A multi-scalar view of urban financialization: urban development and local government bonds in China

2021 ◽  
pp. 1-13
Author(s):  
Zhenfa Li ◽  
Fulong Wu ◽  
Fangzhu Zhang
Keyword(s):  
Local Government ◽  
Urban Development ◽  
Government Bonds

scholarly journals Current trends in debt policy of city councils and directions of its improvement

2020 ◽  
pp. 56-67
Author(s):  
S. Boyko ◽  
O. Dragan ◽  
K. Tkachenko
Keyword(s):  
Local Government ◽  
Central Government ◽  
Fiscal Decentralization ◽  
City Council ◽  
Government Bonds ◽  
City Councils ◽  
Depth Analysis ◽  
Ministry Of Finance ◽  
Central Government Agencies ◽  
Debt Policy

The need to rethink the role of urban debt policy in accordance with the growing needs of urban communities and their sustainable socio-economic development is identified. In Ukraine, the legal preconditions for the formation of cities' own debt policy and the implementation of borrowing in both domestic and foreign nancial markets. The current state of local budgets and decentralization processes only highlight the need for cities to develop debt policy. The formation of the institution of local borrowings in Ukraine is analyzed and an in-depth analysis of borrowings of city councils in 2014-2019 is carried out with the definition of three periods: 2014-2015 - increase in borrowed funds, but such borrowings were formed mainly due to debt activity of Kyiv City Council domestic local bonds; 2016–2017 - decrease in the amount of borrowed funds, which occurred under the inÀuence of macroeconomic, political and fiscal instability; 2018-2019 - resumption of debt activity of city councils that had experience of borrowing in the previous, relatively analyzed, period and diversification of forms of local borrowing. Based on the cluster analysis, the main characteristics of the modern debt policy of city councils of Ukraine, which is based on the di൵erentiation of city councils-borrowers, are determined. The main borrower remains the Kyiv City Council (the share was about 67%), the activity of borrowings was noted in the following city councils: Zaporizhia, Dnipro, Lviv, Odessa, Ivano-Frankivsk. It is established that the debt policy of city councils is based on raising funds from NEFCO, state-owned banks and the Ministry of Finance of Ukraine. Improving the debt policy of city councils of Ukraine should be based on the synergy of actions of central government agencies: (Ministry of Finance of Ukraine, Debt Agency of Ukraine, NBU, National securities and stock market commission (NSSMC)Financial Control Ofice, etc.) and city councils. Vectors for improving the debt policy of city councils should be an integral part of the Strategy for the Development of the Financial Sector of Ukraine until 2025 and meet its key strategic goals and directions. Key words: debt policy, local debt, local borrowings, domestic local government bonds, external local government bonds, fiscal decentralization.

Badly Designed Institutions, Informal Rules and Perverse Incentives: Local Government Corruption in Spain

2012 ◽  
Vol 10 (4) ◽  
Author(s):  
Fernando Jimenez ◽  
Manuel Villoria ◽  
Monica Garcia-Quesada
Keyword(s):  
Local Government ◽  
Urban Development ◽  
Due Process ◽  
Informal Institutions ◽  
Important Influence ◽  
Town Planning ◽  
Combined Effect ◽  
Actual Working ◽  
Government Corruption ◽  
Perverse Incentives

This paper analyses the problem of corruption in the local government in Spain, where despite a complex and sophisticated set of local rules to ensure due process in town planning and urban development, a great number of corruption incidents have come to light. The explanation of this outcome rests in the combined effect of factors such as the bad design of both integrity rules and town planning policies, the relevance of informal institutions such as the patronage networks, and the existence of perverse incentives. The Spanish case highlights the important influence of local informal institutions for the actual working of formal ones.

scholarly journals Local Government Debt and Municipal Bonds in China: Problems and a Framework of Rules

2014 ◽  
Vol 31 (2) ◽  
pp. 23-53 ◽  
Author(s):  
Xingyuan Feng
Keyword(s):  
Public Finance ◽  
Local Government ◽  
Local Governments ◽  
Government Debt ◽  
Debt Financing ◽  
Municipal Bonds ◽  
Local Democracy ◽  
Government Bonds ◽  
Fiscal Transparency ◽  
Current State

Local governments in China are facing heavy debt burdens, a low level of fiscal transparency and a lack of constraints by local democracy. Since 2008, local government debts have skyrocketed. This article analyses the current state and features of local government debts and the two kinds of 'quasi municipal bonds' in China—urban investment bonds and local government bonds—along with their problems and risks. It examines the risks connected with local government debts and these bonds from the perspectives of public finance and political economy. It concludes with a discussion of a framework of rules for local government debt financing, especially for the issuance of municipal bonds in China.

A prediction model for the secure issuance scale of Chinese local government bonds

Kybernetes ◽  
2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bowen Jia ◽  
Jiaying Wu ◽  
Juan Du ◽  
Yun Ji ◽  
Lina Zhu
Keyword(s):  
Neural Network ◽  
Local Government ◽  
Local Governments ◽  
Back Propagation ◽  
Back Propagation Neural Network ◽  
Government Bonds ◽  
Content Type ◽  
Kmv Model ◽  
Fiscal Revenue ◽  
Chinese Local Government

Purpose The purpose of this paper is to calculate the local guaranteed fiscal revenue with the local fiscal revenue of 31 provinces, and predict their guaranteed fiscal revenue in 2018 with the artificial neural network (ANN). Design/methodology/approach The principal components analysis (PCA), particle swarm optimization (PSO) and extreme learning machine (ELM) model was designed to produce the inputs of KMV model. Then the KMV model was used for obtaining the default probabilities under different issuance scales. Data were collected from Wind Database. MATLAB 2018b and SPSS 22 were used in the field of modeling and results analysis. Findings This study’s findings show that PCA–PSO–ELM proposed in this research has the highest accuracy in terms of the prediction compared with ELM, back propagation neural network and auto regression. And PCA–PSO–ELM–KMV model can calculate the secure issuance scale of local government bonds effectively. Practical implications The sustainability forecast in this study can help local governments effectively control the scale of debt issuance, strengthen the budget management of local debt and establish the corresponding risk warning mechanism, which could make local governments maintain good credit ratings. Originality/value This study sheds new light on helping local governments avoid financial risks effectively, and it is conducive to establish a debt repayment reserve system for local governments and the proper arrangement for stock debt.

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