Transparency in Public Administration: Panacea for Public Finance Quality

摘要

Transparency began to become a core precept of nowadays economy. It draws attention to numerous scholars, including Nobel Prize winners. Transparency is found as optimal solution to improve public financial situation where an efficient usage of public money and a good functioning of markets is required. In our paper we stress on issue of using reports to increase transparency in financial data and the particularities of improving market conditions by reducing information asymmetry using instruments specific to transparency. After a short introduction (section 1), using the research in the domain, there was made a short presentation of the state of the art (section 2). In the next part (section 3) are presented correlation of transparency and public financial management performance measured using effectiveness. This section has two major parts dedicated to reporting and market failures. Concluding remarks represent the final part of the paper.