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The Impact Of Fiscal Decentralization And The Soft Budget Constraint On The Local Government Debt
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Book Synopsis The impact of fiscal decentralization and the soft budget constraint on the local government debt by : David Onditi
Download or read book The impact of fiscal decentralization and the soft budget constraint on the local government debt written by David Onditi and published by GRIN Verlag. This book was released on 2019-12-09 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2019 in the subject Business economics - Economic Policy, grade: A, University of Nairobi (School of Business), course: PhD Economics, language: English, abstract: The author aims to study the impacts of fiscal decentralization and soft budget constraint on the scale of local government debts. Moreover, the effect of soft budget constraint on the scale of local government debt under the different extent of fiscal decentralization will be discussed. Due to the linkage between economic growth and the fiscal decentralization, the expansion in the local government debt is closely related to the fiscal decentralization and the soft budget constraint (SBC) – the expectation that the local governments would be bailed out by the central government if they face debt challenges. Based on the literature fiscal decentralization is linked to local government debts as literature indicates that fiscal decentralization leads to the decentralization of the expenditure without the revenue collection powers. The Chinese local governments have increased expenditure budgets on public services but the powers of taxation are centralized. To bridge the revenue gaps, the local governments take up debts that are sunk into infrastructure and other low revenue generating investments. Soft budget constraints are thus a product of fiscal decentralization as they are based on the principal – agent relationship between the politicians and the voters, central government and local government and the local governments and the SOEs within the local jurisdictions.
Book Synopsis Externalities and Bailouts: Hard and Soft Budget Constraints in Intergovernmental Fiscal Relations by : E. David Wildasin
Download or read book Externalities and Bailouts: Hard and Soft Budget Constraints in Intergovernmental Fiscal Relations written by E. David Wildasin and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1997 A local government's ability to extract a bailout from a central government depends on how big it is. Larger localities may rationally expect bailouts-and thus operate under softer budget constraints. Effective fiscal decentralization requires an institutional structure that minimizes these adverse incentives. Subnational governments are assuming greater fiscal responsibility in many developing and transition countries. There is concern, however, that fiscal decentralization may weaken fiscal discipline-that local authorities may undertake commitments or incur debt obligations that subsequently result in massive central government support, in the form of extraordinary transfers, or bailouts. (Recent experience in major U.S. cities shows that these problems are not restricted to developing countries.) Such bailouts could in turn cause national fiscal imbalances, excessive borrowing, and macroeconomic instability. Some analysts recommend that central authorities maintain strict control over the fiscal behavior of lower-level governments, but others argue that such controls could undercut the goals of fiscal decentralization, including autonomy. Wildasin shows that central authorities may have strong incentives to prop up the finances of local governments when the public services provided locally benefit the rest of society. The prospect of such interventions may in turn create incentives for localities to underprovide services that produce substantial spillover benefits, using local resources instead for purposes that may benefit local constituencies but not nonresidents. When central fiscal interventions are big enough, and when a loss of local control over the use of fiscal resources is not too costly to local residents, local decisionmakers will act to induce central government bailouts, resulting in inefficient outcomes for the system as a whole. This is not to say that fiscal decentralization produces perverse incentives or requires central government control over local fiscal policies. But incentives for bailouts can be especially strong when local governments are considered too big to fail-for example, New York, Philadelphia, and Washington, DC (in the United States) and São Paulo and Rio de Janeiro (in Brazil). In such cases, the repercussions from major breakdowns in the provision of services-or in debt servicing-can be too costly for central governments to ignore. Problems of fiscal discipline may result not because there is too much fiscal decentralization, says Wildasin, but because there is too little. It may make sense to carry out more thorough decentralization-for example, devolving fiscal authorities to smaller jurisdictions or special-purpose functional units, or subdividing large subnational jurisdictions into many smaller units. This paper-a product of the Development Research Group-is part of a larger effort in the group to understand fiscal decentralization.
Book Synopsis Externalities and Bailouts by : David E. Wildasin
Download or read book Externalities and Bailouts written by David E. Wildasin and published by World Bank Publications. This book was released on 1997 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Fiscal Decentralization and the Challenge of Hard Budget Constraints by : Jonathan Rodden
Download or read book Fiscal Decentralization and the Challenge of Hard Budget Constraints written by Jonathan Rodden and published by MIT Press. This book was released on 2003 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multi-country study of the conditions under which decentralized countries might ensure fiscal discipline.
Book Synopsis Fiscal Decentralization and Local Finance in Developing Countries by : Roy Bahl
Download or read book Fiscal Decentralization and Local Finance in Developing Countries written by Roy Bahl and published by Edward Elgar Publishing. This book was released on 2018-03-30 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book draws on experiences in developing countries to bridge the gap between the conventional textbook treatment of fiscal decentralization and the actual practice of subnational government finance. The extensive literature about the theory and practice is surveyed and longstanding problems and new questions are addressed. It focuses on the key choices that must be made in decentralizing, on how economic and political factors shape the choices that countries make, and on how, by paying more attention to the need for a more comprehensive approach and the critical connections between different components of decentralization reform, everyone involved might get more for their money.
Book Synopsis Fiscal Decentralization and Fiscal Policy Performance by : Moussé Sow
Download or read book Fiscal Decentralization and Fiscal Policy Performance written by Moussé Sow and published by International Monetary Fund. This book was released on 2017-03-24 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the impact of fiscal decentralization on fiscal policy performance in a large sample of advanced and developing economies. The findings suggest that a larger share of decentralized expenditure is associated with a stronger fiscal balance; however, fiscal decentralization can lead to more pro-cyclical fiscal policy. Thus, the design and pace of fiscal decentralization need to be tailored to the specificities of the economy. Countries that have already established strong accountablity and budget management capacity at the local level can benefit from fiscal decentralization. In contrast, in economies prone to large volatility from internal and external shocks, the central government may need to retain a sufficient share of expenditure and revenue to conduct counter-cyclical policies. Finally, the pace of expenditure and revenue decentralization should be aligned.
Book Synopsis Fiscal Decentralization by : Peter Friedrich
Download or read book Fiscal Decentralization written by Peter Friedrich and published by . This book was released on 2004 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Decentralization and Local Public Finance in Japan by : Nobuki Mochida
Download or read book Fiscal Decentralization and Local Public Finance in Japan written by Nobuki Mochida and published by Routledge. This book was released on 2008-06-26 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The intergovernmental fiscal issue is highly relevant given the worldwide movement toward more decentralized governance in both industrial and developing countries. Over the course of five decades Japan has developed a robust system of decentralized governance. This book investigates fiscal decentralization and local finance in Japan wi
Book Synopsis Fiscal Decentralization Reforms by : Michal Plaček
Download or read book Fiscal Decentralization Reforms written by Michal Plaček and published by Springer Nature. This book was released on 2020-05-05 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the impacts of fiscal decentralization reforms on the efficiency of local governments in Central and Eastern European (CEE) countries. By offering a comparative perspective and by applying econometric methods and regression models, it analyses various reform trajectories and their effects on individual CEE countries. Furthermore, the book discusses input and output indicators for evaluating the efficiency of municipalities. Readers will learn about the common features of these countries, the impact of path dependence, and future prospects for decentralization reforms. In closing, the book discusses modern management and administration methods, opportunities for cooperation between municipalities, co-creative service delivery, and other measures that could improve the efficiency of public service provision.
Book Synopsis The Political Economy of Budget Deficits by : Mr.Alberto Alesina
Download or read book The Political Economy of Budget Deficits written by Mr.Alberto Alesina and published by International Monetary Fund. This book was released on 1994-08-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last 20 years rather than before? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We will then proceed to a discussion of political economy models, which we organize in six groups: (i) models based upon opportunistic policymakers and naive voters with “fiscal illusion;” (ii) models of intergenerational redistributions; (iii) models of debt as a strategic variable, linking the current government with the next one; (iv) models of coalition governments; (v) models of geographically dispersed interests; and (vi) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.
Book Synopsis Fiscal Federalism in Latin America by : Eduardo Wiesner Durán
Download or read book Fiscal Federalism in Latin America written by Eduardo Wiesner Durán and published by IDB. This book was released on 2003 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text helps Latin American policymakers meet the challenge of decentralization to improve public sector performance at all levels of government by appropriately assigning jurisdiction over public goods, services, tax authority and user charges.
Book Synopsis The fiscal policy and soft budget constraints of China by : Difrine Madara
Download or read book The fiscal policy and soft budget constraints of China written by Difrine Madara and published by GRIN Verlag. This book was released on 2020-02-18 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academic Paper from the year 2019 in the subject Politics - International Politics - Region: Far East, grade: A, , language: English, abstract: This work provides a critical review and discussion of studies that have been conducted in the past regarding the fiscal policy and soft budget constraints of China. The author explains the concept of fiscal sustainability and reviews some of the fiscal policies adopted by China to realise fiscal sustainability. The author also evaluates the challenges towards attaining fiscal sustainability in China and discusses the the concept of soft budget constraint and how it has been cultivated into China’s fiscal policies.
Book Synopsis Rethinking Decentralization in Developing Countries by : Jennie Ilene Litvack
Download or read book Rethinking Decentralization in Developing Countries written by Jennie Ilene Litvack and published by World Bank Publications. This book was released on 1998-01-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an effort to reduce poverty and improve nutrition, this Bank operation assisted the Indian program Operation Flood to develop the dairy industry in India. This study examines the policy changes instituted to support the aid flow to the dairy sector and discusses the lessons learned and benefits realized through improved dairy production. It also presents suggestions for improvement. This program differs from other Bank efforts in that it focuses on a single commodity to alleviate poverty and raise living standards.
Book Synopsis Guide to Municipal Finance by : Naomi Enid Slack
Download or read book Guide to Municipal Finance written by Naomi Enid Slack and published by UN-HABITAT. This book was released on 2009 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Financial Management Reforms in Turkey: Progress and Challenges, Volume 2 by : Tekin Akdemir
Download or read book Public Financial Management Reforms in Turkey: Progress and Challenges, Volume 2 written by Tekin Akdemir and published by Springer Nature. This book was released on 2020-06-08 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an assessment of public financial management (PFM) reforms in developing countries using Turkey as a case study. Volume II elaborates on asset and liability management, intergovernmental fiscal relations, accounting, financial reporting, and auditing. Bringing together academics and practitioners, the book analyzes the PFM reforms in the light of theoretical explanations and practices to reveal the achievements, challenges, and future perspectives of PFM.
Book Synopsis Resolving China’s Corporate Debt Problem by : Wojciech Maliszewski
Download or read book Resolving China’s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
