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The institutional framework of public finance is the government budget or public budget. The budgetary system is a system of popular approval and oversight of the state's financial activities. The history of constitutional politics can be described as the history of the establishment of the modern budgetary system. [8]
Public budgeting aims to allocate and manage government resources in a manner that maximizes their effectiveness and efficiency to attain public objectives and advance the welfare of the community. Furthermore, it also fosters accountability, transparency, and public participation in the budget process to ensure that government decisions align ...
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Resource generation, resource allocation, and expenditure management (resource utilization) are the essential components of a public financial management system. The following subdivisions form the subject matter of public finance.
This article lists countries alphabetically, with total government expenditure as percentage of Gross domestic product (GDP) for the listed countries. Also stated is the government revenue and net lending/borrowing of the government as percentage of GDP.
Transfer payments to (persons) as a percent of Federal revenue in the United States Transfer payments to (persons + business) in the United States. CBO projects that spending for Social Security, healthcare programs and interest costs will rise relative to GDP between 2017 and 2027, while defense and other discretionary spending will decline relative to GDP.