per the governmental duties extended to growth, equity, and employment. </p><p><a href="/wiki/Roman_Empire" title="Roman Empire">The Romans</a> later popularized systemic bodies of law. They guaranteed <a href="/wiki/Freedom_of_contract" title="Freedom of contract">freedom of contract</a> and property, as well as reasonable price and value. They also developed a well-maintained system of roads and colonies which led to one of the first real tax systems. Their system was tbased on two types of taxes: <a href="/wiki/Tributum" title="Tributum">tributa</a> and <a href="/wiki/Octroi" title="Octroi">vectigalia</a>. The former included the <a href="/wiki/Land_tax" class="mw-redirect" title="Land tax">land tax</a> and a <a href="/wiki/Poll_tax" title="Poll tax">poll tax</a>, while the latter was made up of another poll tax, an <a href="/wiki/Inheritance_tax" title="Inheritance tax">inheritance tax</a>, a <a href="/wiki/Sales_tax" title="Sales tax">sales tax</a>, and a postage tax. Other taxes depended entirely on the city and were usually temporary. These taxes were used among other things to fund the military, establish trade routes, and fund the <a href="/wiki/Cursus_publicus" title="Cursus publicus">cursus publicum</a>. Each region had a set amount to pay which would be collected by aristocrats. Who paid taxes was determined by local officials. The Romans employed a <a href="/wiki/Regressive_tax" title="Regressive tax">regressive tax</a> system wherein the lower income levels paid higher taxes and the wealthier enjoyed reduced taxation.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>During <a href="/wiki/Feudalism" title="Feudalism">feudalism</a> lacking communication led to issues with pre-existing tax systems. Taxation was organized based on what "men spend" in hopes of encouraging investment and savings. Since the government was meant to take care of those who would otherwise turn to charity or crime by means of an allowance provided by a public tax, it is one of the first concepts of what could be considered a <a href="/wiki/Negative_income_tax" title="Negative income tax">negative income tax</a>. Additionally, in England at the time, the main taxes paid were <a href="/wiki/Danegeld" title="Danegeld">land taxes</a>, a tax that was collected in order to pay for mercenaries. The first mention of a tax in Anglo-Saxon England dates back to the 7th century where it's specified that fines resulting from judicial cases should be paid to the king. Later something known as <a href="/wiki/Food_render" title="Food render">food rent</a> was introduced, wherein regions would pay a certain amount of their foodstuffs to the king periodically. </p><p>This food rent was not too dissimilar from the taxes imposed on serfs in Russia in the <a href="/wiki/Middle_Ages" title="Middle Ages">Middle Ages</a> wherein they were to pay most of their produce and goods to the local lord. In 1550 serfs were instructed to pay another tax called za povoz, which was imposed on those who refused to deliver the harvest from their fields to their master. Later in the eighteenth and nineteenth century lords began having to pay a per capita tax for each of their peasants and were responsible for their well-being during times of famine. </p><p>Toward this time, public finance and interest in how governments were to utilize the money earned from taxes as well as how to provide for their state became increasingly common. </p><p>The <a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a> approach first became popular toward the middle of the 17th century, popularized especially by <a href="/wiki/Charles_Davenant" title="Charles Davenant">Charles Davenant</a>. The laissez-faire attitude was especially common with <a href="/wiki/Physiocracy" title="Physiocracy">Physiocrats</a> in France (as opposed to the classical school in Britain). They maintained a "<i>laissez-faire, laisser-passer"</i> attitude, with one of the central ideas being that the government's central role should be to guarantee private property, and the maintenance of one single tax, namely the <i>produit net</i>, which encompassed the farmer's surplus. </p><p><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> also advocated for the laissez-faire attitude, but also claimed that the government would need to take a more proactive role in protection, <a href="/wiki/Justice" title="Justice">justice</a>, and <a href="/wiki/Public_works" title="Public works">public works</a>. He first proposed the idea of a <a href="/wiki/Public_good_(economics)" title="Public good (economics)">public good</a>, as he believed that a good could provide a value to society as whole that would exceed the value it would provide to only one individual. Adam Smith also maintained that a government should maintain a properly regulated money flow and <a href="/wiki/Bank" title="Bank">banking system</a>, <a href="/wiki/Patent" title="Patent">patents</a> as well as <a href="/wiki/Copyright" title="Copyright">copyrights</a>,  and provide <a href="/wiki/State_school" title="State school">public education</a> and <a href="/wiki/Public_transport" title="Public transport">transport</a>. For him public projects always needed to yield a profit that would be greater to society than the individual. One of the most pivotal works on taxation, Adam Smith's <i>Canons of Taxation</i> gave further criteria for taxation, namely equality, certainty, convenience, and economy. </p><p>Following Adam Smith, several economists expanded on his ideas, or transformed them as in the case of <a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a>, who believed that tax-financed public works would be most effective, so long as it created greater demand for labor and commodities. </p><p>Public finance as a field began becoming more well-known and independently recognized around this time, with <a href="/wiki/John_Ramsay_McCulloch" title="John Ramsay McCulloch">John Ramsay McCulloch</a> writing many pivotal works in the field.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Public_finance_management">Public finance management</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=3" title="Edit section: Public finance management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Collection of sufficient resources from the economy in an appropriate manner along with allocating and use of these resources efficiently and effectively constitute good financial management. Resource generation, resource allocation, and expenditure management (resource utilization) are the essential components of a <b>public financial management</b> system. </p><p>The following subdivisions form the subject matter of public finance. </p> <ol><li>Public expenditure</li> <li>Public revenue</li> <li>Public debt</li> <li>Financial administration</li> <li>Federal finance</li> <li>Fiscal policy</li></ol> <div class="mw-heading mw-heading2"><h2 id="Government_expenditures">Government expenditures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=4" title="Edit section: Government expenditures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Government_spending" title="Government spending">Government spending</a></div> <p>Economists classify government expenditures into three main types. Government purchases of goods and services for current use are classed as <a href="/wiki/National_Income_and_Product_Accounts#Accounting_for_national_product:_the_right_side_of_the_report" title="National Income and Product Accounts">government consumption</a>. Government purchases of goods and services intended to create future benefits – such as infrastructure investment or research spending – are classed as <a href="/wiki/National_Income_and_Product_Accounts#Accounting_for_national_product:_the_right_side_of_the_report" title="National Income and Product Accounts">government investment</a>. Government expenditures that are not purchases of goods and services, and instead just represent transfers of money – such as social security payments – are called <a href="/wiki/Transfer_payment" title="Transfer payment">transfer payments</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Government_operations">Government operations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=5" title="Edit section: Government operations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Government_operations" class="mw-redirect" title="Government operations">Government operations</a></div> <p>Government operations are those activities involved in the running of a <a href="/wiki/State_(polity)" title="State (polity)">state</a> or a functional equivalent of a state (for example, <a href="/wiki/Tribe" title="Tribe">tribes</a>, <a href="/wiki/Secessionist" class="mw-redirect" title="Secessionist">secessionist</a> movements or <a href="/wiki/Revolutionary" title="Revolutionary">revolutionary</a> movements) for the purpose of producing <a href="/wiki/Value_(economics)" title="Value (economics)">value</a> for the <a href="/wiki/Citizen" class="mw-redirect" title="Citizen">citizens</a>. Government operations have the power to make, and the authority to enforce rules and laws within a civil, <a href="/wiki/Corporation" title="Corporation">corporate</a>, <a href="/wiki/Religious" class="mw-redirect" title="Religious">religious</a>, <a href="/wiki/Academic" class="mw-redirect" title="Academic">academic</a>, or other <a href="/wiki/Organization" title="Organization">organization</a> or group.<sup id="cite_ref-Columbia_14-0" class="reference"><a href="#cite_note-Columbia-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Income_distribution">Income distribution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=6" title="Edit section: Income distribution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Income_distribution" title="Income distribution">Income distribution</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Redistribution_(economics)" class="mw-redirect" title="Redistribution (economics)">Redistribution (economics)</a></div> <ul><li><a href="/wiki/Income_distribution" title="Income distribution">Income distribution</a> – Some forms of government expenditure are specifically intended to <a href="/wiki/Transfer_payment" title="Transfer payment">transfer</a> income from some groups to others. For example, governments sometimes transfer income to people that have suffered a loss due to natural disaster. Likewise, public <a href="/wiki/Pension" title="Pension">pension</a> programs transfer wealth from the young to the old. Other forms of government expenditure that represent purchases of goods and services also have the effect of changing the income distribution. For example, engaging in a <a href="/wiki/War" title="War">war</a> may transfer wealth to certain sectors of society. <a href="/wiki/Public_education" class="mw-redirect" title="Public education">Public education</a> transfers wealth to families with children in these schools. Public <a href="/wiki/Road_construction" class="mw-redirect" title="Road construction">road construction</a> transfers wealth from people that do not use the roads to those people that do (and to those that build the roads).</li> <li><a href="/wiki/Social_security" class="mw-redirect" title="Social security">Income Security</a></li> <li><a href="/wiki/Employment_insurance" class="mw-redirect" title="Employment insurance">Employment insurance</a></li> <li><a href="/wiki/Health_Care" class="mw-redirect" title="Health Care">Health Care</a></li> <li><a href="/wiki/Public_financing_of_campaigns" class="mw-redirect" title="Public financing of campaigns">Public financing of campaigns</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Financing_of_government_expenditures">Financing of government expenditures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=7" title="Edit section: Financing of government expenditures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:2006budget_income.PNG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/2006budget_income.PNG/350px-2006budget_income.PNG" decoding="async" width="350" height="154" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/2006budget_income.PNG/525px-2006budget_income.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/2006budget_income.PNG/700px-2006budget_income.PNG 2x" data-file-width="1425" data-file-height="625" /></a><figcaption>Budgeted revenues of governments in 2006.</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></div> <p>Government expenditures are financed primarily in three ways: </p> <ul><li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a> <ul><li><a href="/wiki/Tax" title="Tax">Taxes</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a> (revenue from <a href="/wiki/Government-owned_corporation" class="mw-redirect" title="Government-owned corporation">government-owned corporations</a>, <a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">sovereign wealth funds</a>, sales of assets, or <a href="/wiki/Seigniorage" title="Seigniorage">seigniorage</a>)</li></ul></li> <li><a href="/wiki/Government_debt" title="Government debt">Government borrowing</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li></ul> <p>How a government chooses to finance its activities can have important effects on the distribution of income and wealth (<a href="/wiki/Income_redistribution" class="mw-redirect" title="Income redistribution">income redistribution</a>) and on the efficiency of markets (<a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">effect of taxes on market prices and efficiency</a>). The issue of how taxes affect income distribution is closely related to <a href="/wiki/Tax_incidence" title="Tax incidence">tax incidence</a>, which examines the distribution of tax burdens after market adjustments are taken into account. Public finance research also analyzes effects of the various types of taxes and types of borrowing as well as administrative concerns, such as tax enforcement. </p> <div class="mw-heading mw-heading3"><h3 id="Taxes">Taxes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=8" title="Edit section: Taxes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Tax" title="Tax">Tax</a> and <a href="/wiki/Fiscal_capacity" title="Fiscal capacity">Fiscal capacity</a></div> <p>Taxation is the central part of modern public finance. Its significance arises not only from the fact that it is by far the most important of all revenues but also because of the gravity of the problems created by the present day tax burden.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The main objective of taxation is raising revenue. A high level of taxation is necessary in a welfare State to fulfill its obligations. Taxation is used as an instrument of attaining certain social objectives, i.e., as a means of redistribution of wealth and thereby reducing inequalities. Taxation in a modern government is thus needed not merely to raise the revenue required to meet its expenditure on administration and social services, but also to reduce the inequalities of income and wealth. Taxation might also be needed to draw away money that would otherwise go into consumption and cause inflation to rise.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>A tax is a financial charge or other <a href="/wiki/Tax" title="Tax">levy</a> imposed on an individual or a <a href="/wiki/Juristic_person" class="mw-redirect" title="Juristic person">legal entity</a> by a <a href="/wiki/State_(polity)" title="State (polity)">state</a> or a functional equivalent of a state (for example, <a href="/wiki/Tribe" title="Tribe">tribes</a>, <a href="/wiki/Secessionist" class="mw-redirect" title="Secessionist">secessionist</a> movements or <a href="/wiki/Revolutionary" title="Revolutionary">revolutionary</a> movements). Taxes could also be imposed by a <a href="/wiki/Subnational_entity" class="mw-redirect" title="Subnational entity">subnational entity</a>. Taxes consist of <a href="/wiki/Direct_tax" title="Direct tax">direct tax</a> or <a href="/wiki/Indirect_tax" title="Indirect tax">indirect tax</a>, and may be paid in <a href="/wiki/Money" title="Money">money</a> or as <i><a href="/wiki/Corv%C3%A9e" title="Corvée">corvée</a></i> labor. A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government [ . . .] a payment exacted by legislative authority."<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government [ . . .] whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <ul><li>There are various types of taxes, broadly divided into two heads – direct (which is proportional) and indirect tax (which is differential in nature):</li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp duty</a>, levied on documents</li> <li><a href="/wiki/Excise" title="Excise">Excise</a> tax (tax levied on production for sale, or sale, of a certain good)</li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales tax</a> (tax on business transactions, especially the <a href="/wiki/Sales" title="Sales">sale</a> of <a href="/wiki/Goods_and_services" title="Goods and services">goods and services</a>) <ul><li><a href="/wiki/Value_added_tax" class="mw-redirect" title="Value added tax">Value added tax</a> (VAT) is a type of sales tax</li> <li>Services taxes on specific services</li></ul></li> <li><a href="/wiki/Road_tax" title="Road tax">Road tax</a>; <a href="/wiki/Vehicle_excise_duty" class="mw-redirect" title="Vehicle excise duty">Vehicle excise duty</a> (UK), Registration Fee (US), Regco (Australia), Vehicle Licensing Fee (Brazil) etc.</li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift tax</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duties</a> (taxes on importation, levied at <a href="/wiki/Customs" title="Customs">customs</a>)</li> <li><a href="/wiki/Corporate_income_tax" class="mw-redirect" title="Corporate income tax">Corporate income tax</a> on <a href="/wiki/Corporations" class="mw-redirect" title="Corporations">corporations</a> (<a href="/wiki/Incorporation_(business)" title="Incorporation (business)">incorporated</a> entities)</li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth tax</a></li> <li><a href="/wiki/Personal_income_tax" class="mw-redirect" title="Personal income tax">Personal income tax</a> (may be levied on individuals, families such as the <a href="/wiki/Hindu_joint_family" title="Hindu joint family">Hindu joint family</a> in India, <a href="/wiki/Voluntary_association" title="Voluntary association">unincorporated associations</a>, etc.)</li></ul> <div class="mw-heading mw-heading3"><h3 id="Debt">Debt</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=9" title="Edit section: Debt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Government_debt" title="Government debt">Government debt</a></div> <p>Governments, like any other legal entity, can take out <a href="/wiki/Loan" title="Loan">loans</a>, issue <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, and make <a href="/wiki/Invest#Finance" class="mw-redirect" title="Invest">financial investments</a>. Government debt (also known as public debt or national debt) is <a href="/wiki/Money" title="Money">money</a> (or <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a>) owed by any level of <a href="/wiki/Government" title="Government">government</a>; either <a href="/wiki/Central_government" title="Central government">central or federal government</a>, <a href="/wiki/Municipal_government" class="mw-redirect" title="Municipal government">municipal government</a>, or <a href="/wiki/Local_government" title="Local government">local government</a>. Some local governments issue bonds based on their taxing authority, such as <a href="/wiki/Tax_increment_financing" title="Tax increment financing">tax increment bonds</a> or <a href="/wiki/Revenue_bond" title="Revenue bond">revenue bonds</a>. </p><p>As the government represents the people, government debt can be seen as an indirect debt of the <a href="/wiki/Tax" title="Tax">taxpayers</a>. Government debt can be categorized as <a href="/wiki/Internal_debt" title="Internal debt">internal debt</a>, owed to lenders within the country, and <a href="/wiki/External_debt" title="External debt">external debt</a>, owed to foreign lenders. Governments usually borrow by issuing <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a> such as <a href="/wiki/Government_bond" title="Government bond">government bonds</a> and bills. Less creditworthy countries sometimes borrow directly from <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> or international institutions such as the International Monetary Fund or the World Bank. </p><p>Most government budgets are calculated on a cash basis, meaning that revenues are recognized when collected and outlays are recognized when paid. Some consider all government liabilities, including future <a href="/wiki/Pension" title="Pension">pension</a> payments and payments for goods and services the government has contracted for but not yet paid, as government debt. This approach is called accrual accounting, meaning that obligations are recognized when they are acquired, or accrued, rather than when they are paid. This constitutes public debt. </p> <div class="mw-heading mw-heading3"><h3 id="Seigniorage">Seigniorage</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=10" title="Edit section: Seigniorage"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Seigniorage" title="Seigniorage">Seigniorage</a></div> <p>Seigniorage is the net <a href="/wiki/Revenue" title="Revenue">revenue</a> derived from the issuing of <a href="/wiki/Currency" title="Currency">currency</a>. It arises from the difference between the <a href="/wiki/Face_value" title="Face value">face value</a> of a <a href="/wiki/Coin" title="Coin">coin</a> or <a href="/wiki/Banknote" title="Banknote">banknote</a> and the cost of producing, distributing and eventually retiring it from circulation. Seigniorage is an important source of revenue for some <a href="/wiki/Central_bank" title="Central bank">national banks</a>, although it provides a very small proportion of revenue for advanced industrial countries.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Public_finance_through_state_enterprise">Public finance through state enterprise</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=11" title="Edit section: Public finance through state enterprise"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Public finance in centrally planned economies has differed in fundamental ways from that in market economies. Some state-owned enterprises generated profits that helped finance government activities.. In various mixed economies, the revenue generated by state-owned enterprises is used for various state endeavors; typically the revenue generated by state and government agencies. </p> <div class="mw-heading mw-heading2"><h2 id="Government_finance_statistics_and_methodology">Government finance statistics and methodology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=12" title="Edit section: Government finance statistics and methodology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Macroeconomic data to support public finance economics are generally referred to as fiscal or government finance statistics (GFS). <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/gfs/manual/index.htm"><i>The Government Finance Statistics Manual 2001 (GFSM 2001)</i></a> is the internationally accepted methodology for compiling fiscal data. It is consistent with regionally accepted methodologies such as the <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100529171142/http://circa.europa.eu/irc/dsis/nfaccount/info/data/esa95/esa95-new.htm"><i>European System of Accounts 1995</i></a> and consistent with the methodology of the <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090430043521/http://unstats.un.org/unsd/sna1993/toctop.asp?L1=4"><i>System of National Accounts (SNA1993)</i></a> and broadly in line with its most recent update, the <a rel="nofollow" class="external text" href="http://unstats.un.org/unsd/nationalaccount/sna2008.asp"><i>SNA2008</i></a>. </p> <div class="mw-heading mw-heading3"><h3 id="Measuring_the_public_sector">Measuring the public sector</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=13" title="Edit section: Measuring the public sector"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The size of governments, their institutional composition and complexity, their ability to carry out large and sophisticated operations, and their impact on the other sectors of the economy warrant a well-articulated system to measure government economic operations. </p><p>The <i>GFSM 2001</i> addresses the institutional complexity of government by defining various levels of government. The main focus of the <i>GFSM 2001</i> is the general government sector defined as the group of entities capable of implementing public policy through the provision of primarily non market goods and services and the <a href="/wiki/Redistribution_of_income_and_wealth" title="Redistribution of income and wealth">redistribution of income and wealth</a>, with both activities supported mainly by compulsory levies on other sectors. The <i>GFSM 2001</i> disaggregates the general government into subsectors: central government, state government, and local government (See Figure 1). The concept of general government does not include <a href="/wiki/Government-owned_corporation" class="mw-redirect" title="Government-owned corporation">public corporations</a>. The general government plus the public corporations comprise the public sector (See Figure 2). </p> <figure class="mw-default-size mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:General_Government.jpg" class="mw-file-description"><img alt="Economic Structure of the General Government." src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9b/General_Government.jpg/440px-General_Government.jpg" decoding="async" width="440" height="304" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9b/General_Government.jpg/660px-General_Government.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/9/9b/General_Government.jpg 2x" data-file-width="802" data-file-height="555" /></a><figcaption><b>Figure 1: General Government</b> (IMF <i>Government Finance Statistics Manual 2001</i>(Washington, 2001) pp.13</figcaption></figure> <figure class="mw-default-size mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Public_Sector.png" class="mw-file-description"><img alt="Economic Structure of the Public Sector." src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Public_Sector.png/440px-Public_Sector.png" decoding="async" width="440" height="328" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Public_Sector.png/660px-Public_Sector.png 1.5x, //upload.wikimedia.org/wikipedia/commons/7/73/Public_Sector.png 2x" data-file-width="674" data-file-height="502" /></a><figcaption><b>Figure 2: Public Sector</b>(IMF <i>Government Finance Statistics Manual 2001</i>(Washington, 2001) pp.15</figcaption></figure> <p>The general government sector of a nation includes all non-private sector institutions, organisations and activities. The general government sector, by convention, includes all the public corporations that are not able to cover at least 50% of their costs by sales, and, therefore, are considered non-market producers.<sup id="cite_ref-gen_20-0" class="reference"><a href="#cite_note-gen-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>In the European System of Accounts,<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> the sector "general government" has been defined as containing: </p> <ul><li>"All institutional units which are other non-market producers whose output is intended for individual and collective consumption, and mainly financed by compulsory payments made by units belonging to other sectors, and/or all institutional units principally engaged in the redistribution of national income and wealth".<sup id="cite_ref-gen_20-1" class="reference"><a href="#cite_note-gen-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li></ul> <p>Therefore, the main functions of general government units are : </p> <ul><li>to organize or redirect the flows of money, goods and services, or other assets among corporations, among households, and between corporations and households; in the purpose of social justice, increased efficiency or other aims legitimized by the citizens—examples are the redistribution of national income and wealth, the corporate income tax paid by companies to finance unemployment benefits, the social contributions paid by employees to finance the pension systems;</li> <li>to produce goods and services to satisfy households' needs (e.g., state health care) or to collectively meet the needs of the whole community (e.g. defense, public order, and safety).<sup id="cite_ref-gen_20-2" class="reference"><a href="#cite_note-gen-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li></ul> <p>The general government sector, in the European System of Accounts, has four sub-sectors: </p> <ol><li>central government</li> <li>state government</li> <li>local government</li> <li>social security funds</li></ol> <p>"Central government"<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> consists of all administrative departments of the state and other central agencies whose responsibilities cover the whole economic territory of a country, except for the administration of social security funds. </p><p>"State government"<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> is defined as the separate institutional units that exercise some government functions below those units at central government level and above those units at local government level, excluding the administration of social security funds. </p><p>"Local government"<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> consists of all types of public administration whose responsibility covers only a local part of the economic territory, apart from local agencies of social security funds. </p><p>"Social security fund"<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> is a central, state or local institutional unit whose main activity is to provide social benefits. It fulfils the two following criteria: </p> <ul><li>by law or regulation (except those about government employees), certain population groups must take part in the scheme and have to pay contributions;</li> <li>general government is responsible for the management of the institutional unit, for the payment or approval of the level of the contributions and of the benefits, independent of its role as a supervisory body or employer.</li></ul> <p>The <i>GFSM 2001</i> framework is similar to the financial accounting of businesses. For example, it recommends that governments produce a full set of financial statements including the statement of government operations (akin to the <a href="/wiki/Income_statement" title="Income statement">income statement</a>), the <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a>, and a <a href="/wiki/Cash_flow_statement" title="Cash flow statement">cash flow statement</a>. Two other similarities between the GFSM 2001 and business financial accounting are the recommended use of <a href="/wiki/Comparison_of_Cash_Method_and_Accrual_Method_of_accounting" class="mw-redirect" title="Comparison of Cash Method and Accrual Method of accounting">accrual accounting</a> as the basis of recording and the presentations of stocks of assets and liabilities at <a href="/wiki/Market_value" title="Market value">market value</a>. It is an improvement on the prior methodology – <i>Government Finance Statistics Manual 1986</i> – based on cash flows and without a balance sheet statement. </p> <div class="mw-heading mw-heading3"><h3 id="Users_of_GFS">Users of GFS</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=14" title="Edit section: Users of GFS"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <i>GFSM 2001</i> recommends standard tables including standard fiscal indicators that meet a broad group of users including policy makers, researchers, and investors in sovereign debt. Government finance statistics should offer data for topics such as the fiscal architecture, the measurement of the efficiency and effectiveness of government expenditures, the economics of taxation, and the structure of public financing. The <i>GFSM 2001</i> provides a blueprint for the compilation, recording, and presentation of revenues, expenditures, stocks of assets, and stocks of liabilities. The <i>GFSM 2001</i> also defines some indicators of effectiveness in government's expenditures, for example the compensation of employees as a percentage of expense. The <i>GFSM 2001</i> includes a functional classification of expense as defined by the Classification of Functions of Government (COFOG) . </p><p>This functional classification allows policy makers to analyze expenditures on categories such as health, education, social protection, and environmental protection. The financial statements can provide investors with the necessary information to assess the capacity of a government to service and repay its debt, a key element determining sovereign risk, and risk premia. Like the risk of default of a private corporation, sovereign risk is a function of the level of debt, its ratio to liquid assets, revenues and expenditures, the expected growth and volatility of these revenues and expenditures, and the cost of servicing the debt. The government's financial statements contain the relevant information for this analysis. </p><p>The government's balance sheet presents the level of the debt; that is the government's liabilities. The memorandum items of the balance sheet provide additional information on the debt including its maturity and whether it is owed to domestic or external residents. The balance sheet also presents a disaggregated classification of financial and non-financial assets. </p><p>These data help estimate the resources a government can potentially access to repay its debt. The statement of operations ("income statement") contains the revenue and expense accounts of the government. The revenue accounts are divided into subaccounts, including the different types of taxes, social contributions, dividends from the public sector, and royalties from natural resources. Finally, the interest expense account is one of the necessary inputs to estimate the cost of servicing the debt. </p> <div class="mw-heading mw-heading3"><h3 id="Fiscal_data_using_the_GFSM_2001_methodology">Fiscal data using the <i>GFSM 2001</i> methodology</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=15" title="Edit section: Fiscal data using the GFSM 2001 methodology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>GFS can be accessible through several sources. The International Monetary Fund publishes GFS in two publications: <i>International Financial Statistics</i> and the <i>Government Finance Statistics Yearbook</i>. The World Bank gathers information on external debt. On a regional level, the Organization for Economic Co-operation and Development (Dibidami ) compiles general government account data for its members, and Eurostat, following a methodology compatible with the GFSM 2001, compiles GFS for the members of the European Union. </p> <div class="mw-heading mw-heading2"><h2 id="Public_finance_and_social_equality">Public finance and social equality</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=16" title="Edit section: Public finance and social equality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Social_equality" title="Social equality">Social equality</a> is the equivalent treatment of and opportunity for members of different groups within society regardless of individual distinctions of race, ethnicity, gender, age, social class, socioeconomic status, sexual orientation, or other characteristics or circumstances.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>Social fairness includes the equal access of the various groups forming society to the financial resources and opportunities in all areas. This concept is ensuring that every individual, despite their socioeconomic condition, race, gender, and other qualities, get equal opportunities to benefit from <a href="/wiki/Public_service" title="Public service">public services</a> that relate to health, education, and social welfare. </p> <div class="mw-heading mw-heading3"><h3 id="Principles_of_social_equality_in_public_finance">Principles of social equality in public finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=17" title="Edit section: Principles of social equality in public finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The core tenets of promoting social equality through public finance include:<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Equitable taxation: The taxing system is set to be equitable and not to burden the poor while providing enough revenue to fund the government expenditures. Mostly, this will involve <a href="/wiki/Progressive_tax" title="Progressive tax">progressive taxations</a> in which higher earners pay a higher rate.</li> <li>Uniform resource distribution: It ensures that public services across regions are of high quality and equal, including those from the less wealthy areas. This approach helps to mitigate regional disparities in access to government services.</li> <li>Universal access to services: These policies are put in place to make sure that all citizens have access to some of the essential public services. For example, among the services ensuring the well-being and economic productivity of people are primary education, healthcare, and public safety.</li> <li>Anti-discrimination measures: To enforce policies meant for the prevention of discrimination in the distribution of services and <a href="/wiki/Employment" title="Employment">employment</a> within the government sector. That is necessary in a society where people have an equal chance to succeed.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Implementation_strategies">Implementation strategies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=18" title="Edit section: Implementation strategies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To achieve social equality, governments employ a variety of strategies, including: </p> <ul><li>Policy evaluation and adjustment: Evaluation of the influence behind <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policies</a> on the different demographic groups. Implemented to guarantee that said policies are effective.</li> <li>Public engagement: In this way, the process includes diverse community stakeholders to ensure they contribute and their needs are also addressed in the policies.</li> <li>Legislative reforms: Laws that support equitable access to resources and protect against discrimination in public service delivery.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Challenges_and_considerations">Challenges and considerations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=19" title="Edit section: Challenges and considerations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The challenges of a political nature and <a href="/wiki/Budget_constraint" title="Budget constraint">budget constraints</a> are among many, which could prevent integration of social equality into public finance. There has to be constant review and fine-tuning of the policies with full commitment to fairness in the distribution of public finance. </p><p>These principles and strategies might very well make public finance one of the strongest allies for social equality—one where everyone has, under any circumstance, fair chances for success and participation in the benefits provided by society. </p> <div class="mw-heading mw-heading2"><h2 id="Public_finance_and_social_equity">Public finance and social equity</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=20" title="Edit section: Public finance and social equity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Social_equity" title="Social equity">Social equity</a> is the fair, just and equitable management of all institutions serving the public directly or by contract; and the fair and equitable distribution of public services, and implementation of public policy; and the commitment to promote fairness, justice and equity in the formation of public policy.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>Social equity in public finance underlies the principles and practices that work toward fair distribution of public resources, especially geared towards reducing inequalities between different social groups. This idea is very relevant for designing and implementing public policies, notably towards issues such as <a href="/wiki/Tax" title="Tax">taxation</a>, budget allocations, and <a href="/wiki/Government_spending" title="Government spending">public spending</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Concepts_and_implementation">Concepts and implementation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=21" title="Edit section: Concepts and implementation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Social equity requires formulating <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policies</a> that are not only fair but also inclusive across all groups of society. In more cases than not, this calls for a <a href="/wiki/Progressive_tax" title="Progressive tax">progressive tax</a> system, where people of higher income bring in a higher percentage of their incomes, which helps in redistributing the resources toward communities that are under-served. </p><p>This underpins the importance for local governments to consider social equity in their strategic planning and budgeting process. This achieved through techniques such as the "<a href="/wiki/Original_position" title="Original position">veil of ignorance</a>," which would be applied to make sure that policy makers design systems without any bias based on their personal characteristics, such as race, income, or place of residence. Under this experiment, decision-makers would ideally create systems that they would deem fair regardless of their status in society.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Focus_areas">Focus areas</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=22" title="Edit section: Focus areas"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In practice, successful involvement of social equity in public finance often requires a focus on specific demographic groups most affected by disparities, such as those differentiated by race, socio-economic status, or geographic location. Local governments may, in this way, bring equity by being able to customize public services and even distribution of resources to those groups, effectively dealing with the systemic inequalities. </p><p>Achieving social equity is challenged by limited resources, political resistance, and economic disparities, respectively. Overcoming them calls for transparent policymaking, antidiscrimination laws, and region-specific policies. Success, on the other hand, calls for involvement from the stakeholders and effective governance that takes into account long-term planning and <a href="/wiki/Sustainability" title="Sustainability">sustainability</a>.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Measuring_Social_Equity">Measuring Social Equity</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=23" title="Edit section: Measuring Social Equity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Clear goals have to be set with regard to measuring social equity and also relevant metrics. Common measures include accessibility to quality education, health outcomes from healthcare, and walkability of neighborhoods. Local governments can measure through such indicators the efficiency of their efforts and performance in the allocation of resources from the budget to take care of the social disparities.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>In so doing, public finance may appear as a very strong lever that guarantees social equity based on the ability of all members of the community to gain respective fair access to the opportunities required for their well-being and success. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=24" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional economics</a></li> <li><a href="/wiki/Efficiency_dividend" title="Efficiency dividend">Efficiency dividend</a></li> <li><a href="/wiki/Fiscal_incidence" title="Fiscal incidence">Fiscal incidence</a></li> <li><a href="/wiki/Government_budget" title="Government budget">Government budget</a></li> <li><a href="/wiki/Henry_George_Theorem" class="mw-redirect" title="Henry George Theorem">Henry George Theorem</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public economics</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=25" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li 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no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFGruber2005" class="citation book cs1">Gruber, Jonathan (2005). <i>Public Finance and Public Policy</i>. 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(2010) Public Finance and Public Policy (Third Edition), Worth Publishers, Pg. 3, Part 1</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Gruber, J. (2010) Public Finance and Public Policy , Worth Publishers, Pg. 6, Part 1</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Gruber, J. (2010) Public Finance and Public Policy (Third Edition), Worth Publishers, Pg. 7, Part 1</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Gruber, J. 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Retrieved <span class="nowrap">2024-04-27</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Global+Dialogue+on+Public+Finance+and+Tax+for+Gender+Equality+%E2%80%93+Gender+Equality+Seal+for+Public+Institutions&rft.date=2024-03-01&rft_id=https%3A%2F%2Fwww.gendersealpublicinstitutions.org%2Fglobal-dialogue-on-public-finance-and-tax-for-gender-equality%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APublic+finance" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIncorporated" class="citation web cs1">Incorporated, Prime. <a rel="nofollow" class="external text" href="https://napawash.org/working-groups/standing-panels/social-equity-in-governance">"Standing Panel on Social Equity in Governance"</a>. <i>National Academy of Public Administration</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">2024-04-27</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Barry&rft.atitle=What+Is+Social+Equity+in+Public+Administration%3F&rft.date=2021-09-21&rft.au=bvorel&rft_id=https%3A%2F%2Fonline.barry.edu%2Fdegrees%2Fbusiness%2Fmasters-public-administration%2Fgeneral-concentration%2Fsocial-equity%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APublic+finance" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLing" class="citation web cs1">Ling, Chester. <a rel="nofollow" class="external text" href="https://datadrivenlab.org/climate/data-driven-approaches-to-measuring-social-equity-and-resilience/">"Data-driven approaches to measuring social equity and resilience | Data-Driven EnviroLab"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">2024-04-27</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Data-driven+approaches+to+measuring+social+equity+and+resilience+%7C+Data-Driven+EnviroLab&rft.aulast=Ling&rft.aufirst=Chester&rft_id=https%3A%2F%2Fdatadrivenlab.org%2Fclimate%2Fdata-driven-approaches-to-measuring-social-equity-and-resilience%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APublic+finance" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=26" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Anthony_B._Atkinson" class="mw-redirect" title="Anthony B. Atkinson">Anthony B. Atkinson</a> and <a href="/wiki/Joseph_E._Stiglitz" class="mw-redirect" title="Joseph E. Stiglitz">Joseph E. Stiglitz</a> (1980). <i>Lectures in Public Economics</i>, McGraw-Hill Economics Handbook Series</li> <li><a href="/wiki/Alan_S._Blinder" class="mw-redirect" title="Alan S. Blinder">Alan S. Blinder</a>, <a href="/wiki/Robert_M._Solow" class="mw-redirect" title="Robert M. Solow">Robert M. Solow</a>, <i>et al.</i> (1974). <i>The Economics of Public Finance</i>, Brookings Institution. <a rel="nofollow" class="external text" href="https://www.questia.com/library/4954542/the-economics-of-public-finance">Table of Contents.</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">James M. Buchanan</a>, ([1967] 1987). <i>Public Finance in Democratic Process: Fiscal Institutions and Individual Choice</i>, UNC Press.</li> <li>_____ and Richard A. Musgrave (1999). <i>Public Finance and Public Choice: Two Contrasting Visions of the State</i>, MIT Press. <a rel="nofollow" class="external text" href="http://mitpress.mit.edu/books/public-finance-and-public-choice">Description</a> and scrollable preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=jEnjN7dKrzcC&pg=PR5">links.</a></li> <li>Ferguson, E. James. <i>The power of the purse: A history of American public finance, 1776-1790</i> (UNC Press Books, 1961).</li> <li><a href="/wiki/Richard_A._Musgrave" class="mw-redirect" title="Richard A. Musgrave">Richard A. Musgrave</a>, 1959. <i>The Theory of Public Finance: A Study in Public Economy</i>, McGraw-Hill. 1st-page reviews of J.M. Buchanan <a rel="nofollow" class="external autonumber" href="https://www.jstor.org/pss/1054956">[1]</a> & <a href="/wiki/Carl_Shoup" title="Carl Shoup">C.S. Shoup</a> <a rel="nofollow" class="external autonumber" href="https://www.jstor.org/discover/10.2307/1813080?uid=3739936&uid=2&uid=4&uid=3739256&sid=21101722883337">[2]</a>.</li> <li>_____ (2008). "public finance", <i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_P000244&edition=current&q=public%20finance&topicid=&result_number=1">Abstract.</a></li> <li>_____ and Peggy B. Musgrave (1973). <i>Public Finance in Theory and Practice</i>, McGraw-Hill.</li> <li>Richard A. Musgrave and <a href="/wiki/Alan_T._Peacock" title="Alan T. Peacock">Alan T. Peacock</a>, ed. ([1958] 1994). <i>Classics in the Theory of Public Finance</i>, Palgrave Macmillan. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=pzUELgEACAAJ">Description</a> and <a rel="nofollow" class="external text" href="http://www.palgrave.com/products/TitlePrint.aspx?PID=256425">contents.</a></li> <li>Edwin J. Perkins, <i>American public finance and financial services, 1700-1815</i> (1994) pp 324–48. <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=+%22war+of+1812%22+finance&btnG=&hl=en&as_sdt=1%2C27">Complete text line free</a></li> <li><a href="/wiki/Joseph_E._Stiglitz" class="mw-redirect" title="Joseph E. Stiglitz">Joseph E. Stiglitz</a> (2000). <i>Economics of the Public Sector</i>, 3rd ed. Norton. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=dWe1QgAACAAJ">Description.</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGreene,_Joshua_E2011" class="citation book cs1">Greene, Joshua E (2011). <a rel="nofollow" class="external text" href="http://www.worldscibooks.com/economics/8219.html"><i>Public Finance: An International Perspective</i></a>. Hackensack, New Jersey: World Scientific. p. 500. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-981-4365-04-8" title="Special:BookSources/978-981-4365-04-8"><bdi>978-981-4365-04-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Public+Finance%3A+An+International+Perspective&rft.place=Hackensack%2C+New+Jersey&rft.pages=500&rft.pub=World+Scientific&rft.date=2011&rft.isbn=978-981-4365-04-8&rft.au=Greene%2C+Joshua+E&rft_id=http%3A%2F%2Fwww.worldscibooks.com%2Feconomics%2F8219.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APublic+finance" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Public_finance&action=edit&section=27" title="Edit section: External 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template">e</abbr></a></li></ul></div><div id="General_areas_of_finance" style="font-size:114%;margin:0 4em">General areas of <a href="/wiki/Finance" title="Finance">finance</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_allocation" title="Asset allocation">Asset allocation</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_management" title="Capital management">Capital management</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">deepening</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">inclusion</a></li> <li><a href="/wiki/Financial_institution" title="Financial institution">institutions</a></li> <li><a href="/wiki/Financial_management" title="Financial management">management</a></li> <li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li> <li><a href="/wiki/Financial_social_work" title="Financial social work">social work</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">Financial technology</a> (Fintech)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greater_fool_theory" title="Greater fool theory">Greater fool theory</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/History_of_money" title="History of money">History of money</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/International_finance" title="International finance">International finance</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Investment_performance" title="Investment performance">Investment performance</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Position_of_trust" title="Position of trust">Position of trust</a></li> <li><a class="mw-selflink selflink">Public finance</a></li> <li><a href="/wiki/Quantitative_behavioral_finance" title="Quantitative behavioral finance">Quantitative behavioral finance</a></li> <li><a href="/wiki/Quantum_finance" title="Quantum finance">Quantum finance</a></li> <li><a href="/wiki/Risk-return_spectrum" class="mw-redirect" title="Risk-return spectrum">Risk-return spectrum</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_Development_Goals" title="Sustainable Development Goals">Sustainable Development Goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li> <li><a href="/wiki/Valuation_using_discounted_cash_flows" title="Valuation using discounted cash flows">Valuation using discounted cash flows</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output 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