Public Debt and State Property
AbstractThe author analyses the possibilities of substitution between state debt management and state property. He postulates that there are possibilities for substitution over a 2–4-year time span. In the short run, debt can be decreased by spending less on the refurbishment of physical assets, but this could have a boomerang effect later. The author proposes the obligation to draw up a balance sheet for the assets of municipalities as well as for those of the central government. The enterprises listed in the Hungarian Act on Property are categorised according to their share of the state property. A new category of key national assets is proposed. This could be a safeguard against over-ambitious privatisation. For key national assets, due renovation should be a requirement, even if they are in private ownership. The author proposes the conclusion of strategic contracts between the state and managers of national property. In the 10 new EU Member States, projects involving at least two countries should be implemented and operated in a joint effort. The ownership of assets by larger regions, and the joint management of such assets could be a model to be followed by other members of the EU.
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Bibliographic InfoArticle provided by State Audit Office of Hungary in its journal Public Finance Quarterly.
Volume (Year): 56 (2011)
Issue (Month): 4 ()
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transportation and utilities – general; privatisation; public enterprises; national budget – debt;
Find related papers by JEL classification:
- L90 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - General
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
- L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
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