Externalities And Bailouts Hard And Soft Budget Constraints In Intergovernmental Fiscal Relations
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Externalities And Bailouts
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Author : David E. Wildasin
language : en
Publisher: World Bank Publications
Release Date : 1997
Externalities And Bailouts written by David E. Wildasin and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Bailouts (Government policy) categories.
Externalities And Bailouts Hard And Soft Budget Constraints In Intergovernmental Fiscal Relations
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Author : E. David Wildasin
language : en
Publisher:
Release Date : 1999
Externalities And Bailouts Hard And Soft Budget Constraints In Intergovernmental Fiscal Relations written by E. David Wildasin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
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.
Externalities And Bailouts
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Author : D. E. Wildasin
language : en
Publisher:
Release Date : 1997
Externalities And Bailouts written by D. E. Wildasin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Intergovernmental Relations And Fiscal Discipline Between Common Tax Resources And Soft Budget Constraints
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Author : Guiseppe Pisauro
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2001-05-01
Intergovernmental Relations And Fiscal Discipline Between Common Tax Resources And Soft Budget Constraints written by Guiseppe Pisauro and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05-01 with categories.
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.
Fiscal Decentralization And The Challenge Of Hard Budget Constraints
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Author : Jonathan Rodden
language : en
Publisher: MIT Press
Release Date : 2003
Fiscal Decentralization And The Challenge Of Hard Budget Constraints written by Jonathan Rodden and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
A multi-country study of the conditions under which decentralized countries might ensure fiscal discipline.
Subnational Health Spending And Soft Budget Constraints In Oecd Countries
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Author : Ernesto Crivelli
language : en
Publisher: International Monetary Fund
Release Date : 2010-06-01
Subnational Health Spending And Soft Budget Constraints In Oecd Countries written by Ernesto Crivelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-01 with Business & Economics categories.
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.
Public Financial Management Reforms In Turkey Progress And Challenges Volume 2
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Author : Tekin Akdemir
language : en
Publisher: Springer Nature
Release Date : 2020-06-08
Public Financial Management Reforms In Turkey Progress And Challenges Volume 2 written by Tekin Akdemir and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-08 with Business & Economics categories.
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.
Public Policy
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Author : R. K. SAPRU
language : en
Publisher: PHI Learning Pvt. Ltd.
Release Date : 2011-11-03
Public Policy written by R. K. SAPRU and has been published by PHI Learning Pvt. Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-03 with Political Science categories.
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.
Prosper Or Perish
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Author : Lynette H. Ong
language : en
Publisher: Cornell University Press
Release Date : 2012-08-21
Prosper Or Perish written by Lynette H. Ong and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-21 with Business & Economics categories.
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.
The New Palgrave Dictionary Of Economics
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Author :
language : en
Publisher: Springer
Release Date : 2016-05-18
The New Palgrave Dictionary Of Economics written by and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-18 with Law categories.
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.