scholarly journals Developing by borrowing? Inter-jurisdictional competition, land finance and local debt accumulation in China

Urban Studies ◽  
2016 ◽  
Vol 54 (4) ◽  
pp. 897-916 ◽  
Author(s):  
Fenghua Pan ◽  
Fengmei Zhang ◽  
Shengjun Zhu ◽  
Dariusz Wójcik
Keyword(s):  
Local Government ◽  
Local Governments ◽  
Financial Stability ◽  
Temporal Dynamics ◽  
Government Debt ◽  
Debt Accumulation ◽  
Spatial And Temporal Dynamics ◽  
National Economic ◽  
Jurisdictional Competition

Although the investment-oriented development model for economic growth adopted by Chinese governments has generated spectacular results, the risks of debt-financed urbanisation and economic development have recently become evident in mounting local debts that are undermining the financial system, triggering concerns with respect to local governments’ indebtedness, financial stability and sovereign risk in China. In this paper, we portray the uneven spatial and temporal dynamics of local government debt in China, and examine the ways in which it is intertwined with institutional, political and economic factors. Our analysis shows that while global and national economic conditions have resulted in a dramatic increase in local government debt, particularly in the late 2000s and the early 2010s, the spatial variation of local debt accumulation in China could be partly explained by two institutional factors: land finance and inter-jurisdictional competition. We argue that the behaviour of local governments may harm the long-term future of Chinese cities.

INNOVATIONS IN THE SUSTAINABLE MANAGEMENT OF LOCAL GOVERNMENT LIABILITIES IN CHINA

2018 ◽  
Vol 63 (04) ◽  
pp. 819-837
Author(s):  
JINCHUAN SHI ◽  
ZHIKAI WANG ◽  
XIAOJIANG WANG
Keyword(s):  
Economic Development ◽  
Local Government ◽  
Local Governments ◽  
Sustainable Management ◽  
Gain Control ◽  
Government Debt ◽  
Bond Market ◽  
Sustainable Growth ◽  
Second Year

Through the first and second year of China’s 13th five-year plan coincided with local governments holding their own “Two Sessions” before attending the “Two Congresses” in Beijing in March. As one of the frequent results, the issue of local government debt naturally became a popular topic. The scale of local government debt in China was/is considerable, and the structure is complex, which poses a threat to sustained economic development. To address this situation, China must regulate local government debt, clean up urban financing vehicle debt, foster and manage the local bond market, and introduce innovation in the management of local government liability. Only through initiatives such as this will China gain control of local government debt and thus support and promote the long-term sustainable growth of the economy.

scholarly journals Budżet roczny - narzędzie stabilizacji czy destabilizacji systemu finansowego JST?

2017 ◽  
pp. 89-103
Author(s):  
Marek Dylewski
Keyword(s):  
Local Government ◽  
Financial Management ◽  
Local Governments ◽  
Financial Stability ◽  
Research Question ◽  
Financial System ◽  
Point Of View ◽  
The Public ◽  
Annual Budget

The objective of this study is to answer the question should the annual budget continue to be the basic document and the basis for the financial management of local governments, or is it necessary to make changes in the budget system. These doubts arise from the research question: whether the referred annual budget in the current conditions is a tool of stabilization of the financial system of local government units or not? Introduced in the Public Finance Act of 2009, the system of two independent documents, i.a. the annual budget and the long-term financial forecast, without specification of hierarchy, relationship and connection between these documents, does not lead to financial stability of local government from both the point of view of implementation of the budget and the consequences of decisions made by the local government authorities. The lessons that have been learned indicate that the annual budgeting is increasingly leading to destabilization of the financial system of local government units

scholarly journals Queensland Family Cohort: a study protocol

BMJ Open ◽  
2021 ◽  
Vol 11 (6) ◽  
pp. e044463
Author(s):  
Danielle Borg ◽  
Kym Rae ◽  
Corrine Fiveash ◽  
Johanna Schagen ◽  
Janelle James-McAlpine ◽  
...  
Keyword(s):  
Mental Health ◽  
Family Environment ◽  
Biological Samples ◽  
Local Governments ◽  
Financial Stability ◽  
Federal State ◽  
Physical And Mental Health ◽  
Future Health ◽  
The Impact

IntroductionThe perinatal–postnatal family environment is associated with childhood outcomes including impacts on physical and mental health and educational attainment. Family longitudinal cohort studies collect in-depth data that can capture the influence of an era on family lifestyle, mental health, chronic disease, education and financial stability to enable identification of gaps in society and provide the evidence for changes in government in policy and practice.Methods and analysisThe Queensland Family Cohort (QFC) is a prospective, observational, longitudinal study that will recruit 12 500 pregnant families across the state of Queensland (QLD), Australia and intends to follow-up families and children for three decades. To identify the immediate and future health requirements of the QLD population; pregnant participants and their partners will be enrolled by 24 weeks of gestation and followed up at 24, 28 and 36 weeks of gestation, during delivery, on-ward, 6 weeks postpartum and then every 12 months where questionnaires, biological samples and physical measures will be collected from parents and children. To examine the impact of environmental exposures on families, data related to environmental pollution, household pollution and employment exposures will be linked to pregnancy and health outcomes. Where feasible, data linkage of state and federal government databases will be used to follow the participants long term. Biological samples will be stored long term for future discoveries of biomarkers of health and disease.Ethics and disseminationEthical approval has been obtained from the Mater Research Ethics (HREC/16/MHS/113). Findings will be reported to (1) QFC participating families; (2) funding bodies, institutes and hospitals supporting the QFC; (3) federal, state and local governments to inform policy; (4) presented at local, national and international conferences and (5) disseminated by peer-review publications.

Eurozonization of the Chinese Economy: How Do Intergovernmental Transfers Affect Local Government Debt in China?

2018 ◽  
Vol 17 (1) ◽  
pp. 1-18 ◽  
Author(s):  
Ming Lu ◽  
Huiyong Zhong
Keyword(s):  
Local Government ◽  
Government Debt ◽  
Chinese Economy ◽  
Fiscal Sustainability ◽  
Intergovernmental Transfers ◽  
Fiscal Transfers ◽  
Coastal Cities ◽  
Government Financing ◽  
Per Capita

China's local government debt has risen dramatically bringing risks to China's fiscal sustainability and long term economic growth. Using urban construction investment bonds (UCIBs) issued by local government financing vehicles (LGFVs), we study how intergovernmental fiscal transfers impact the issuance of UCIBs under China's unitary currency system. Applying instrumental variable estimation, we find that special-purpose fiscal transfers per capita are positively associated with the issuance of UCIBs. A one-RMB increase in special-purpose fiscal transfers per capita is associated with an increase in the issuance of UCIBs per capita of 0.282 RMB, whereas regular fiscal transfers (including tax rebates and general fiscal transfers) do not affect the issuance of UCIBs. Furthermore, the effect of special-purpose fiscal transfers on the issuance of UCIBs mainly exists in inland cities rather than coastal cities. This imposes risks of “eurozonization” for the Chinese economy. We also find a deterioration of refinancing in terms of issuing more UCIBs.

Surface-groundwater interactions in karst: overview, concept and mapping

2021 ◽  
Author(s):  
Natasa Ravbar ◽  
Cyril Mayaud ◽  
Matej Blatnik ◽  
Metka Petrič
Keyword(s):  
Environmental Changes ◽  
Temporal Dynamics ◽  
Field Measurements ◽  
Spatial Dimension ◽  
Karst Aquifers ◽  
Wetland Ecosystems ◽  
Spatial And Temporal Dynamics ◽  
Ecohydrological Processes

<p>Under special meteorological and hydrological circumstances, shallow karst areas and karst poljes may experience surface water overflow. As a result, surface- groundwater interaction occurs usually creating intermittent lakes. Although human settlements and activities have traditionally adapted to these natural conditions, extensive temporary floods are classified among the most common natural disasters in karst. On the other hand, intermittent lakes are considered as natural reservoirs of excess recharge and good flood regulators in the lower parts of river basins. Due to specific ecohydrological processes and environmental conditions, these areas host unique wetland ecosystems with high levels of biodiversity and provide various ecosystem services, such as ecological productivity, photosynthesis and carbon storage. Given the dynamic nature of hydrological processes in karst aquifers, a distinctive feature of the phenomena described is its high variability of occurrence and duration. Therefore, the identification, characterization as well as the determination of the spatial dimension of flood levels is a challenging task. Focusing on the Slovenian karst, a literature review and analysis of topographical and hydrological data of the selected study areas was conducted. The hydrological analyses were based on long-term monitoring data from Slovenian Environmental Agency and partly on the authors' own database of field measurements and knowledge of the areas concerned. Consequently, the conceptual framework and the key criterion for the determination and recording of areas subject to temporary flooding were developed. A systematic survey reveals the significance of the extent, duration and frequency of flooding. Evaluation results are useful to designers of various water policies and management mechanisms for flood mitigation and protection of special habitats. Observing trends in the spatial and temporal dynamics of flood levels is also valuable for understanding how and to what extent karst aquifers are vulnerable to environmental changes. Finally, the analyses also enable prediction of the effects of these changes on other parts of the environment (e.g., hydrophilic habitats).</p>

scholarly journals Spatial and Temporal Dynamics of Electrical and Photosynthetic Activity and the Content of Phytohormones Induced by Local Stimulation of Pea Plants

Plants ◽  
2020 ◽  
Vol 9 (10) ◽  
pp. 1364
Author(s):  
Maria Ladeynova ◽  
Maxim Mudrilov ◽  
Ekaterina Berezina ◽  
Dmitry Kior ◽  
Marina Grinberg ◽  
...  
Keyword(s):  
Photosynthetic Activity ◽  
Temporal Dynamics ◽  
Response Analysis ◽  
Vascular Bundles ◽  
Variation Potential ◽  
Spatial And Temporal Dynamics ◽  
Two Phases ◽  
Local Stimulation ◽  
Transpiration Suppression

A local leaf burning causes variation potential (VP) propagation, a decrease in photosynthesis activity, and changes in the content of phytohormones in unstimulated leaves in pea plants. The VP-induced photosynthesis response develops in two phases: fast inactivation and long-term inactivation. Along with a decrease in photosynthetic activity, there is a transpiration suppression in unstimulated pea leaves, which corresponds to the long-term phase of photosynthesis response. Phytohormone level analysis showed an increase in the concentration of jasmonic acid (JA) preceding a transpiration suppression and a long-term phase of the photosynthesis response. Analysis of the spatial and temporal dynamics of electrical signals, phytohormone levels, photosynthesis, and transpiration activity showed the most pronounced changes in the more distant leaf from the area of local stimulation. The established features are related to the architecture of the vascular bundles in the pea stem.

scholarly journals Financial sustainability as a factor of forming fiscal space of local budgets

2021 ◽  
pp. 4-16
Author(s):  
Taisiya H. Bondaruk ◽  
Igor S. Bondaruk ◽  
Maksym V. Dubyna
Keyword(s):  
European Commission ◽  
Local Governments ◽  
Financial Stability ◽  
Practical Significance ◽  
Financial Sustainability ◽  
Local Authorities ◽  
Fiscal Space ◽  
State And Local ◽  
Theoretical Foundations

The purpose of the research is to deepen the theoretical foundations of financial stability as a factor in shaping the fiscal space of local budgets and substantiate the methodological tools for assessing the financial stability of local budgets of Ukraine in the medium and long term. Methods. The following research methods were used in analysing the problem: induction, deduction, system approach, statistical analysis, logical generalization, graphical method. Results. Fiscal extension gives the opportunities to local authorities to obtain and use extra budget resources for achieving the goal taking into account the restrictions caused by the necessity to maintain the financial sustainability in mid- and long-term periods. A methodological toolkit for assessing the financial sustainability of local budgets in mid- and long-term periods is proposed. The complex of arguments for the appropriate applying of the estimation of financial sustainability of local budgets in the national practice using the methodology of the European Commission in the mid-term period is given. It is substantiated that the development of strategic directions for ensuring the long-term financial sustainability of local budgets in Ukraine should take place with the use of foresight. It is substantiated that the fiscal space provides opportunities for local governments to obtain and use extra budgetary resources to achieve a certain goal, taking into account the constraints due to the need to maintain financial stability in the medium- and long-term periods.  Methodical tools for assessing the financial stability of local budgets in the medium- and long-term periods are proposed.  A set of arguments on the expediency of applying the methodology of the European Commission in the medium-term period in the native practice of calculating the financial stability of local budgets is presented.  It is substantiated that the development of strategic directions to ensure long-term financial stability of local budgets of Ukraine should take place using foresight. Practical meaning. The practical significance of the obtained results is in the possibility of using methodological tools to assess the effectiveness of local budget sustainability management by state and local authorities in developing and making management decisions to regulate the level of financial stability of local budgets. Prospects for further research. The formation of theoretical foundations of financial stability as a factor in the formation of the fiscal space of local budgets and substantiation of methodological tools for their assessment in the medium and long term periods confirms the need for further scientific substantiation of strategic directions of long-term financial stability of local budgets in Ukraine under the condition of decentralization.

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.

scholarly journals Dinámica espacio-temporal del esfuerzo en una pesquería de buceo artesanal multiespecífica y sus efectos en la variabilidad de las capturas: Implicaciones para el manejo sostenible

2014 ◽  
Vol 62 (4) ◽  
pp. 1565 ◽  
Author(s):  
Helven Naranjo Madrigal ◽  
Silvia Salas Márquez
Keyword(s):  
Fisheries Management ◽  
Pacific Coast ◽  
Temporal Dynamics ◽  
Fishing Effort ◽  
The North ◽  
Fishing Strategies ◽  
Personal Consumption ◽  
Spatial And Temporal Dynamics ◽  
The North Pacific

Artisanal diving fisheries are a source of income, employment and food security of coastal areas in many countries. Understanding the dynamics of these fisheries, including the spatial and temporal dynamics of fishing effort, gears and species can help to address the challenges involved in fisheries management. We aimed to analyze the differences in fishing strategies undertaken by fishers that use two different diving methods (hookah and free diving), and the conditions and their potential impacts on catches when adjustments to those strategies are applied over time. For this, detailed information of fishing operations from artisanal boats in the North Pacific coast of Costa Rica was analyzed in two fishing seasons (2007-2008 and 2011-2012). Data were collected by onboard observers (fishing site, fishing time, species composition, depth and visibility). Additionally, interviews with divers were applied to obtain information of price per species, species volume and fishing operations. From the total number of trips during both seasons, hookah diving was represented by a sample size of 70.5%, while free diving, with a sample of 69.5%. More than 15 species were identified in each fishing season. Nevertheless, three categories had substantial contributions in both seasons with differences in the proportions for each case: green lobster (<em>Panulirus gracilis</em>), octopus (<em>Octopus</em> sp.) and parrotfish (<em>Scarus perrico</em> and <em>S. ghobban</em>). It is worth noting that an important proportion of catch was retained by fishers for personal consumption purposes, including species of high commercial value. Additional night diving activity, increased the number of dives from one season to another. Besides, cooperation processes in free diving fishing operations, and changes in fishing effort between seasons, defined important changes in fishing strategies. Potential causes of changes in fishing strategies and the implications for management to ensure the sustainability of these fisheries in the long term are discussed.

scholarly journals Fee for issuing alcoholic beverages for sale in the municipalities of the Kielce poviat

2021 ◽  
Vol 9 (6) ◽  
pp. 22-28
Author(s):  
Joanna Rogalska
Keyword(s):  
Local Government ◽  
Local Governments ◽  
Financial Stability ◽  
Data Bank ◽  
Point Of View ◽  
Alcoholic Beverages ◽  
Local Data ◽  
Local Authorities ◽  
Local Government Finance ◽  
Urban Rural

Purpose of the study: The aim of the article is an analysis of revenues for fees for permits for the sale of alcoholic beverages in the own income of municipalities of the Kielce poviat in 2018-2020. It is to enable the answer to be given about the role of the fee for issuing a permit for the sale of alcohol in the incomes of municipalities' own. Methodology: The work was based on the analysis of RB 27S reports on the implementation of the budget income plan of the surveyed municipalities, analysis of internal materials of these units, normative acts and the Local Data Bank Main findings: The data presented in the paper shows that the share of revenues from fees for the permit to sell alcohol in own income does not exceed 1.7% and has a downward trend. However, the actual revenue from the levy shows slight fluctuations over the period considered. Moreover, it does not matter whether we are dealing with a rural or an urban-rural commune. Application of the study: The following study concerns an important aspect of financing the activities of municipalities. Taxes and fees are the most important revenues in budgets. Each decision of the local government authorities has an impact on the level of income. It may lead to a lack of funds for the implementation of own tasks. The year 2021 may be interesting in terms of income from the fee under study due to the possibility of applying a fee exemption or postponing its payment resulting from the provisions of the Act of March 2, 2020 on special solutions related to the prevention, prevention and combating of COVID-19, other infectious diseases and the resulting crises. It is not an easy decision, because such action reduces the revenues to the commune's budget. Due to the fact that for the implementation of tasks for which the funds from the fee were provided, it will have to be financed with other income. Originality/Novelty of the study: The importance of the financial stability of local government units is an extremely important topic. Topics related to budget planning are essential for the long-term balancing of the demand for funds reported by local governments in relation to the efficiency of funds left at the disposal of local authorities. As a consequence, the subject of the study was the analysis of the dynamics and structure of local authorities' income from the point of view of the selected source of income. The article can inspire further research in the field of local government finance and contribute to other interesting scientific studies.

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