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The authors analyze the links between Russia's disappointing growth performance in the second half of the 1990s, its costly and unsuccessful stabilization, the macroeconomic meltdown of 1998, and the spectacular rise of non-payments. Non-payments flourished in an environment of fundamental...
Persistent link: https://www.econbiz.de/10005141447
The main purpose of this paper is to describe the evolution of the financing structure of regulated privatized utilities and transport companies. To do so, the authors rely on a sample of 121 utilities distributed over 16 countries, and 23 transport infrastructure operators and 23 transport...
Persistent link: https://www.econbiz.de/10005115981
Many private infrastructure projects mix regulation that subjects the private company to considerable risk, a government or regulator that is reluctant to see the company go bankrupt, and high leverage on the part of the company. If all goes well, equityholders make a profit, debtholders are...
Persistent link: https://www.econbiz.de/10005116439
Despite a dramatic shift away from subsidies in the early years of transition, the countries of Central Europe still show signs of unsuccessful fiscal adjustment, insufficient deficit reduction, and loose spending policy. High social transfers and low efficiency of government spending remain two...
Persistent link: https://www.econbiz.de/10005079726
Fiscal adjustment is an illusion when it lowers the budget deficit or public debt but leaves the government's net worth unchanged, says the author. Conventional measures of the budget deficit largely measure the change in explicit public sector liabilities (debt). A more appropriate measure of...
Persistent link: https://www.econbiz.de/10004989889
The author focuses on the effects of age structure changes on the size of budget deficits of national governments. More specifically, he determines whether differences in age structure can account for the observed differences in budget deficits across countries as well as across time. By way of...
Persistent link: https://www.econbiz.de/10005116362
is concern, however, that fiscal decentralization may weaken fiscal discipline -that local authorities may undertake …-level governments, but others argue that such controls could undercut the goals of fiscal decentralization, including autonomy. The … fiscal decentralization produces perverse incentives or requires central government control over local fiscal policies. But …
Persistent link: https://www.econbiz.de/10004989885
- decentralization is the most effective way to deliver service. Those services have been decentralized in many countries, and many … decentralization affected spending levels on infrastructure? The outcome reflects the net outcome of opposing effects. Spending … decentralization makes spending more of less efficient. Among the conclusions they offer the following. First, decentralization tends …
Persistent link: https://www.econbiz.de/10005133563
decentralization decision may have more to do with short-term political considerations than the long-run benefits of decentralization … decentralization for a selected group of countries. Most of the decentralization literature deals with normative issues regarding the … decentralization has not received the attention it deserves as the best laid plans can fail due to implementation difficulties. We …
Persistent link: https://www.econbiz.de/10005141652
important to achieve in development objectives is changing as fiscal decentralization reforms are being pursued by many … countries around the world. In this context, a number of studies have attempted to quantify the impact of decentralization by … decentralization is surprisingly difficult to measure. Nearly all cases examining the relationship between decentralization and …
Persistent link: https://www.econbiz.de/10005115776