Monitoring Fiscal Risks of Subnational Governments

Growing experience with decentralization indicates that a country's public finance system suffers when subnational governments expose themselves to excessive risk. But central governments often lack the information needed to monitor the fiscal...

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Main Authors:	Ma, Jun, Polackova, Hana
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	AUDITING BOND ISSUES BORROWING BORROWING POLICIES BUDGET DEFICIT CENTRAL GOVERNMENT CREDIT RATINGS CREDIT RISK CREDITWORTHINESS DEBT DEBT SERVICE DECENTRALIZATION DISTRICTS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL PLANNING FISCAL FISCAL BALANCE FISCAL CRISES FISCAL PRESSURES FOREIGN BORROWING INTEREST INCOME INTERGOVERNMENTAL FINANCE LOCAL AUTHORITIES LOCAL GOVERNMENT MORAL HAZARD MUNICIPALITIES NONTAX REVENUE PRESIDENCY PUBLIC FINANCE REVENUE CAPACITY REVENUE GROWTH REVENUE SHARING SAVINGS SENATE SOCIAL SECURITY SOCIAL WELFARE SUBNATIONAL FINANCES SUBNATIONAL GOVERNMENT SUBNATIONAL GOVERNMENTS TAX TAX REVENUE TRANSITION ECONOMIES WAGES FISCAL ADMINISTRATION RISK MANAGEMENT INTERGOVERNMENTAL FISCAL RELATIONS DEBT CRISIS CENTRAL BANKS POLITICAL PRESSURE ECONOMIC INDICATORS LIQUIDITY SOLVENCY CAPITAL REQUIREMENTS CREDIT CONTROL DEBT REPORTING SYSTEM INFORMATION GAPS GOVERNMENT ROLE
Online Access:	http://documents.worldbank.org/curated/en/2002/03/2011709/monitoring-fiscal-risks-subnational-governments http://hdl.handle.net/10986/11355

id	okr-10986-11355
recordtype	oai_dc
spelling	okr-10986-113552021-06-14T10:57:42Z Monitoring Fiscal Risks of Subnational Governments Ma, Jun Polackova, Hana AUDITING BOND ISSUES BORROWING BORROWING POLICIES BUDGET DEFICIT CENTRAL GOVERNMENT CREDIT RATINGS CREDIT RISK CREDITWORTHINESS DEBT DEBT SERVICE DECENTRALIZATION DISTRICTS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL PLANNING FISCAL FISCAL BALANCE FISCAL CRISES FISCAL PRESSURES FOREIGN BORROWING INTEREST INCOME INTERGOVERNMENTAL FINANCE LOCAL AUTHORITIES LOCAL GOVERNMENT MORAL HAZARD MUNICIPALITIES NONTAX REVENUE PRESIDENCY PUBLIC FINANCE REVENUE CAPACITY REVENUE GROWTH REVENUE SHARING SAVINGS SENATE SOCIAL SECURITY SOCIAL WELFARE SUBNATIONAL FINANCES SUBNATIONAL GOVERNMENT SUBNATIONAL GOVERNMENTS TAX TAX REVENUE TRANSITION ECONOMIES WAGES FISCAL ADMINISTRATION RISK MANAGEMENT SUBNATIONAL GOVERNMENT SUBNATIONAL FINANCES INTERGOVERNMENTAL FISCAL RELATIONS CREDIT RATINGS DEBT CRISIS CENTRAL BANKS POLITICAL PRESSURE PUBLIC FINANCE ECONOMIC INDICATORS LIQUIDITY SOLVENCY CAPITAL REQUIREMENTS CREDIT CONTROL DEBT REPORTING SYSTEM INFORMATION GAPS GOVERNMENT ROLE Growing experience with decentralization indicates that a country's public finance system suffers when subnational governments expose themselves to excessive risk. But central governments often lack the information needed to monitor the fiscal risks of subnational governments. Several countries, having experienced subnational fiscal crises, have established systems to monitor such risks. These systems assess subnational fiscal health and call for central government attention-and possible intervention-if preset indicators of fiscal imprudence are exceeded. In developing countries such systems also provide useful information for subnational credit ratings. This note describes several country experiences with indicators of subnational fiscal risks, identifies some limitations of such indicators, and suggests alternative indicators. 2012-08-13T14:50:36Z 2012-08-13T14:50:36Z 2002-03 http://documents.worldbank.org/curated/en/2002/03/2011709/monitoring-fiscal-risks-subnational-governments http://hdl.handle.net/10986/11355 English PREM Notes; No. 64 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	AUDITING BOND ISSUES BORROWING BORROWING POLICIES BUDGET DEFICIT CENTRAL GOVERNMENT CREDIT RATINGS CREDIT RISK CREDITWORTHINESS DEBT DEBT SERVICE DECENTRALIZATION DISTRICTS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL PLANNING FISCAL FISCAL BALANCE FISCAL CRISES FISCAL PRESSURES FOREIGN BORROWING INTEREST INCOME INTERGOVERNMENTAL FINANCE LOCAL AUTHORITIES LOCAL GOVERNMENT MORAL HAZARD MUNICIPALITIES NONTAX REVENUE PRESIDENCY PUBLIC FINANCE REVENUE CAPACITY REVENUE GROWTH REVENUE SHARING SAVINGS SENATE SOCIAL SECURITY SOCIAL WELFARE SUBNATIONAL FINANCES SUBNATIONAL GOVERNMENT SUBNATIONAL GOVERNMENTS TAX TAX REVENUE TRANSITION ECONOMIES WAGES FISCAL ADMINISTRATION RISK MANAGEMENT SUBNATIONAL GOVERNMENT SUBNATIONAL FINANCES INTERGOVERNMENTAL FISCAL RELATIONS CREDIT RATINGS DEBT CRISIS CENTRAL BANKS POLITICAL PRESSURE PUBLIC FINANCE ECONOMIC INDICATORS LIQUIDITY SOLVENCY CAPITAL REQUIREMENTS CREDIT CONTROL DEBT REPORTING SYSTEM INFORMATION GAPS GOVERNMENT ROLE
spellingShingle	AUDITING BOND ISSUES BORROWING BORROWING POLICIES BUDGET DEFICIT CENTRAL GOVERNMENT CREDIT RATINGS CREDIT RISK CREDITWORTHINESS DEBT DEBT SERVICE DECENTRALIZATION DISTRICTS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL PLANNING FISCAL FISCAL BALANCE FISCAL CRISES FISCAL PRESSURES FOREIGN BORROWING INTEREST INCOME INTERGOVERNMENTAL FINANCE LOCAL AUTHORITIES LOCAL GOVERNMENT MORAL HAZARD MUNICIPALITIES NONTAX REVENUE PRESIDENCY PUBLIC FINANCE REVENUE CAPACITY REVENUE GROWTH REVENUE SHARING SAVINGS SENATE SOCIAL SECURITY SOCIAL WELFARE SUBNATIONAL FINANCES SUBNATIONAL GOVERNMENT SUBNATIONAL GOVERNMENTS TAX TAX REVENUE TRANSITION ECONOMIES WAGES FISCAL ADMINISTRATION RISK MANAGEMENT SUBNATIONAL GOVERNMENT SUBNATIONAL FINANCES INTERGOVERNMENTAL FISCAL RELATIONS CREDIT RATINGS DEBT CRISIS CENTRAL BANKS POLITICAL PRESSURE PUBLIC FINANCE ECONOMIC INDICATORS LIQUIDITY SOLVENCY CAPITAL REQUIREMENTS CREDIT CONTROL DEBT REPORTING SYSTEM INFORMATION GAPS GOVERNMENT ROLE Ma, Jun Polackova, Hana Monitoring Fiscal Risks of Subnational Governments
relation	PREM Notes; No. 64
description	Growing experience with decentralization indicates that a country's public finance system suffers when subnational governments expose themselves to excessive risk. But central governments often lack the information needed to monitor the fiscal risks of subnational governments. Several countries, having experienced subnational fiscal crises, have established systems to monitor such risks. These systems assess subnational fiscal health and call for central government attention-and possible intervention-if preset indicators of fiscal imprudence are exceeded. In developing countries such systems also provide useful information for subnational credit ratings. This note describes several country experiences with indicators of subnational fiscal risks, identifies some limitations of such indicators, and suggests alternative indicators.
format	Publications & Research :: Brief
author	Ma, Jun Polackova, Hana
author_facet	Ma, Jun Polackova, Hana
author_sort	Ma, Jun
title	Monitoring Fiscal Risks of Subnational Governments
title_short	Monitoring Fiscal Risks of Subnational Governments
title_full	Monitoring Fiscal Risks of Subnational Governments
title_fullStr	Monitoring Fiscal Risks of Subnational Governments
title_full_unstemmed	Monitoring Fiscal Risks of Subnational Governments
title_sort	monitoring fiscal risks of subnational governments
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2002/03/2011709/monitoring-fiscal-risks-subnational-governments http://hdl.handle.net/10986/11355
_version_	1764416439962304512

Monitoring Fiscal Risks of Subnational Governments

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