"Opening of financial services has enormous policy implications for a member country. As demonstrated by the 1997 Asian crisis, mismanagement of financial opening may lead to disastrous economic consequences. Only prudent financial policies, including implementation of commitments under the...

The ongoing political decentralization in Asia, with central governments devolving to local governments the responsibilities of delivering key development projects and public services, calls for sound local government finance. Local government finance in the region exhibits several problems:...