Subnational finance in Australia and China: The case for municipal bond banks

Publisher:
IGI Global
Publication Type:
Chapter
Citation:
Handbook of Research on Sub-National Governance and Development, 2017, pp. 150 - 166
Issue Date:
2017
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© 2017 by IGI Global. All rights reserved.The political and economic benefits of decentralization have been cogently represented, to the extent that decentralization and devolution comprise identifiable programs of reform across a range of polities. However, the public policy question of finance following function - and the oversight of this process - is less resolved. Further, concerns over the financial sustainability of sub-national governments continue across a range of polities. Against the backdrop of reforms to municipal finance in both Australia and China, this chapter provides an account of the formation and functioning of two successful sub-national financial institutions, the Local Government Finance Authority of South Australia (LGFA) and the Municipal Finance Authority of British Colombia. The case studies suggest that sub-national finance may not be the thorn in the side of decentralization it sometimes appears to be. The broader introduction of such financial instruments is considered.
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