Fiscal illusion Mourao (2008) attempts to quantify fiscal illusion empirically for almost 70 democracies since 1960. Fiscal illusion Fiscal illusion is a public choice theory of government expenditure first developed by the Italian economist Amilcare Puviani in his 1903 book "Teoria della illusione finanziaria" ("Theory of Financial Illusion" (not yet translated into English, but translated into German in 1960 under the title "Die Illusionen in der öffentlichen Finanzwirtschaft", Berlin: Dunker & Humblot, 1960)). Fiscal illusion suggests that when government revenues are not completely transparent or are not fully perceived by taxpayers, then the cost of government is seen to be less than
Fiscal transparency efficiency, equity, effectiveness, stability and sustainability of fiscal policies. This in turn enhances the likelihood that fiscal policies will have positive economic, social and environmental impacts. • Global Initiative for Fiscal Transparency (GIFT)<br> - GIFT's Resources and Publications.<br> - High Principles on Fiscal Transparency.<br> - Principles of Public Participation in Fiscal Policy.<br> - GIFT’s Guide on Principles and Mechanisms of Public Participation in Fiscal Policy.<br> • The World Bank - Fiscal Transparency<br> • IMF - Fiscal Transparency: (Fiscal Transparency Code, Fiscal Transparency Evaluation, Fiscal Transparency Manual and Natural Resource Guide)<br> • Public Expenditure and Financial Accountability (PEFA)<br> • The Extractive