Performance Budgeting and Management White Papers
Decentralization and the Challenge of Hard Budget Constraints
Overview Central regulations need not undermine market discipline. Indeed, they can facilitate it by promoting local revenue collection, improving information, accounting, and auditing, implementing and enforcing limits on borrowing to cover current spending, and clarifying bankruptcy procedures. Above all, reforms can improve the information and incentives of voters and creditors. In many developing and transition economies that are rapidly decentralizing, hard budget constraints may require rules that restrain local borrowing in the short term. But in the long term such rules should let local voters and creditors know that local obligations are indeed local.
| Publisher | United Nations | File Format | PDF, requires Acrobat Rdr 5 |
|---|---|---|---|
| Date Published | July 2000 | Downloads | 1 |
| Format | White Papers | ||
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