The note highlights the importance of sound intergovernmental fiscal relations, and proper regulation for successful sub-national borrowing, and illustrates the potential macroeconomic hazards of decentralizing borrowing powers, arguing that the impact of a possible moral hazard problem, namely, the access to financial markets by sub-national governments, may generate unplanned liabilities for central governments. Yet academia, and country experiences...
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1999/01/31
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Brief
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21250
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1
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1
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2010/07/01
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Disclosed
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Decentralizing borrowing powers
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fiscal
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Citation
Ahmad,Junaid Kamal.
Decentralizing borrowing powers (English). PREM Notes|no. 15. Public Sector Washington, DC: World Bank. http://documents.worldbank.org/curated/en/804861468339674130