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Public finance
Public finance is the study of the role of the government in the economy. The main perspective of public finance effects government in three ways:
1) Allocation of the resources efficiently
2) Income distribution
3) Macroeconomic stabilization
Public Finance is defined as the science which deals with the activity of the statesman in obtaining and applying the material means according to the necessity for fulfilling the proper functions of the state. It describes the management, creation of money, banking, credit, investments assets, and liabilities.
Public Finance is about the taxes and the spending activates of the government. It is also being known as “Public sector Economics” or “Public Economics”. The major focus of the public finance is on microeconomic functions of government as well as on the Taxes and the expenditures for the development of the economy. The vehicle that the government uses to finance itself is taxation. Collections of taxes are imposed on transactions, institutions, property, things, meals, tours and things, as also from those who benefit from the provision of public goods by the government, and the use of funds toward production and distribution of the public goods.
Public Financial Management:
A collection of resources from the economy in an appropriate manner along with the distribution and use of the resources efficiently and effectively constitutes a good financial management. The main elements of a Public Financial Management system are Generation, Allocation and Proper Utilization of Resources.
M includes resource mo
Public Finance Management (PFM) deals with all the aspects of the resource mobilization and expenditure by the government. Public finance is an important part of the governance process. PFbilization, prioritization of work, and the budget process, efficient allocation of resources to utilize them at the maximum and exercising controls.
Macroeconomic data supports the public finance economies are generally referred as fiscal or government finance statistics (GFS). The Government Finance Statistics Manual 2001(GFSM 2001) is the internationally accepted methodology for assembling the financial data. It is consistent with regionally accepted methodologies such as the European system of Accounts 1995 and consistent with the methodology of the System of National Accounts (SNA1993) and broadly in line with its most recent update, the SNA2008. The GFSM 2001divides the general government into subcategories: the central, the state and the local government.Initially, the general government does not include public corporations
