LEADER 03334nam 22005293 450 001 9910794533903321 005 20231110232444.0 010 $a1-4648-1668-9 024 7 $a10.1596/978-1-4648-1667-3 035 $a(CKB)4100000011983312 035 $a(MiAaPQ)EBC6680954 035 $a(Au-PeEL)EBL6680954 035 $a(NjHacI)994100000011983312 035 $a(EXLCZ)994100000011983312 100 $a20210901d2021 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aHidden Debt $eSolutions to Avert the Next Financial Crisis in South Asia 210 1$aWashington, D. C. :$cWorld Bank Publications,$d2021. 210 4$dİ2021. 215 $a1 online resource (197 pages) 225 1 $aSouth Asia Development Matters 327 $aPublic-private partnerships in South Asia: managing the fiscal risks from hidden liabilities while delivering efficiency gains -- State-owned banks versus private banks in South Asia: agency tensions, susceptibility to distress, and the fiscal and economic costs of distress -- South Asia's state-owned enterprises: surprise liabilities versus positive externalities -- Subnational governments in South Asia: balancing the fiscal risks of government decentralization with the returns. 330 $aThe COVID-19 crisis, which has sent economies in South Asia and around the world into a deep recession, has highlighted South Asia's rising debt levels and sizable hidden liabilities. State-owned enterprises, state-owned commercial banks, and public-private partnerships have been at the center of the rising debt wave and the latest pandemic response. Historically,South Asia has relied on these direct public interventions more than other regions. The interventions have helped governments tackle key development challenges and rapidly deliver relief measures during crises. However, because of their inefficiencies and weak governance, the interventions are also a significant source of public indebtedness and macrofinancial risks. Hidden Debt examines the trade-off between tackling development challenges through direct state presence in the market and avoiding unsustainable debt due to economic inefficiencies of such off-balance sheet operations, which greatly leverage public capital. The study recommends a reform agenda based on the four interrelated principles of purpose, incentives, transparency, and accountability (PITA). The reforms can mitigate the risks that off-balance sheet operations will become the source of the next financial crisis in South Asia. 410 0$aSouth Asia Development Matters 606 $aFinancial crises$xPrevention 606 $aFinancial crises$zSouth Asia 606 $aGovernment business enterprises$xFinance 606 $aOff balance sheet financing 606 $aRisk$zSouth Asia 615 0$aFinancial crises$xPrevention. 615 0$aFinancial crises 615 0$aGovernment business enterprises$xFinance. 615 0$aOff balance sheet financing. 615 0$aRisk 676 $a338.542 700 $aMelecky$b Martin$01485254 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910794533903321 996 $aHidden Debt$93704267 997 $aUNINA