Fiscal Transparency and Economic Outcomes

45 Pages Posted: 3 Mar 2006

See all articles by Farhan Hameed

Farhan Hameed

International Monetary Fund (IMF)

Date Written: December 2005


This paper develops indices of fiscal transparency for a broad range of countries based on the IMF's Code of Good Practices on Fiscal Transparency, using data derived from published fiscal transparency modules of the Reports on the Observance of Standards and Codes (ROSCs). The indices covers four clusters of fiscal transparency practices: data assurances, medium-term budgeting, budget execution reporting, and fiscal risk disclosures. More transparent countries are shown to have better credit ratings, better fiscal discipline, and less corruption, after controlling for other socioeconomic variables.

Keywords: Fiscal Transparency, Credit Ratings, Fiscal Discipline, Corruption, Institutions

JEL Classification: E62, E44, P0

Suggested Citation

Hameed, Farhan, Fiscal Transparency and Economic Outcomes (December 2005). IMF Working Paper No. 05/225, Available at SSRN:

Farhan Hameed (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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