Chapter 25: The emergence of public financial management
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This chapter introduces the contemporary study of public financial resources to generalist audiences in public affairs. The chapter is organized in four sections. The first section describes distinctions between the three research traditions of public budgeting, finance and public financial management, and explains how the third tradition, public financial management, has developed into a co-equal, if not leading, area of focus within the subfield. The second section summarizes prominent areas of research in public financial management, including: fiscal institutions, financial condition analysis, debt management, public retirement systems, financial accountability, and cost management. The third section highlights a few notable developments in traditions of public budget and public finance. The final section is a call for experts in the broader field of public administration and management and scholars of public financial management to more vigorously seek out opportunities to collaborate.

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