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Fiscal Federalism 2016

Making Decentralisation Work

image of Fiscal Federalism 2016

Fiscal Federalism 2016 surveys recent trends and policies in intergovernmental fiscal relations and sub-central government. Accessible and easy-to read chapters provide insight: into growing spending and tax devolution; the fiscal constitutions of federal countries; how immovable property taxation is regaining its former significance; on the true spending power of sub central governments; on the mix between own tax resources and intergovernmental grants; and on the role of fiscal rules and good budget frameworks for sustainable debt management at the state and local level.

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Monitoring sub-central government debt: Trends, challenges and practices

OECD-wide, sub-central government debt accounted for 13% of GDP and 17% of total public debt in 2013. This chapter begins by examining the main drivers of sub-central government debt, explains why it is important to monitor debt, and surveys monitoring practices in OECD countries. The chapter then goes on to explore the main challenges that governments face when they design monitoring mechanisms and identifies policy options. The chapter explores in detail how mechanisms to monitor sub-central government borrowing – e.g. fiscal rules or direct control – work in OECD countries. It also provides an overview of data requirements and accounting procedures at all levels of government. Finally, it considers insolvency procedures and other mechanisms for dealing with sub-central governments in financial distress. The chapter draws on an OECD Fiscal Network survey of sub-central fiscal rules and macroeconomic management conducted in 2013.

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