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Decentralization, Privatization, and the Solvency of Local Governments in Reforming Economies: The Case of Budapest

Author

Listed:
  • J Alm

    (Department of Economics, University of Colorado, Boulder, CO 80309-0256, USA)

  • R M Buckley

    (World Bank, Washington, DC 20433, USA)

Abstract

In many reforming socialist economics like Hungary, the ownership of previously state-owned assets has been transferred to local governments as part of the decentralization and privatization reforms. The authors discuss these recent reforms in Budapest, and examine their impact on the solvency of local governments there. The analysis suggests that a continuation of the current pricing policies now in place in Budapest will pose serious long-run solvency problems for the new local governments that have been given ownership of the assets, effectively decapitalizing many of them. Even so, the privatization is unlikely to lead to a change in these pricing policies, and it may well lead the local governments to undertake actions that adversely affect the broader stabilization program.

Suggested Citation

  • J Alm & R M Buckley, 1994. "Decentralization, Privatization, and the Solvency of Local Governments in Reforming Economies: The Case of Budapest," Environment and Planning C, , vol. 12(3), pages 333-346, September.
    • Handle: RePEc:sae:envirc:v:12:y:1994:i:3:p:333-346
    DOI: 10.1068/c120333
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    Citations

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    Cited by:

    1. Ramin Keivani & Ali Parsa & Stanley McGreal, 2001. "Globalisation, Institutional Structures and Real Estate Markets in Central European Cities," Urban Studies, Urban Studies Journal Limited, vol. 38(13), pages 2457-2476, December.
    2. R M Bird & C Wallich, 1994. "Local Finance and Economic Reform in Eastern Europe," Environment and Planning C, , vol. 12(3), pages 263-276, September.
    3. J Regulska, 1997. "Decentralization or (Re)Centralization: Struggle for Political Power in Poland," Environment and Planning C, , vol. 15(2), pages 187-207, June.
    4. Lionel Martins & José Manuel Rodríguez à lvarez, 2007. "Towards Glocal Leadership: Taking up the Challenge of New Local Governance in Europe?," Environment and Planning C, , vol. 25(3), pages 391-409, June.
    5. C G Pickvance, 1997. "Decentralization and Democracy in Eastern Europe: A Sceptical Approach," Environment and Planning C, , vol. 15(2), pages 129-142, June.
    6. Ha T.T. Vu & Robert D. Ebel, 2014. "Rural Roads: Multi-Tier Monitoring of Infrastructure: Top Down and Bottom Up," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1415, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    7. Ernesto Crivelli, 2012. "Local Governments’ Fiscal Balance, Privatization, and Banking Sector Reform in Transition Countries," IMF Working Papers 2012/146, International Monetary Fund.

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