Sound Management of Public Finance at sub-national level is important for efficiency and effectiveness of government intervention programs. The state government presented ‘White Paper on Haryana State Finances' in an attempt to capture the trends of financial instabilities and weakness in...

This paper uses recent legislation in Austria to establish a link between sovereign reputation and yield spreads. In 2009, Hypo Alpe Adria International, a bank previously co-owned by the regional government of Carinthia, had been nationalized by Austria's central government in order to avoid a...

Fear of the abusive exercise of eminent domain power and of potentially high costs resulting from serious holdout could cause slowdown and even suspension of land assembly for urban redevelopment, which is particularly devastating for the developing world. Invited takings, as recently emerged in...

The paper presents a comprehensive data set of all bonds issued by the sixteen German states (L¨ander) since 1992. It thus provides a complete picture of a capital market comparable in size to funds raised in the German fixed income market for corporations. The quantitative analysis reveals...

Accounting systems play a hidden but fundamental role as mode and instrument of representation, coordination and organisation for the public sector and its specific public action. Therefore, financial and accounting reforms transform, implement and reshape public policies as well as the working...

Emerging market sovereigns issue bonds in the international capital markets governed by a foreign legal regime such as the law of England or New York State. European sovereigns, however, have been able to issue bonds governed by the issuer's own law. In the event of a future financial crisis,...

Issuing sovereign bonds in the international markets using a trust structure rather than a fiscal agency agreement conveys several benefits for the issuer and the holders of the bonds. Principal and interest payments received by a trustee will be less susceptible to attachment by third party...

Serbian Abstract: Upravljanje dugom lokalne samouprave treba da obezbedi finansiranje aktivnosti i održanje ukupnog duga lokalne samouprave na nivou koji je u skladu sa njenim odnosom prema ceni kapitala i finansijskom riziku. Ono je naročito značajno za lokalne samouprave u zemljama u...

Russian Abstract: Несмотря на продолжающуюся пандемию коронавирусной инфекции, по итогам первого квартала 2021 г. доходы консолидированных бюджетов регионов не только не...

We analyze politicians’ expectations about future compliance with a fiscal rule, and in particular the dependence of the expectations on their role in parliament (opposition vs. incumbent government coalition). We study this in the context of the German debt brake, which became a...