Borrowing By Subnational Governments

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Borrowing by Subnational Governments

Author : Mrs.Teresa Ter-Minassian
Publisher : International Monetary Fund
ISBN 13 : 1451973284
Total Pages : 20 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Borrowing by Subnational Governments by : Mrs.Teresa Ter-Minassian

Download or read book Borrowing by Subnational Governments written by Mrs.Teresa Ter-Minassian and published by International Monetary Fund. This book was released on 1996-04-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents various models of control with advantages and disadvantages, the balance of which would make it more or less suitable to a particular country's circumstances. As these circumstances evolve—as fiscal and macro imbalances improve or worsen—the preferable model may change over time. Although appealing in principle, sole reliance on market discipline for government borrowing is unlikely to be appropriate in many circumstances. This is so, because one or more of the conditions for its effective working frequently are not realized in each particular country. The increasing worldwide trend toward devolution of spending and revenue-raising responsibilities to subnational governments seems likely to come into growing conflict with systems of administrative controls by the central government on subnational borrowing. Rules-based approaches to debt control would appear preferable, in terms of transparency and certainty, to administrative controls and also to statutory limits defined in the context of the annual budget process, the outcome of which may be unduly influenced by short-term political bargaining.

How Should Subnational Government Borrowing Be Regulated? Some Cross-Country Empirical Evidence

Author : Mr. Alexander Plekhanov
Publisher : International Monetary Fund
ISBN 13 : 1451906099
Total Pages : 36 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis How Should Subnational Government Borrowing Be Regulated? Some Cross-Country Empirical Evidence by : Mr. Alexander Plekhanov

Download or read book How Should Subnational Government Borrowing Be Regulated? Some Cross-Country Empirical Evidence written by Mr. Alexander Plekhanov and published by International Monetary Fund. This book was released on 2005-03-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries have adopted various institutional responses to subnational government borrowing. Using a sample of 44 countries 1982-2000, this paper provides a panel data analysis to determine the most effective borrowing constraints for containing local fiscal deficits. The results suggest that no single institutional arrangement is superior under all circumstances. The appropriateness of specific arrangements depends upon other institutional characteristics, particularly the degree of vertical fiscal imbalance, the existence of any bailout precedent, and the quality of fiscal reporting.

A New Model for Market-based Regulation of Subnational Borrowing

Author : Marcelo Giugale
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4./5 ( download)

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Book Synopsis A New Model for Market-based Regulation of Subnational Borrowing by : Marcelo Giugale

Download or read book A New Model for Market-based Regulation of Subnational Borrowing written by Marcelo Giugale and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: To bring fiscal discipline to state and municipal governments, Mexico's federal government has established a two-pillar framework that explicitly renounces federal bail-outs and establishes a Basel - consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower's credit rating. Whether the framework succeeds will depend partly on market assessments of the government's commitment to enforce bank capital rules and refrain from bailing out defaulting subnational governments.

OECD Regions and Cities at a Glance 2020

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264324984
Total Pages : 190 pages
Book Rating : 4.2/5 (643 download)

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Book Synopsis OECD Regions and Cities at a Glance 2020 by : OECD

Download or read book OECD Regions and Cities at a Glance 2020 written by OECD and published by OECD Publishing. This book was released on 2020-11-30 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regions and Cities at a Glance 2020 provides a comprehensive assessment of how regions and cities across the OECD are progressing towards stronger, more sustainable and more resilient economies and societies. In the light of the health crisis caused by the COVID-19 pandemic, the report analyses outcomes and drivers of social, economic and environmental resilience.

Subnational Capital Markets in Developing Countries

Author : Mila Freire
Publisher : World Bank Publications
ISBN 13 : 9780821354643
Total Pages : 700 pages
Book Rating : 4.3/5 (546 download)

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Book Synopsis Subnational Capital Markets in Developing Countries by : Mila Freire

Download or read book Subnational Capital Markets in Developing Countries written by Mila Freire and published by World Bank Publications. This book was released on 2004 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication has been prepared by staff members of the World Bank and selected guest contributors. It sets out a framework to study subnational governments as borrowers and the range of credit markets in which they may operate. It also contains a number of case studies which detail the recent experience of 18 countries in developing markets for subnational borrowers., and offer insights into lessons to be drawn on fostering responsible credit market access within a framework of fiscal and financial discipline. Other issues discussed include: the issuing of municipal debt and its characteristics, and the role of macroeconomic conditions and market development in the success or failure of those borrowings.

How to Design Subnational Fiscal Rules

Author : Luc Eyraud
Publisher : International Monetary Fund
ISBN 13 : 1513527037
Total Pages : 29 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis How to Design Subnational Fiscal Rules by : Luc Eyraud

Download or read book How to Design Subnational Fiscal Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2020-02-25 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands on the guidance provided at the national level on rule selection and calibration in IMF (2018a) and IMF (2018b). Thinking on subnational fiscal rules is still evolving, including their effectiveness (for example, Heinemann, Moessinger, and Yeter 2018; Kotia and Lledó 2016; Foremny 2014), and this note only provides a first analysis based on international experiences and the technical assistance provided by the IMF. Main findings are summarized in Box 1. The note is divided into five sections. The first section defines fiscal rules. The second section discusses the rationale for subnational rules. The third section provides some guidance on how to select the appropriate rule(s) and whether they should differ across individual jurisdictions. The fourth section explores the issue of flexibility by looking at how rules should adjust to shocks. Finally, the last section focuses on the “calibration” of the rules.

Until Debt Do Us Part

Author : Otaviano Canuto
Publisher : World Bank Publications
ISBN 13 : 0821397664
Total Pages : 655 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Until Debt Do Us Part by : Otaviano Canuto

Download or read book Until Debt Do Us Part written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-02-13 with total page 655 pages. Available in PDF, EPUB and Kindle. Book excerpt: With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users. With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules, and ex-post insolvency systems in the quest for subnational fiscal discipline. Such a quest is intertwined with a country’s historical, political, and economic context. The formal legal framework interacts with political reality to influence the dynamics of and incentives for reform. Often, the resolution of a subnational debt crisis unfolds in the context of macroeconomic stabilization and structural reforms. The book includes reforms that have not been covered by previous literature, such as those of China, Colombia, France, Hungary, Mexico, and South Africa. The book also presents a comprehensive review of how the United States developed its debt market for state and local governments, through a series of reforms that are path dependent, including the reforms and lessons learned following state defaults in the 1840s and the debates that shaped the enactment of Chapter 9 of the Bankruptcy Code in 1937. Looking forward, pressures on subnational finance are likely to continue—from the fragility of global recovery, the potentially higher cost of capital, refinancing risks, and sovereign risks. This book is essential reading for anyone wanting to know the challenges and reform options in debt restructuring, insolvency frameworks, and public debt market development.

Central and Local Government Relations in Asia

Author : Naoyuki Yoshino
Publisher : Edward Elgar Publishing
ISBN 13 : 1786436876
Total Pages : 448 pages
Book Rating : 4.7/5 (864 download)

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Book Synopsis Central and Local Government Relations in Asia by : Naoyuki Yoshino

Download or read book Central and Local Government Relations in Asia written by Naoyuki Yoshino and published by Edward Elgar Publishing. This book was released on with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and sustainability of local government finances, and develops important findings and policy recommendations.

Brazil

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1513514725
Total Pages : 56 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Brazil by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Brazil written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-09-19 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance report on Brazil highlights strengthening the framework for substantial borrowing. A significant change in the institutional framework is needed to impose hard budget constraints and promote stable and sustainable policies. The approach proposed in this report is based on demanding greater transparency and accountability by subnational governments, while also making the framework more flexible. If adopted, the framework is expected to introduce risk sharing among states, within an enhanced insolvency framework, and tighten fiscal rules. The proposed changes would also put more emphasis in market incentives. The changes in the framework will also need to be accompanied by progress in addressing fiscal pressures from rising budget rigidities (including pensions) and excessive tax incentives (the so-called tax wars). It is recommended to create an independent fiscal council that monitors fiscal performance and compliance of fiscal rules by subnational governments. One possibility is to add this mandate to the Independent Fiscal Institution, while strengthening its independence and provide enough resources.

Great Recession and Fiscal Squeeze at U.S. Subnational Government Level

Author : Jiri Jonas
Publisher : International Monetary Fund
ISBN 13 : 1475505329
Total Pages : 40 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Great Recession and Fiscal Squeeze at U.S. Subnational Government Level by : Jiri Jonas

Download or read book Great Recession and Fiscal Squeeze at U.S. Subnational Government Level written by Jiri Jonas and published by International Monetary Fund. This book was released on 2012-07-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules.

Information Resolution and Subnational Capital Markets

Author : Christine R. Martell
Publisher : Oxford University Press
ISBN 13 : 0190089350
Total Pages : 217 pages
Book Rating : 4.1/5 (9 download)

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Book Synopsis Information Resolution and Subnational Capital Markets by : Christine R. Martell

Download or read book Information Resolution and Subnational Capital Markets written by Christine R. Martell and published by Oxford University Press. This book was released on 2021-08-10 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive explanation of information institutions as they relate to the success of subnational capital markets Global trends in decentralization and the growing role of world cities have increased the importance of infrastructure development. But with competing incentives of suppliers and borrowers of capital in the web of institutional governance arrangements, information problems are inevitable. Understanding how local choices affect these larger trends can help national and city actors not just avoid being paralyzed by information problems, but actually improve information resolution. In this book Christine R. Martell, Tima Moldogaziev, Salvador Espinosa argue that capital markets are a viable financing alternative for subnational borrowers. They explain how subnational governments can manage their fiscal and debt choices to leverage capital markets to finance efficient, effective, and equitable infrastructure provision. The book builds on previous work by exploring the role of information institutions as they relate to the success of subnational capital markets and by advancing options for subnational government to gain agency as active market participants. With broad geographic coverage, Information Resolution and Subnational Capital Markets answers core questions: How does information permeate the landscape and outcomes of subnational government borrowing, both at the aggregate national level and at the city level? What measures and mechanisms can national and subnational governments take to resolve information problems? And, what can cities do to enhance their agency vis-à-vis central governments and capital market actors, so that they can command a voice in managing internal and external sources of capital financing?

A New Model for Market-Based Regulation of Subnational Borrowing

Author : Marcelo M. Giugale
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis A New Model for Market-Based Regulation of Subnational Borrowing by : Marcelo M. Giugale

Download or read book A New Model for Market-Based Regulation of Subnational Borrowing written by Marcelo M. Giugale and published by . This book was released on 2016 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: To bring fiscal discipline to state and municipal governments, Mexico's federal government has established a two-pillar framework that explicitly renounces federal bail-outs and establishes a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower`s credit rating. Whether the framework succeeds will depend partly on market assessments of the government's commitment to enforce bank capital rules and refrain from bailing out defaulting subnational governments.Faced with weak subnational finances that pose a risk to macroeconomic stability, Mexico's federal government in April 2000 established an innovative incentive framework to bring fiscal discipline to state and municipal governments.That framework is based on two pillars: an explicit renunciation of federal bail-outs and a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower`s credit rating.In theory, this new regulatory arrangement should reduce moral hazard among banks and their state and municipal clients; differentiate interest rates on the basis of the borrowers' creditworthiness; and elicit a strong demand for institutional development at the subnational level.But its success will depend on three factors critical to implementation:middot; Whether markets find the federal commitment not to bail out defaulting subnational governments credible.middot; Whether subnational governments have access to financing other than bank loans.middot; How well bank capital rules are enforced.This paper - a product of the Mexico - Country Department and Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the subnational underpinnings of sustainable, national economic framework. The authors may be contacted at [email protected], [email protected], or [email protected].

Vertical Fiscal Imbalances and the Accumulation of Government Debt

Author : Inaki Aldasoro
Publisher : International Monetary Fund
ISBN 13 : 1498384366
Total Pages : 39 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Vertical Fiscal Imbalances and the Accumulation of Government Debt by : Inaki Aldasoro

Download or read book Vertical Fiscal Imbalances and the Accumulation of Government Debt written by Inaki Aldasoro and published by International Monetary Fund. This book was released on 2014-11-20 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Delegating fiscal decision making power to sub-national governments has been an area of interest for both academics and policymakers given the expectation that it may lead to better and more efficient provision of public goods and services. Decentralization has, however, often occurred on the expenditure and less on the revenue side, creating “vertical fiscal imbalances” where sub-national governments’ expenditures are not financed through their own revenues. The mismatch between own revenues and expenditures may have consequences for public finance performance. This study constructs a large sample of general and subnational level fiscal data beginning in 1980 from the IMF’s Government Finance Statistics Yearbook. Extending the literature to the balance sheet approach, this paper examines the effects of vertical fiscal imbalances on government debt. The results indicate that vertical fiscal imbalances are relevant in explaining government debt accumulation suggesting a degree of caution when promoting fiscal decentralization. This paper also underlines the role of data covering the general government and its subectors for comprehensive analysis of fiscal performance.

Subnational Health Spending and Soft Budget Constraints in OECD Countries

Author : Ernesto Crivelli
Publisher : International Monetary Fund
ISBN 13 : 1455201308
Total Pages : 28 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Subnational Health Spending and Soft Budget Constraints in OECD Countries by : Ernesto Crivelli

Download or read book Subnational Health Spending and Soft Budget Constraints in OECD Countries written by Ernesto Crivelli and published by International Monetary Fund. This book was released on 2010-06-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government spending on health has grown as a percent of GDP over the last 40 years in industrialized countries. Widespread decentralization of healthcare systems has often accompanied this increase in spending. In this paper, we explore the effect of soft budget constraints on subnational health spending in a sample of OECD countries. We find countries where subnational governments rely primarily on central government financing and enjoy large borrowing autonomy have higher healthcare spending than those with more restrictions on subnational government borrowing.

The Motives to Borrow

Author : Antonio Fatás
Publisher : International Monetary Fund
ISBN 13 : 1498312101
Total Pages : 53 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Motives to Borrow by : Antonio Fatás

Download or read book The Motives to Borrow written by Antonio Fatás and published by International Monetary Fund. This book was released on 2019-05-10 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.

Hungary

Author : Mihaly Kopanyi
Publisher : World Bank Publications
ISBN 13 : 9780821346532
Total Pages : 70 pages
Book Rating : 4.3/5 (465 download)

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Book Synopsis Hungary by : Mihaly Kopanyi

Download or read book Hungary written by Mihaly Kopanyi and published by World Bank Publications. This book was released on 2000-01-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modernisation of the public sector, reforming intergovernmental fiscal relations, enhancing the local capacity to implement local strategies, and developing the legislative and institutional framework for efficient delivery of public services are among the biggest challenges in transition economies. Hungary has been a pioneer in local government reform and the Hungary Subnational Development Program (SNDP) proves the value of an integrated approach.

How to Manage Fiscal Risks from Subnational Governments

Author : Sandeep Saxena
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis How to Manage Fiscal Risks from Subnational Governments by : Sandeep Saxena

Download or read book How to Manage Fiscal Risks from Subnational Governments written by Sandeep Saxena and published by International Monetary Fund. This book was released on 2022-09 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Subnational governments can create sizable fiscal risks for central governments. In addition to impacting service delivery at the grassroots level, unsustainable subnational finances can be a continuous drain on central resources. The need for stronger public financial management systems and capacities to analyze and manage risks at the subnational government level cannot be overemphasized. Central governments need to develop sound institutional mechanisms to systematically monitor the health of subnational finances to be able to proactively manage associated risks. This How to Note provides a framework for central governments that seek to assess and manage fiscal risks stemming from weak subnational finances. It analyzes the sources of subnational finance vulnerabilities and argues that central governments would benefit from putting in place the following: (1) a stronger regulatory framework, (2) improved fiscal reporting, and (3) enhanced central oversight. The lessons distilled from the international experience are particularly useful for developing economies where the management of risks can be improved.