Asia's economic significance has risen substantially over the past several decades. Further economic development in ASEAN, with its massive population, requires very efficient utilization of resources and cross-border cooperation. While ASEAN has much to gain from economic cooperation and...

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

The core emphasis of rules-based fiscal legislation at the subnational level in India is to achieve debt sustainability through a numerical ceiling on borrowing and the use of borrowed resources for public capital investment by phasing out revenue deficits. Using the Arellano Bond Panel...

New public management emphasizes the organizational and behavioral aspects of state-owned enterprises (SOEs). The main assumption is that, if governments constitute SOEs as "market" enterprises and allow their management to follow the logic of the "market," SOEs will become productive,...

Against the backdrop of the COVID-19 pandemic, most countries implemented a partial or full lockdown as a preventive measure. Although lockdown caused an economic contraction, it unexpectedly improved the environment, especially air pollution. This paper quantifies the impact of the lockdown on...

There are many positive aspects associated with subnational borrowing, including additional funding and promoting intergenerational equity. However, it may also endanger fiscal sustainability and macro stability due to moral hazard and soft budget constraints, making borrowing controls justified...

This paper aims to provide an overview of the basics of Japan's local public administration and finance system and to analyze how Japan's municipalities restore their fiscal balance after a fiscal shock. In Japan, local governments play a major role in redistribution. Combined with regional...

Without much preparation, Indonesia, in 2000, at a stroke replaced the previous system of centralized government and development planning with a wide range of decentralization programs. The reforms gave greater authority, political power, and financial resources directly to regencies and...

Sustainable and inclusive growth in emerging Asian economies requires continued high levels of public sector investment in areas such as infrastructure, education, health, and social services. These responsibilities, especially with regard to infrastructure investment, need to be devolved...

Fiscal decentralization and intergovernmental fiscal relations reform have become nearly ubiquitous in developing countries. Performance, however, has often been disappointing in terms of both policy formulation and outcomes. The dynamics underlying these results have been poorly researched....