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Local Government Borrowing: Risks and Rewards

Published in Budapest by Local Government and Public Reform Initiative in 2004

Editor   Pawel Swianiewicz
Series   Other
Languages   English, Slovak
ISBN   9639419516
Price   € 35

Decentralization in the region has led to local governments having a choice in how they generate revenue. Local authorities now enjoy considerable discretion in policy-making - they are responsible for a variety of public services that require capital investments, taxation has
become a means of financial independence and the right to credit instruments has been formalized. Against this reform in local government, Pawel Swianiewicz asks two key
questions: Should local governments borrow? And should local politicians support the practice? The introduction to this volume of the Local Government Policy Partnership sketches the theoretical and practical consequences that
local governments face in deciding to borrow.

It cites examples from Western Europe where they have succeeded and failed in managing capital loans. Subsequent country studies reflect on the borrowing market in the
Czech Republic, Estonia, Hungary, Poland, Romania, Russia, and Slovakia. They recommend steps that would facilitate
the opportunities for local governments to borrow. Regulation is essential to local government borrowing and a variety of practical arrangements are presented.

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