06251oam 22015494 450 991095341780332120250426110146.0978147555102014755510299781475539868147553986X(CKB)2550000000107549(EBL)1606777(SSID)ssj0000942146(PQKBManifestationID)11601444(PQKBTitleCode)TC0000942146(PQKBWorkID)10972024(PQKB)10088784(MiAaPQ)EBC1606777(Au-PeEL)EBL1606777(CaPaEBR)ebr10579635(OCoLC)794991592(IMF)WPIEE2012146(IMF)WPIEA2012146WPIEA2012146(EXLCZ)99255000000010754920020129d2012 uf 0engur|n|---|||||txtccrLocal Governments’ Fiscal Balance, Privatization, and Banking Sector Reform in Transition Countries /Ernesto Crivelli1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (29 p.)IMF Working PapersDescription based upon print version of record.9781475515596 1475515596 9781475504118 147550411X Includes bibliographical references.Cover; Contents; I. Introduction; II. Decentralization, Fiscal Balances, and Privatization: Background; III. Empirical Specification and Data; A. Empirical Specification; B. Estimation; C. Data; IV. Results; Tables; 1. Main Results; V. Further Analysis; 2. Robustness Results; VI. Discussion and Conclusions; Appendices; A. Data; A.1. Descriptive Statistics; B. Robustness to Instrument Choice; B.1. Robustness to instrument choice: Main results; B.2. Robustness to Instrument Choice: Further Results; ReferencesSeveral transition economies have undertaken fiscal decentralization reforms over the past two decades along with liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances, unless the right incentives are in place to promote fiscal discipline. This paper uses a panel of 20 transition countries over 19 years to address a central question of fact: Did privatization help to promote local governments’ fiscal discipline? The answer is clearly ‘no’ for privatization considered in isolation. However, privatization and subnational fiscal autonomy along with reforms to the banking system - restraining access to soft financing - may prove effective at improving fiscal balances among local governments.IMF Working Papers; Working Paper ;No. 2012/146Decentralization in governmentPrivatizationBankingimfBanks and BankingimfBanks and bankingimfBanksimfBudget planning and preparationimfBudget SystemsimfBudgetimfBudgeting & financial managementimfBudgetingimfCommercial banksimfComparison of Public and Private Enterprises and Nonprofit InstitutionsimfContracting OutimfDebt ManagementimfDebtimfDepository InstitutionsimfEconomic sectorsimfFederalismimfFinance, PublicimfFinancial institutionsimfGovernment asset and liability managementimfGovernment business enterprisesimfIntergovernmental RelationsimfMacroeconomicsimfMicro Finance InstitutionsimfMortgagesimfNational BudgetimfNationalizationimfNonprofit Organizations and Public Enterprise: GeneralimfPrivatizationimfPublic enterprisesimfPublic finance & taxationimfPublic FinanceimfPublic financial management (PFM)imfPublic ownershipimfSecessionimfSovereign DebtimfState and Local BorrowingimfRussian FederationimfDecentralization in government.Privatization.BankingBanks and BankingBanks and bankingBanksBudget planning and preparationBudget SystemsBudgetBudgeting & financial managementBudgetingCommercial banksComparison of Public and Private Enterprises and Nonprofit InstitutionsContracting OutDebt ManagementDebtDepository InstitutionsEconomic sectorsFederalismFinance, PublicFinancial institutionsGovernment asset and liability managementGovernment business enterprisesIntergovernmental RelationsMacroeconomicsMicro Finance InstitutionsMortgagesNational BudgetNationalizationNonprofit Organizations and Public Enterprise: GeneralPrivatizationPublic enterprisesPublic finance & taxationPublic FinancePublic financial management (PFM)Public ownershipSecessionSovereign DebtState and Local Borrowing332.1/52Crivelli Ernesto1606357DcWaIMFBOOK9910953417803321Local Governments’ Fiscal Balance, Privatization, and Banking Sector Reform in Transition Countries4371255UNINA