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Public financial management indicators for emergency response challenges and quality of well-being in OECD countries

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Abstract

This study aims to examine the relationship between public financial management and indicators of well-being among 29 Economic Co-operation and Development (OECD) countries using a balanced panel dataset over the period between 2005 and 2019. This study used a matrix of seven proxy measures of public financial management, which works as an integrated financial system to improve the objective quality of well-being measured by employment, education level, productivity, and wages. Using the generalised method of moments, the estimator's results, indicate that higher government revenues, expenses (% of GDP) lead to lower well-being while the higher net lending /net borrowing, cost of business start-up procedures, and adjusted gross savings (% of GNI) lead to increase well-being measured by spending on education. The higher government revenues, regulatory quality, government effectiveness, and higher net lending /net borrowing lead to improved well-being, while the higher cost of business start-up procedures (% of GNI per capita) leads to lower well-being measured by wages. The higher government revenues, government effectiveness, and higher net lending/net borrowing lead to increased well-being. In contrast, the higher expense (% of GDP) leads to lower well-being measured by productivity labor. The higher government revenues, government effectiveness, regulatory quality, net lending /net borrowing and adjusted gross savings lead to lower well-being, while the higher cost of business start-up procedures leads to increased well-being measured by employment rates. The OECD countries should prepare fiscal policies to ensure the sustainability of public finances in the long run and identify emergency response mechanisms to overcome the challenges of improving the objective quality of well-being.

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Data availability

World Development Indicators (WDI) (2019). Retrieved on 01-04-2020 from: https://databank.worldbank.org/source/worlddevelopment-indicato. Worldwide governance indicators (WGI) (2020). Retrieved on 01-04-2020 from http://info.worldbank.org/governance/wgi/

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Authors and Affiliations

  1. Department of Finance and Economics, College of Commerce and Business Administration, Dhofar University, P.O. Box: 2509, 211, Salalah, Sultanate of Oman

    Faris Alshubiri

  2. Scholars School System, Leeds Trinity University, Leeds, UK

    Mohamed Elheddad

  3. Faculty of Business, Law and Politics, University of Hull, Hull, UK

    Abdelrahman Alfar

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  1. Faris Alshubiri
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Correspondence to Faris Alshubiri.

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Appendices

Appendix A: Definitions of variables

Variable

Abbreviation

Definitions of Independent variables

Public financial management indicators*

PFM

PFM refers to the indicators that a government uses to mobilise resources and expenditures in the public sector

Cost of business start-up procedures (% of GNI per capita)**

CBP

CBP is the cost calculated for establishments to register in the business sector in relation to the GNI

Net lending ( +)/net borrowing (−) (% of GDP)**

NLB

NLB expresses the ability of a government to put financial resources in the service of other sectors in the domestic or global economy or to use financial resources derived from internal and external economic sectors to develop the various sectors in the country with the aim of reflecting the net result of the total financial assets and liabilities

Adjusted gross savings (% of GNI)**

AGS

AGS expresses the differences between total national savings and public and private consumption in addition to current transfers

Government effectiveness***

GEF

GEF reflects the extent of a state’s ability to provide high-quality public civil services. In other words, indicates its degree of independence from political pressures and the extent of the government’s commitment to formulating and implementing policies with credibility and transparency

Regulatory quality***

REQ

REQ refers to a government’s ability to formulate and implement policies in an organised and flexible manner in order to encourage and develop the private sector alongside the public sector and participate in achieving the state’s development goals

Revenue, excluding grants (% of GDP)**

REV

REV refers to government income received from various sources, such as taxes, social contributions, commissions, wages and the sale of government projects with the exception of grants and aid received

Expense (% of GDP)**

EXP

EXP constitutes all cash payments required for the operational activities of a government in terms of providing goods and services and includes compensation to employees through wages, salaries, interest, grants and related expenditures

  

Definitions of dependent variables

Quality of well-being****

QW

QW indicators evaluate the aspects that achieve the societal well-being of individuals through improving the level of education, financial growth, economic growth and developing the tangible environment based on the societal perspective rather than the individual one in order to achieve safety and community stability

Government expenditure on education, total (% of government expenditure)**

GED

GED expresses the percentage of government spending on education out of a state’s total spending, and it represents all sectors in the country

Wage and salaried workers, total (% of total employment) (modelled ILO estimate)**

WSW

WSW refers to the percentage of wages and salaries paid to workers, meaning employees and those who own jobs, out of total employment, meaning wages for a job

Employers, total (% of total employment) (modelled ILO estimate**

EMP

EMP refers to the ratio of employment (number of employees) to total employment, meaning the number of individuals who have a job

Services, value added per worker (constant 2010 US$)**

LOG SPW

LOG SPW refers to the percentage of productive manpower and the added value of each worker or single unit involved in the production process and his/her contribution to building a country’s economy

  

Definitions of control variables

Social contributions (% of revenue)**

SOCC

SOCC includes the social and resulting contributions from employees, employers and individuals working for their own benefit and any social security contributions administered by governments that work to protect workers

Population growth (annual %)**

POPG

POPG includes all citizens and legal residents

Current health expenditure (% of GDP)**

CHE

CHE is the ratio of government spending on health to annual GDP

GDP per capita growth (annual %)**

GDPG

GDPG refers to the prices of buyers or the value added by all producers in the country in addition to taxes on products, which are reflected in the prices of the local fixed currency

Consumer price inflation (annual %)**

CPI

CPI refers to the consumption price of the change in the annual cost that the consumer incurs in exchange for goods and services

  1. *Association of Chartered Certified Accountants (ACCA 2010)
  2. **World Development Indicators (2019)
  3. ***Worldwide Governance Indicators (2020)
  4. ****OECD (2011)

Appendix B: Matrix of correlations

Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(1) GED

1.000

               

(2) WSW

− 0.215

1.000

              

(3) LOGSPW

− 0.124

0.585

1.000

             

(4) EMP

− 0.166

− 0.314

0.112

1.000

            

(5) REV

− 0.280

0.444

0.240

− 0.327

1.000

           

(6) EXP

− 0.423

0.312

0.091

− 0.167

0.852

1.000

          

(7) REQ

− 0.025

0.468

0.349

− 0.335

0.373

0.245

1.000

         

(8) GEF

− 0.024

0.545

0.492

− 0.345

0.418

0.255

0.915

1.000

        

(9) CBP

− 0.094

− 0.633

− 0.424

0.374

− 0.234

− 0.138

− 0.431

− 0.534

1.000

       

(10) NLB

0.274

0.283

0.284

− 0.239

0.169

− 0.291

0.172

0.280

− 0.231

1.000

      

(11) AGS

0.162

0.318

0.378

− 0.130

0.118

− 0.183

0.007

0.063

− 0.198

0.412

1.000

     

(12) CPI

0.145

− 0.188

− 0.390

− 0.117

− 0.068

− 0.068

− 0.071

− 0.128

0.220

0.040

− 0.269

1.000

    

(13) GDPG

0.067

− 0.013

− 0.221

− 0.148

− 0.030

− 0.128

− 0.042

− 0.093

0.025

0.129

0.141

0.072

1.000

   

(14) POPG

0.471

− 0.231

0.259

0.195

− 0.272

− 0.399

0.070

0.120

0.054

0.242

0.152

− 0.012

− 0.177

1.000

  

(15) CHE

− 0.114

0.277

0.778

0.241

0.048

− 0.004

0.242

0.363

− 0.335

0.101

0.167

− 0.374

− 0.339

0.232

1.000

 

(16) SOCC

− 0.600

0.175

0.014

− 0.017

0.241

0.311

− 0.182

− 0.207

0.073

− 0.163

0.141

− 0.135

0.052

− 0.504

0.035

1.000

  1. Source: Statistical software STATA.15

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Alshubiri, F., Elheddad, M. & Alfar, A. Public financial management indicators for emergency response challenges and quality of well-being in OECD countries. Mind Soc 22, 129–158 (2023). https://doi.org/10.1007/s11299-023-00299-x

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