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Subnational Government Debt Governance: Lessons from Non-Asian Emerging Economies

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  • Jorge Martinez-Vazquez

    (Department of Economics, Andrew Young School of Policy Studies, Georgia State University, USA)

  • Yasin Civelek

    (Department of Economics, Andrew Young School of Policy Studies, Georgia State University, USA)

Abstract

Local borrowing is one of the fundamental pill5rs of fiscally decentralized systems—together with the assignment of functional expenditure responsibilities, revenue assignments, and transfers. However, undisciplined use of local debt can lead to disruptions in public service delivery at the subnational level and, more significantly, have important negative externality effects on the macroeconomic stability of the entire country. This paper surveys the actual practice with debt governance of Non-Asian Emerging Economies (NAEE) for the last several decades with the main objective of extracting lessons (both positive and negative) for the development of best practice around the world.

Suggested Citation

  • Jorge Martinez-Vazquez & Yasin Civelek, 2019. "Subnational Government Debt Governance: Lessons from Non-Asian Emerging Economies," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1907, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    • Handle: RePEc:ays:ispwps:paper1907
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    File URL: https://icepp.gsu.edu/files/2019/08/paper1907.pdf
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