Fiscal decentralization policies and sub-national government debt in evolving federations

As part of a process of democratization, many countries spanning Europe, Latin Amertica, Africa, and Asia are reorganizing their governments bydevolving fiscal responsibility and authority to newly empowered regionaland local governments. Although decentralization in each country proceedsdifferently, a common element tends to be an initially heavy relianceon central government grants to fund regional spending. We develop atheoretical model of regional borrowing decisions in which the incentivesfor regional borrowing depend crucially on how the regions expect thefederal system of finance to evolve. We examine the implications of themodel using data on Spanish regions for the period 1984-1995 and findevidence that regions may be borrowing inefficiently in response toincentives imbedded in the Spanish system of fiscal decentralization.

The Backing of Government Debt and the Price Level

This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say d, is backed by the present discounted value of current and future primary surpluses. The remaining debt is backed by seigniorage revenue. The parameter d characterizes the interdependence between fiscal and monetary authorities. It is shown that in a standard monetary economy, this policy rule implies that the price level depends not only on the money stock, but also on the proportion of debt that is backed with money. Empirical estimates of d are obtained for OECD countries using data on nominal consumption, monetary base, and debt. Results indicate that debt plays only a minor role in the determination of the price level in these economies. Estimates of d correlate well with institutional measures of central bank independence.

Impact of externalities on sustainable development: evidence from public-private partnerships in Kazakhstan and Russia

Purpose – This paper aims to investigate the influence of public-private partnerships (PPPs) on social and economic conditions in Kazakhstan and Russia from a public economics perspective, namely, through the lens of a market failure and PPPs’ negative externalities. Design/methodology/approach – Drawing on the concept of a market failure and using the externalities perspective, the paper investigates whether partnerships are instrumental in solving market problems, which is illustrated by the evidence from ongoing PPP projects in Kazakhstan and Russia. Findings – Results show that citizens face expansion of monopolistic trends in the service provision and decreased availability of public services. Additionally, the government support to partnerships recreates a negative externality in the form of a higher risk premium on loan interest rates that banks use to finance PPPs. The partnerships’ impact on sustainable development often appears detrimental, as they significantly intensify the struggle between sub-national governments for increased transfers from the national budget. Practical implications – The government agencies must incorporate the appraisal of the PPP externalities and their effects on the society in the decision-making regarding the PPP formation. Originality/value – The authors suggest that, although government is interested in PPPs’ positive externalities, in reality many negative externalities may offset the positive spillover effects. As a result, the partnerships’ contributions to economic and social sustainability remain controversial. Extending the value-for-money concept to incorporate the assessment of PPP externalities might significantly enhance the partnership conceptualisation by more comprehensive and accurate assessment of PPPs’ economic and social value.

Crowding-out and Crowding-in Effects of Government Bonds Market on Private Sector Investment (Japanese Case Study)

This paper reviews the relationship between public sector investment and private sector investment through government expenditures financed by government bonds in the Japanese economy. This study hypothesizes that deficit financing by bond issues does not crowd out private sector investment, and this finance method may crowd in. Thus the government increases bond issues and sells them in the domestic and international financial markets. This method does not affect interest rates because they are insensitive to government expenditures and they depend on interest rates levels in the international financial market more than in the domestic financial market because of globalization and integration among financial markets.

Projections of national health expenditures.

"October 1992"--Cover.

Workshop proceedings, special national workshop : prevention and detection of fraud, waste and abuse of public funds : Washington, D.C., November 1979

Proceedings of a workshop sponsored by the Law Enforcement Assistance Administration, Nov. 14-16, 1979

Source records of the great war : a comprehensive and readable source record of the world's great war, emphasizing the more important events, and presenting these as complete narratives in the actual words of the chief officials and most eminent leaders ... presenting documents from government archives and other authoritative sources, with outline narratives, indices, chronologies, and courses of reading on sociological movements and individual national activities /

"The war with Germany, a statistical summary by Leonard P. Ayres ... chief of the Statistics branch of the General staff": v. 7, 153 p. at end.

Combined statement of receipts, expenditures and balances of the United States government.

Title varies slightly.

Letter to a lady in France : on the supposed failure of a national bank, the supposed delinquency of the national government, the debts of the several states, and repudiation : with answers to enquiries concerning the books of Capt. Marryat and Mr. Dickens /

Podeschi, J.B. Dickens,

Report on the merits of the claim of the state of Massachusetts, on the national government : for expenses of the militia, during the late war, to the governor and Council of the commonwealth, January, 1821.

Mode of access: Internet.

Ideas for a science of good government : in addresses, letters and articles on a strictly national currency, tariff and civil service.

Mode of access: Internet.

Military personnel : composition of the active duty forces by race or national origin identification and by gender : fact sheet for the Chairman, Legislation and National Security Subcommittee, Committee on Government Operations, House of Representatives /

"B-242608"--p.1.

Letter to a lady in France, on the supposed failure of a national bank, the supposed delinquency of the national government, the debts of the several states, and repudiation; with answers to enquiries concerning the books of Capt. Marryat and Mr. Dickens.

Cover title: Letter ... in answer to enquiries concerning the late imputations of dishonor upon the United States.

County revenues, expenditures and public properties, 1913.

Pub. in advance of the complete report pertaining to Wealth, debt, and taxation, cf. "Letter of transmittal," p. 5.

Corporate disclosure : hearings before the Subcommittee on Budgeting, Management, and Expenditures and the Subcommittee on Intergovernmental Relations of the Committee on Government Operations, Ninety-third Congress, second session.

Pt. 1. March 21, 26, and 28, 1974 -- pt. 2. April 23, 24, and May 20, 21, 1974 -- pt. 3. June 25, 27, and August 14, 1974.