Romania Municipal Finance Policy Note

The policy note is organized as follows: the first section reviews the local government structure and fiscal system and discusses how it can be improved to better enable local governments to efficiently fulfill their functions. The second section t...

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Bibliographic Details
Main Author:	World Bank
Format:	Policy Note
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCESS TO BANK ACCOUNTABILITY ACCOUNTING AUCTIONS BAILOUT BAILOUTS BANK ACCOUNT BANK BORROWING BANK LENDING BANKING SECTOR BANKING SYSTEM BASIS POINTS BENEFICIARIES BOND BOND ISSUANCE BOND ISSUES BOND RATING BOND UNDERWRITERS BONDS BUDGET CONSTRAINT BUDGET CONSTRAINTS CADASTRE CAPITAL ADEQUACY CAPITAL GRANT CAPITAL GRANT SYSTEM CAPITAL GRANTS CASH FLOWS CENTRAL GOVERNMENT FINANCING CENTRAL GOVERNMENT GUARANTEE COMMERCIAL BANKS CORPORATE GOVERNANCE CREDIT ENHANCEMENT CREDIT GUARANTEE CREDIT INSTITUTIONS CREDIT MARKETS CREDIT QUALITY CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDIT RISK CREDITOR CREDITORS CREDITWORTHINESS DEBT DEBT FINANCING DEBT MANAGEMENT DEBT MARKET DEBT OBLIGATION DEBT OBLIGATIONS DEBT RELIEF DEBT SERVICE DECENTRALIZATION DEFAULT RATING DEPOSIT DEPOSITS DOMESTIC BANK DOMESTIC BANKING DOMESTIC CREDIT DOMESTIC CURRENCY DOMESTIC MARKET EMERGING MARKET EMERGING MARKET ECONOMIES EUROBOND EXCESS LIQUIDITY EXCHANGE COMMISSION EXPENDITURE EXPENDITURES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT CAPACITY FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL RISKS FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCING REQUIREMENTS FISCAL CAPACITY FISCAL CONSTRAINTS FIXED COUPON FOREIGN CURRENCY GOVERNMENT BANKRUPTCY GOVERNMENT BANKRUPTCY FRAMEWORK GOVERNMENT BOND GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT BUDGET GOVERNMENT BUDGETING GOVERNMENT BUDGETS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT EXPENDITURES GOVERNMENT GUARANTEE GOVERNMENT POLICY GOVERNMENT REVENUE HOUSEHOLD INCOME IMPLICIT GUARANTEE INCOME SECURITY INCOME TAX INCOME TAXES INDIVIDUAL LOANS INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTRUMENT INTERGOVERNMENTAL RELATIONS INTERGOVERNMENTAL TRANSFER INTERGOVERNMENTAL TRANSFERS INTERNATIONAL BANKS INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL RATING AGENCIES INTERNATIONAL RATING AGENCY LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LENDERS LENDING DECISIONS LEVEL PLAYING FIELD LIABILITY LOAN LOAN AGREEMENT LOAN GUARANTEES LOAN MATURITIES LOAN SIZE LOCAL ADMINISTRATION LOCAL CURRENCY LOCAL DEBT LOCAL GOVERNMENT LOCAL GOVERNMENT BORROWING LOCAL GOVERNMENT ORGANIZATION LOCAL GOVERNMENTS LOCAL INFRASTRUCTURE MARKET ACCESS MARKET DEVELOPMENT MARKET DISCIPLINE MARKET ECONOMY MARKET MECHANISMS MARKET PARTICIPANTS MARKET PLAYER MATURITY MATURITY EXTENSION MICRO-ENTERPRISES MORAL HAZARD MORTGAGE MORTGAGE MARKET MUNICIPAL FINANCE MUNICIPAL INVESTMENTS MUNICIPAL LOANS MUNICIPALITIES NATIONAL BANK NATIONAL TREASURY OVERDRAFT FACILITIES PARTIAL CREDIT PAYMENT OBLIGATIONS PERSONAL INCOME PORTFOLIO PORTFOLIO ALLOCATIONS PORTFOLIO DIVERSIFICATION PORTFOLIO RISK PRIVATE BANK PRIVATE BANKS PRIVATE FINANCE PRIVATE INVESTORS PRIVATE LENDER PROCEDURES FOR APPEAL PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC FINANCE PUBLIC FINANCES PUBLIC SERVICE PROVISION REGISTRATION FEES REGULATORY AUTHORITY REGULATORY FRAMEWORK REPAYMENT RESERVE RESERVE FUND RESERVE REQUIREMENTS RETURNS REVENUE ASSIGNMENT REVENUE BONDS RISK MANAGEMENT RISK MANAGEMENT STRATEGIES RISK PROFILE RISK PROFILES SAVINGS SHORT-TERM LIQUIDITY SOVEREIGN GUARANTEE SOVEREIGN RATING STAMP DUTIES STOCK EXCHANGE SUB-NATIONAL DEBT SUB-NATIONAL DEBT MARKET SUB-NATIONAL ENTITIES SUBORDINATED DEBT TARIFF REVENUE TARIFF REVENUES TAX TAX CODE TAX COLLECTION TAX RATES TECHNICAL ASSISTANCE TRANCHE TRANCHES TRANSACTION TRANSACTION COSTS TRANSPARENCY TREASURY UNDERLYING ASSETS
Online Access:	http://documents.worldbank.org/curated/en/2008/06/9543661/romania-municipal-finance-policy-note http://hdl.handle.net/10986/19479

Description
Summary:	The policy note is organized as follows: the first section reviews the local government structure and fiscal system and discusses how it can be improved to better enable local governments to efficiently fulfill their functions. The second section then examines the state of municipal utilities. The third and the final section examines the recent evolution, opportunities and challenges ahead for the development of the sub-national debt market, analyzes key deficiencies and proposes priority reforms in the legal and regulatory framework for local government borrowing, and proposes a strategy to increase the access of sub-national entities to the sub-national debt market, based on a range of technical assistance and financial support instruments carefully attuned to sub-national entities' risk profiles.

Romania Municipal Finance Policy Note

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