Local Government Borrowing

Local Government Borrowing

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qA balanced budget prescribes that local authorities never take on debt to cover current costs, but it allows, and even promotes, prudent borrowing for capital purposes. Local governments must choose between the reward of capital improvements and the risk of debt.q qThe 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.q--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved4.5.1 Torva City Torva is a remarkable example of the corruption existing in many LGs. ... The initial budget for repairs amounted to 8 million kroons (EUR 511, 293) and was finally increased to 9.5 million kroons ... The economic situation of the city was further aggravated by the cost of improvements to Vanamoisa beach for anbsp;...

Title:Local Government Borrowing
Author: Paweł Swianiewicz
Publisher:Central European University Press - 2004

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