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The crowding-in effects of local government debt in China
Journal of Monetary EconomicsWe study how changes in the composition of Chinese local government debt influenced bank risk taking, credit allocation, and local productivity. Using confidential loan-level data and a difference-in-difference identification approach, we show that a debt-to-bond swap program for local governments implemented in 2015 significantly increased bank risk ...
Xiaoming Li +3 more
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Bosnia and Herzegovina: Local Government Debt
2018Fiscal decentralisation in Bosnia and Herzegovina is characterised by a complex post-conflict constitutional organisation consisting of two entities and one self-governing unit. The decentralisation process and the position of local government units in both entities over the past 20 years can be divided into three phases.
Halko Basarić +2 more
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2016
For three millennia, China’s central government has struggled to control local leaders, and the degree of centralization has varied. At times, for example during the Zhou dynasty (1050–256 bc), fiscally and militarily independent feudal princes operated mostly beyond the control of the emperor.
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For three millennia, China’s central government has struggled to control local leaders, and the degree of centralization has varied. At times, for example during the Zhou dynasty (1050–256 bc), fiscally and militarily independent feudal princes operated mostly beyond the control of the emperor.
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The Chinese Economy, 2016
“Promotion tournament model” is used to explain the Chinese economic miracle. The key of the promotion tournament model is competition for economic growth which brings economic growth together with some societal problems. Competition for economic growth influences local governments’ behavior and is one of the reasons for the rapid rising of local debts.
Shujuan Li, Yan Liang
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“Promotion tournament model” is used to explain the Chinese economic miracle. The key of the promotion tournament model is competition for economic growth which brings economic growth together with some societal problems. Competition for economic growth influences local governments’ behavior and is one of the reasons for the rapid rising of local debts.
Shujuan Li, Yan Liang
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The Law of China’s Local Government Debt: Local Government Financing Vehicles and Their Bonds
The American Journal of Comparative Law, 2017Local government financing vehicles (LGFVs)—companies capitalized and owned by local government and established for the purpose of raising funds for municipal infrastructure construction—emerged in China in the 1980s as a response to the severe constraints on indebtedness by local governments themselves. The mushrooming of their number and indebtedness
Donald Clarke, Fang Lu
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Local Government Debt Valuation
SSRN Electronic Journal, 2022Oliver Giesecke +2 more
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The Debt Consolidation of Hungarian Local Governments [PDF]
Public Finance Quarterly, 2014 The total debt of Hungarian local governments accumulated during the 2002–2008 period was consolidated in full by the government between 2011 and 2014. Most of the debt assumed by the central budget was denominated in foreign currency, which involved high exchange risk and, therefore, financial instability for both the central and the local subsystems ...
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Local Government Debt and Fiscal Autonomy
International Scientific Conference ERAZ - Knowledge Based Sustainable DevelopmentThe purpose of the study is to analyse and discuss the local government debt and fiscal autonomy. It is very important to understand the composition of the municipal budget, its own income and government transfers. The study will analyse the revenues and expenses of municipalities (operational and capital) as well as the ways of financing investments ...
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International Review of Administrative Sciences, 2018
The rapid growth of debt of off-budget entities is the result of budgetary constraints. When local governments face fiscal stress, with rising debt, they tend to rely on local public enterprise debt to minimize debt limits and budgetary constraints. This study tests how the debt level of local governments affects the debt level of off-budget entities ...
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The rapid growth of debt of off-budget entities is the result of budgetary constraints. When local governments face fiscal stress, with rising debt, they tend to rely on local public enterprise debt to minimize debt limits and budgetary constraints. This study tests how the debt level of local governments affects the debt level of off-budget entities ...
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