LIU Lijia，etc：Is IMF 2001 GFS Beneficial to the Fiscal Risk Management?——An Empirical Analysis Based on World Experience

Abstract：There exist many problems in government finance statistics in the world, and this paper verifies whether the implementation of “The Manual of Government Finance Statistics 2001”(GFS2001) issued by IMF is conducive to fiscal risk management. The study finds that, the implementation of GFS2001 can significantly improve the disclosures of fiscal deficit. This indicates that the implementation of GFS2001 effectively reduces the hidden fiscal deficit behavior, and reduces fiscal risk. Further study finds that, this function is not showing linear characteristics, but depends on the degree of implementation. This study provides a rigorous empirical evidence for China and other countries in implementing GFS2001.

Key words： GFS2001    Fiscal Risk Management    System GMM    Panel Threshold

source:Finance & Trade Economics ,No.8,2015