OECD Journal on Budgeting

The OECD Journal on Budgeting is published three times per year. It draws on the best of the recent work of the OECD Working Party of Senior Budget Officials (SBO), as well as special contributions from finance ministries, academics and experts in the field and makes it available to a wider community in an accessible format. The journal provides insight on leading-edge institutional arrangements, systems and instruments for the allocation and management of resources in the public sector.

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Legislatures and Budget Oversight in Latin America

Strengthening Public Finance Accountability in Emerging Economies

Reforming budgetary institutions for effective government is a critical task for emerging economies. Strengthening the role of parliament in the budget process is an integral part of the restoration of democracy throughout Latin America, which requires a re-equilibration of executive and legislative prerogatives in public policy. The role of legislatures in public budgeting and public finance management has nevertheless been largely overlooked in the first stage of economic reform. This is starting to change, as the contribution of legislatures to the budgetary process is currently being re-evaluated, both in developed and, more recently, in developing countries.1 It is increasingly being recognised that parliaments have a critical role to play to strengthen economic governance, improve transparency in public finances and ensure government accountability. Enhancing legislative scrutiny of the budget and oversight of its execution is increasingly considered as a means to strengthen government accountability and curb corruption (OECD, 2002; G8, 2003).2 The international financial institutions are particularly keen to promote greater transparency in public finance management and to improve governmental financial information systems in emerging economies...

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