Fiscal policy an example is Zimbabwe and Germany. The method is however inflationary. A fiscal deficit is often funded by issuing bonds, like treasury bills or consols and gilt-edged securities. These pay interest, either for a fixed period or indefinitely. If the interest and capital requirements are too large, a nation may default on its debts, usually to foreign creditors. Public debt or borrowing refers to the government borrowing from the public. A fiscal surplus is often saved for future use, and may be invested in either local currency or any financial instrument that may be traded later once resources are needed.
Fiscal transparency which focuses on 8 key reports centred around the budget. The term budget transparency is generally not used to refer to as wide a concept as fiscal transparency. Fiscal openness refers to fiscal transparency together with direct public participation in fiscal policy formulation and implementation. Following the global financial crisis international fiscal transparency initiatives have increasingly incorporated public participation as a key element in order to promote improved policy formulation and implementation, and to strengthen accountability for fiscal management (see below). The 1997 East Asian financial crisis first prompted the international community to set out a comprehensive codification of what