scholarly journals Introducing Municipal Bond Markets in Malaysia : An Assessment of Present Market Characteristics

2020 ◽  
Author(s):  
Mukaramah Harun ◽  
Ting Ding Hooi ◽  
Hussin Abdullah
Keyword(s):  
Local Governments ◽  
Central Government ◽  
Local Level ◽  
Developed Countries ◽  
International Markets ◽  
Municipal Bonds ◽  
Municipal Bond ◽  
Alternative Source ◽  
Capital Financing ◽  
Basic Infrastructure

In developed countries, urban growth has multiplied the demand for investment in basic infrastructure services such as water supply, waste removal, roads and mass transportation. At the same time, decentralization strategies have shifted the responsibility for much of these investments to the local governments. This decentralized investment requires the development of decentralized capital financing. No longer can a central government pay for local investment by raising national taxes or borrowings on international markets and using the funds simply to construct projects at the local level. The introduction of municipal bonds is one of the alternative source of funds to finance the escalating costs of financing local governments. This paper discusses the conditions underlying the development of municipal credit markets, which Malaysia can use to provide a vehicle to narrow the local government’s resource gap through debt funding.  

scholarly journals Performance of Decentralized Local Service Delivery in Developed Countries: Case Study of Japan

2020 ◽  
Vol 16 (35) ◽  
Author(s):  
Priyantha W. Mudalige
Keyword(s):  
Local Government ◽  
Service Delivery ◽  
Political Institutions ◽  
Local Governments ◽  
Central Government ◽  
Local Level ◽  
Developed Countries ◽  
Local Service ◽  
Qualitative And Quantitative

Many countries decentralize the administrative, fiscal, and political functions of the central government to lower-level governments. In many developing and developed countries, governments and their policymakers have used decentralization as a means of improving the delivery of local service. Accordingly, this study is based on the delivery of local services to the people by the local governments of Japan as a developed country. The overall objective of this article is to review the performance of decentralized local service delivery in developed countries and based on a case study of Japan. The study also aims to examine the correlation between the revenue and expenditure of local governments of Japan and its trends. Basically, this article has been written based on secondary data materials. This data consists of qualitative and quantitative characteristics. Hence, a qualitative and quantitative descriptive method has been applied to analyse the performance of local government decentralization in Japan, and descriptive statistical methods are used to analyse the data and the correlation between revenue and expenditure. The problem in this research is how the functional political institutions created for local service delivery at the sub-national governments in Japan affects the success of decentralization. This research revealed several findings. The local governments of Japan have a sound institutional system and several powers recognized by the constitution. Japanese local governments monitor over 70% of national works, but a majority of the standard public services are the responsibility of local governments. Karl Pearson’s correlation value of revenue and expenditure is 0.979, and there is a strong positive relationship between revenues and expenditure. In Japan, the highest value of local government spending is on public welfare. It is followed by education, civil engineering works, and general administration, second, third, and fourth, respectively. Also, its central and local administrative institutions are maintained in a mutually dependent and mutually complementary relationship. Most of the local governments are collaborating with the private sector in Japan. As a result, the efficiency of service delivery has improved at the local level. In this way, waste management, which is a major local problem in Japan, is being dealt with closely by the central government and the local governments.

scholarly journals Seducing for Truth and Justice: Civil Society Initiatives for the 1965 Mass Violence in Indonesia

2013 ◽  
Vol 32 (3) ◽  
pp. 115-142 ◽  
Author(s):  
Sri Lestari Wahyuningroem
Keyword(s):  
Civil Society ◽  
Transitional Justice ◽  
Local Governments ◽  
Central Government ◽  
Local Level ◽  
National Level ◽  
Policy Reforms ◽  
Mass Violence ◽  
The World

The article examines both civil society initiatives that seek to address the mass violence of 1965 and 1966 and the state's responses to them. Unlike other political-transition contexts in the world, a transitional justice approach is apparently a formula that state authorities have found difficult to implement nationally for this particular case. The central government has, through its institutions, sporadically responded to some of the calls from civil society groups and has even initiated policy reforms to support such initiatives. Nevertheless, these responses were not sustained and any suggested programmes have always failed to be completed or implemented. Simultaneously, however, NGOs and victims are also voicing their demands at the local level. Many of their initiatives involve not only communities but also local authorities, including in some cases the local governments. In some aspects, these “bottom-up” approaches are more successful than attempts to create change at the national level. Such approaches challenge what Kieran McEvoy refers to as an innate “seductive” quality of transitional justice, but at the same time these approaches do, in fact, aim to “seduce” the state to adopt measures for truth and justice.

Policy-making at local level: an analysis of Turkish municipalities

2018 ◽  
pp. 105-120
Author(s):  
Ulaş Bayraktar
Keyword(s):  
Public Policy ◽  
Service Provider ◽  
Local Governments ◽  
Policy Making ◽  
Central Government ◽  
Local Level ◽  
Policy Cycle ◽  
Legal Reforms ◽  
General Overview ◽  
Radical Transformation

Turkish local governments have undergone a radical transformation since the 1980s. Accompanied by a rhetoric of decentralising and democratising reforms, related legal changes have been criticised in the light of either nationalist or democratic, participatory concerns. At the heart of such important waves of legal reforms lay the municipalities as the main service provider in urban settings. This chapter presents a general overview of the state of policy analysis in Turkish municipalities. It argues that municipalities governed by very strong executives, prioritise populist services delivered through subcontracts and controlled weakly by political and civil actors and arbitrarily by the central government. The classical public policy cycle approach will inform the discussion.

scholarly journals National-Local Networks and Immigration Governance

2019 ◽  
Vol 19 (3) ◽  
pp. 345-376
Author(s):  
Jill L. Tao
Keyword(s):  
South Korea ◽  
Immigration Policy ◽  
Local Governments ◽  
Central Government ◽  
Local Level ◽  
Local Economy ◽  
Local Autonomy ◽  
Local Networks ◽  
Local Officials ◽  
The Impact

The ability to regulate the flow of goods, capital and people across borders is one of the defining characteristics of nation-state political power. But there is not always agreement between the central government and local officials as to the desirability of immigration, where local governments may desire greater, or fewer, numbers of immigrants, depending on the local economy and labor needs. In South Korea, a unitary form of government offers an opportunity to examine the policy distance between the national government’s stance on immigration based on the politics of the ruling party, and the attitudes of local officials who work for metropolitan-level governments (those with a population of one million or more). I look at the impact of local economic market needs on local attitudes towards national immigration policy through the lens of intergovernmental relations and Lipsky’s concept of bureaucratic discretion. Comparing two cases drawn from local governments in South Korea with dissimilar economic bases but similar levels of local autonomy, I find that economic needs at the local level are addressed by local approaches to immigration policy. Contrary to expectations, the cases illustrate the relative importance of fiscal autonomy and a new understanding for political autonomy. These cases illustrate the need for caution when applying political and institutional theory within new contexts and offer new variables for future investigations of local autonomy.

Supporting the future of municipal bonds in sub-Saharan Africa: the centrality of enabling environments and regulatory frameworks

2018 ◽  
Vol 30 (1) ◽  
pp. 103-122 ◽  
Author(s):  
Jeremy Gorelick
Keyword(s):  
Local Governments ◽  
Sub Saharan Africa ◽  
Municipal Bonds ◽  
Municipal Bond ◽  
Regulatory Systems ◽  
Regulatory Frameworks ◽  
The Future ◽  
Sub Saharan ◽  
National Governments

This article explores the universal obstacles limiting sub-national governments from using municipal bonds. Specifically, it examines four case studies – Johannesburg, Douala, Dakar and Kampala – to understand their approaches to municipal bond issuance. The chief obstacle to municipal bond issuance for raising funds relates to the constitutional and regulatory systems in each country. This represents a significant departure from the commonly-held understandings that cities in the region are not eligible for long-term debt, lack capacity, or are not viewed as creditworthy by purchasers of municipal bonds. The success of municipal bond issuance appears contingent on strong interlinkages between central and sub-national governments. This article critically reviews the powers granted to local governments under the countries’ constitutions, specifically the legislation that enables or prohibits municipalities from issuing bonds. Reform for a financially sustainable level of indebtedness for sub-sovereign governments is essential for the future growth of cities in sub-Saharan Africa.

Coordination and Trust in Public Relations with Local Governments

2020 ◽  
Vol 9 (1) ◽  
pp. 92-99
Author(s):  
M. Luk'yanova ◽  
Ya. Makzhanova
Keyword(s):  
Social Capital ◽  
Comparative Analysis ◽  
Public Relations ◽  
Public Administration ◽  
Local Governments ◽  
Local Level ◽  
Developed Countries ◽  
Strategic Development ◽  
Legal Provisions ◽  
The Social

The theory of organizational culture by G. Hofstede, the section of individualismcollectivism is defined as interdisciplinary foundations. The autonomy and independence of local self-government, contained in Russian and European legal provisions, is not the norm, it has been proven to increase the level and is an element of the social capital of developed countries. In this model, elements of public administration at the local level, their interaction and influence on the final result of the activities of local authorities are proposed. The category elements included in the model were obtained by the method of comparative analysis with the identification of differences in local government systems in the process of their strategic development.

scholarly journals Rethinking Performance Management Practices in Local Administrations? An Evaluation of BV, CPA, And WPI Practices in the United Kingdom

2018 ◽  
Vol 10 (1) ◽  
pp. 87-98 ◽  
Author(s):  
Demokaan Demirel
Keyword(s):  
United Kingdom ◽  
Performance Management ◽  
Political Institutions ◽  
Local Governments ◽  
Management Practices ◽  
Central Government ◽  
Local Level ◽  
Local Area ◽  
The United Kingdom ◽  
Local Actors

AbstractPerformance is a fundamental tool that improves results oriented on public administration. Performance management applications have become very popular in public institutions over the past 20 years. Direct accountability to the political institutions and the public is ensured by defining the performance of public administrations according to their organizational goals and objectives. Local governments are using performance management practices to assess the quality of public services offered. In the United Kingdom, performance management practices at the local level were promoted under the leadership of the central government. However, there cannot be a certain standardization or stability in performance management applications. The Best Value (BV) regime was applied primarily in England and Wales. The system was later applied in Scotland in 2003. In 2002, Comprehensive Performance Assessment (CPA) Programme was introduced. Wales preferred to stay outside of this program. The Wales Programme for Improvement (WPI) has adopted self-assessment and holistic assessment. After 2009, the cost-effectiveness of local services was evaluated through comprehensive area assessments. This practice was abolished after 2010, adopting a governance approach based on the common negotiations of local actors. This study aims to evaluate the performance measurement systems applied in the local area in the United Kingdom.

scholarly journals DEVELOPMENT OF THE MUNICIPAL BOND MARKET IN POLAND AFTER 1989

Ekonomika ◽  
2013 ◽  
Vol 92 (2) ◽  
pp. 122-136
Author(s):  
Paweł Galiński
Keyword(s):  
Commercial Banks ◽  
Local Governments ◽  
Stock Exchange ◽  
Bond Market ◽  
Municipal Bonds ◽  
Municipal Bond ◽  
The European Union ◽  
Investment Funds ◽  
Eu Countries ◽  
Warsaw Stock Exchange

Abstract. The purpose of the paper is to present the development of the municipal bond market in Poland between 1989 and 2012, a characteristic of municipal bonds and their types, issued in this period. The empirical research conducted by the author provides some main financial indicators that determine the development of this market and its role for local governments in Poland. Moreover, there are analysed the types of investors on this market, organizers of the placements or the meaning of this market against the background of the municipal bond markets in the European Union (EU) countries. The study is mainly based on the miscellaneous reports and statistics of the National Bank of Poland, Ministry of Finance, Central Statistical Office of Poland, Warsaw Stock Exchange or rating agency Fitch Polska. An important source of information was also the research conducted by the author, which concerned the perspective of servicing the local governments by commercial banks and the associated risk. As a consequence, the author indicates that the value of municipal bonds issued in Poland is still relatively low in comparison with its gross domestic product and the leading EU countries. Therefore, there are possibilities of the further growth of this market in Poland. First and foremost, municipal bonds are positively perceived as an investment instrument by the investors, i.e. mainly commercial banks. Besides, these securities have a small share in the investment portfolio of pension funds and investment funds. However, one of the main obstacles of the further development of the municipal bond market in Poland is its relatively low liquidity.Key words: municipal bond market, municipal bonds, local governments

scholarly journals Can Top Down Participatory Budgeting Work? The Case of Polish Community Fund

2018 ◽  
Vol 16 (2) ◽  
pp. 179-192 ◽  
Author(s):  
Dawid Sześciło ◽  
Bartosz Wilk
Keyword(s):  
Local Governments ◽  
Central Government ◽  
Local Level ◽  
Collaborative Management ◽  
Participatory Budgeting ◽  
Top Down ◽  
Polish Experience ◽  
Legislative Framework ◽  
Local Initiatives ◽  
Legislative Model

The article addresses the participatory budgeting (PB), which is one of the most recognised governance innovations of recent decades. This global phenomenon represents in practice a shift towards participatory and collaborative management of public resources at the local level. The purpose of this article is to determine when top down approach to PB might be welcomed, taking into account the characteristics of PB schemes all around the world that they emerged as local initiatives, instigated either by civil society groups or local governments. The analysis is based on the description of the PB example as introduced via country-wide legislation, exhaustively regulating PB procedure. The article examines Polish experience in the field of functioning top down approach to PB. It demonstrates that top down PB can effectively work, if it is accompanied with significant incentives and grants, as well as the extensive autonomy and flexibility of local communities. Polish experience suggests that such an initiative might be relatively successful, yet there is a number of conditions that has to be met in order to ensure the dissemination of legislative model of participatory budgeting. The results have practical implications to central government institutions that consider introduction of some legislative framework for participatory budgeting at the local level. The originality of the research is in the analysis of one of successful stories of the PB introduced via country-wide legislation, and determining when this approach can work, also in other countries.

The Integrity Effect on Municipal Bonds

2015 ◽  
Vol 23 (4) ◽  
pp. 597-619
Author(s):  
Hyungsang Song ◽  
Joonhee Rhee
Keyword(s):  
Civil Rights ◽  
Local Governments ◽  
Municipal Bonds ◽  
Municipal Bond ◽  
Government Officials ◽  
Financing Cost ◽  
Integrity Index ◽  
High Integrity ◽  
High Degree ◽  
Coupon Bond

We study whether the integrity of local governments has effects on municipal bond coupon rate. We conjecture that higher integrity is associated with lower bond coupon rate. One of proxies for the integrity is the integrity index which Anti-Corruption and Civil Rights Commission of Korea announces annually. The high degree of the index implies high integrity. We also use the number of crimes by local government officials as the integrity measure. Empirical results show that Increasing a unit of integrity is equivalent to decreasing 0.34% of municipal coupon bond. The sensitivity of the integrity to municipal bond coupon rate is stronger before 2007-2008 financial crisis, when the coupon rate was higher, than after the crisis. Overall, our results imply that local governments could save financing cost by improving the integrity of the governments.

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