Subnational Finance in Australia and China: The Case for Municipal Bond Banks
- IGI Global
- Publication Type:
- Handbook of Research on Sub-National Governance and Development, 2016, pp. 152 - 168
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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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