Sustainable and inclusive growth in emerging Asian economies
requires high levels of public investment in areas such as
infrastructure, education, health, and social services. The
increasing complexity and regional diversity of these investment
needs, together with the trend of democratization, has led to
fiscal decentralization being implemented in many Asian economies.
This book takes stock of some major issues regarding fiscal
decentralization, including expenditure and revenue assignments,
transfer programs, and the sustainability of local government
finances, and develops important findings and policy
recommendations. The book's expert contributors assess the current
state of the allocation of expenditures and revenues between
central and local governments in emerging Asian economies, and
discuss their major strengths and weaknesses. They also present
relevant case studies of experiences and reform measures related to
strengthening and monitoring local government finance, including
the implications of expanded fiscal capacity for infrastructure
investment and other public spending. Covering the major Asian
economies of the People's Republic of China, India, Indonesia, and
Japan, among others, the book focuses on the economic incentives of
transfer schemes, how intergovernmental fiscal equalization works,
and how subnational government borrowing regulations could
influence debt dynamics and the fiscal deficits of local
governments. This book's insightful analysis will be essential
reading for policymakers in Asian economies, and academics and
researchers in the areas of economic development, public finance,
and fiscal policy as well as development aid officials,
multilateral banks, and NGOs. Contributors include: S. Barrios,
S.-i. Bessho, P. Chakraborty, P. Das, Z. Fan, R.K. Goel, S. Li, D.
Martinez-Lopez, J. Martinez-Vazquez, P.J. Morgan, A. Nasution, J.W.
Saunoris, P. Smoke, L.Q. Trinh, V. Vulovic, G. Wan, N. Yoshino, Q.
Zhang
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