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Author : David E. Wildasin
Publisher : World Bank Publications
Page : 42 pages
File Size : 49,7 Mb
Release : 1997
Category : Bailouts (Government policy)
ISBN : 8210379456XXX
Author : E. David Wildasin
Publisher : Unknown
Page : 128 pages
File Size : 51,7 Mb
Release : 1999
Category : Electronic
ISBN : OCLC:913715867
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.
Author : D. E. Wildasin
Publisher : Unknown
Page : 128 pages
File Size : 43,8 Mb
Release : 1997
Category : Electronic
ISBN : OCLC:1101883319
Author : Guiseppe Pisauro
Publisher : INTERNATIONAL MONETARY FUND
Page : 30 pages
File Size : 40,5 Mb
Release : 2001-05-01
Category : Electronic
ISBN : 1451848684
Fiscal decentralization is likely to entail a bias in the budget process toward higher public expenses and deficits. The paper reviews lessons drawn from the theoretical literature and international experience on the design of intergovernmental relations. The institutional setup should address the dual problem of "common tax resources" and "soft" budget constraints, where policies devised to correct one problem may exacerbate the other. An approach based on full tax autonomy of lower-tier governments and reliance on market discipline, not supplemented by self-imposed constitutional limits, is not advisable. More effective seems to be a cooperative approach with some preeminence granted to the central government.
Author : Jonathan Rodden,Gunnar S. Eskeland,Jennie Ilene Litvack
Publisher : MIT Press
Page : 502 pages
File Size : 43,8 Mb
Release : 2003
Category : Business & Economics
ISBN : 0262182297
A multi-country study of the conditions under which decentralized countries might ensure fiscal discipline.
Author : Ernesto Crivelli,Adam Leive,Mr.Thomas Stratmann
Publisher : International Monetary Fund
Page : 28 pages
File Size : 46,8 Mb
Release : 2010-06-01
Category : Business & Economics
ISBN : 9781455201303
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.
Author : Tekin Akdemir,Halis Kıral
Publisher : Springer Nature
Page : 284 pages
File Size : 51,7 Mb
Release : 2020-06-08
Category : Business & Economics
ISBN : 9789811542268
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.
Author : R. K. SAPRU
Publisher : PHI Learning Pvt. Ltd.
Page : 392 pages
File Size : 41,6 Mb
Release : 2011-11-03
Category : Political Science
ISBN : 9788120344389
The subject of Public Policy has assumed considerable importance in response to the complexity of economic downturns, social upheavals, political crises, institutional weaknesses and technology. It is concerned not only with the description but also with the developing scientific knowledge about the forces shaping public policy. The textbook, now in its second edition, continues to provide an in-depth study of the various approaches for policy formulation, implementation and evaluation. It addresses issues in policy analysis, and explains the forces that influence the functioning of executive, legislature, judiciary, civil society and administration. The book excellently reviews and evaluates the public policy literature, and exemplifies the author’s long teaching and research experience in Panjab University. The book is primarily intended for postgraduate students of Political Science and Public Administration for their courses in Public Policy and Policy Analysis, besides meeting the requirements of candidates offering public administration subject for the civil services examination. It will be equally useful for policymakers, planners and bureaucrats concerned with policy management. NEW TO THIS EDITION : Updation of the chapter Policy Approaches and Models with the inclusion of the topic ‘Public choice model of policy-making’ Addition of the two new chapters – Power Approaches to Policy Making and Strategic Planning Approach for Improving Public Policy – to study the subject in detail.
Author : Lynette H. Ong
Publisher : Cornell University Press
Page : 232 pages
File Size : 55,5 Mb
Release : 2012-08-21
Category : Business & Economics
ISBN : 9780801465956
The official banking institutions for rural China are Rural Credit Cooperatives (RCCs). Although these co-ops are mandated to support agricultural development among farm households, since 1980 half of RCC loans have gone to small and medium-sized industrial enterprises located in, and managed by, townships and villages. These township and village enterprises have experienced highly uneven levels of success, and by the end of the 1990s, half of all RCC loans were in or close to default, forcing China's central bank to bail out RCCs. In Prosper or Perish, Lynette H. Ong examines the bias in RCC lending patterns, focusing on why the mobilization of rural savings has contributed to successful industrial development in some locales but not in others. Interweaving insightful and theoretically informed discussions of rural credit, development, governance, and bank bailouts, Ong identifies various sources for China's uneven development. In the highly decentralized fiscal environment of the People's Republic, successful industrialization has significant implications for rural governance. Local governments depend on revenue from industrial output to provide public goods and services; unsuccessful enterprises starve local governments of revenue and result in radical cutbacks in services. High peasant burdens, land takings without adequate compensation by local governments, and other poor governance practices tend to be associated with unsuccessful industrialization. In light of the recent liberalization of the rural credit sector in China, Prosper or Perish makes a significant contribution to debates within political science, economic development, and international banking.
Author : Anonim
Publisher : Springer
Page : 7493 pages
File Size : 47,9 Mb
Release : 2016-05-18
Category : Law
ISBN : 9781349588022
The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Author : Anwar Shah
Publisher : McGill-Queen's Press - MQUP
Page : 451 pages
File Size : 45,8 Mb
Release : 2007
Category : Political Science
ISBN : 9780773560444
Contributors provide a fascinating account of how federal countries are confronting the traditional challenges of conflicts over division of fiscal powers while also coping with emerging challenges of globalization and citizen empowerment arising from the information revolution. They analyze how relationships and roles in different orders of government are being reshaped and show how local solutions inspired by global principles help strengthen government accountability and improve the quality of life for citizens.
Author : Claude Ménard,Mary M. Shirley
Publisher : Springer Science & Business Media
Page : 875 pages
File Size : 44,5 Mb
Release : 2008-06-27
Category : Business & Economics
ISBN : 9783540693055
New Institutional Economics (NIE) has skyrocketed in scope and influence over the last three decades. This first Handbook of NIE provides a unique and timely overview of recent developments and broad orientations. Contributions analyse the domain and perspectives of NIE; sections on legal institutions, political institutions, transaction cost economics, governance, contracting, institutional change, and more capture NIE's interdisciplinary nature. This Handbook will be of interest to economists, political scientists, legal scholars, management specialists, sociologists, and others wishing to learn more about this important subject and gain insight into progress made by institutionalists from other disciplines. This compendium of analyses by some of the foremost NIE specialists, including Ronald Coase, Douglass North, Elinor Ostrom, and Oliver Williamson, gives students and new researchers an introduction to the topic and offers established scholars a reference book for their research.
Author : Toshihiro Ihori
Publisher : Springer
Page : 403 pages
File Size : 45,6 Mb
Release : 2016-11-03
Category : Business & Economics
ISBN : 9789811023897
This textbook equips instructors and students with an overview of the existing literature so that the latter can attain an overall understanding of macroeconomic and microeconomic public finance. The literature on public finance has grown dramatically with theoretical studies and empirical analysis, and much of the focus has been on macroeconomic effects of public services. The standard textbook offerings, however, are mainly restricted to microeconomic topics of public finance. This text intends to fill this gap by presenting a theoretical-based, comprehensive explanation of public finance. Particular emphasis is directed at developing tools that can be applied theoretically and empirically to clarify essential economic concerns in the current public sector in advanced countries, including Japan. Such concerns include the macroeconomic effect of fiscal policy, the dependence on bonds for covering government deficits, and social security reform. The main text explains the standard concepts of public finance, and the appendix offers various advanced topics. The material will facilitate an understanding of how to investigate changes in the public sector, interpret results, and basically do research on fiscal policy. The textbook will be of value to a broad range of course offerings, including those generally focused on fiscal policy, on social security reform and on tax reform.
Author : Laura von Daniels
Publisher : Edward Elgar Publishing
Page : 221 pages
File Size : 51,7 Mb
Release : 2016-03-25
Category : Business & Economics
ISBN : 9781783475957
How can governments control spending pressure from influential groups, often representing powerful regional interests? This book is concerned with institutional solutions that allow modern nation states to balance historically grown cultural, political and economic diversity. Laura von Daniels combines different literatures in economics and political science, and draws on interviews with former government leaders, and country experts from international organizations. She applies this research to topics such as fiscal institutions and budget balances, presenting a critical review of different institutional approaches to resolving fiscal imbalances and public indebtedness. Students and scholars of various disciplines, including politics, public and social policy, economics and business will find the discussions and detailed description of institutional reforms in emerging market nations to be of use to their research. It will also be of interest to practitioners working on fiscal decentralization and budget control.
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 64 pages
File Size : 49,8 Mb
Release : 2017-01-30
Category : Business & Economics
ISBN : 9781475572766
This Selected Issues paper analyzes the drivers of firm productivity growth in Spain. Spain’s weak productivity performance has been linked to the dominance of many low-productivity small firms and inefficient allocation of resources. The biggest gain can be expected from lowering regulatory barriers to competition and the cost of doing business, including at the regional level. Further improving the access to equity and credit financing, in particular for innovative start-up companies, and addressing potential disincentive effects of size-contingent rules, can also make important contributions to raising productivity growth. Supporting innovation through increasing the efficiency of Research and Development (R&D) incentives and enhancing the private R&D investment should generate positive spillovers, which are difficult to capture empirically.