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This paper evaluates the ‘microeconomic’ case for the extension of accrual accounting to the core government for the purposes of performance measurement, competitive tendering and asset management. Having found the microeconomic case to be weak, it suggests that it is the potential role of accrual accounting as an indicator of the fiscal stance of the public sector (particularly in respect to intergenerational equity) which provides a convincing rationale for its introduction in core government, and that this has significant methodological implications.

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This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper attempts to ascertain what light the empirical literature sheds on the efficacy of performance budgeting. Performance budgeting refers to procedures or mechanisms intended to strengthen links between the funds provided to public sector entities and their outcomes and/or outputs through the use of formal performance information in resource allocation decision making. The paper seeks to identify and examine the literature on "governmentwide" performance budgeting systems-that is, systems used by central budget decision makers (ministry of finance and political executive) to link the funding they provide to those agencies' performance. Performance budgeting principles are, however, applied not only on a government wide basis, but also in funding systems applied to specific categories of government services. This paper does not attempt to review the empirical literature on all such "sectoral" performance budgeting systems. Rather, it undertakes a case study of the literature on one specific sectoral system-output-based hospital funding systems.

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