Fiscal federalism concept" that helps in designing financial relations between the national and subnational levels of the government, "fiscal decentralization on the other hand is a process of applying such principles". Federal and non-federal countries differ in the manner in which such principles are applied. Application differs because unitary and federal governments differ in their political and legislative context and thus provide different opportunities for fiscal decentralization. The concepts of fiscal federalism are related to vertical and horizontal fiscal relations. The notions related to horizontal fiscal relations are related to regional imbalances and horizontal competition. Similarly the notions related to fiscal relations
Fiscal transparency or of elements of budget transparency, are available from: In addition to the revision of the IMF Fiscal Transparency Code, the global financial crisis also prompted more widespread reflection on the effectiveness of the existing international arrangements to promote fiscal transparency and accountability. One outcome of this was the creation of the Global Initiative for Fiscal Transparency (GIFT) in 2011. GIFT is a multi-stakeholder action network that aims to “Advance and institutionalize global norms and significant, continuous improvements on fiscal transparency, engagement, and accountability in countries around the world.” GIFT’s Lead Stewards are the World Bank, the IMF, the International