Central and Local Government Relations in Asia

Edited by Naoyuki Yoshino, Emeritus Professor, Keio University, Japan and Director,Financial Research Center, FSA Institute, Government of Japan and Peter J. Morgan, Principal Consultant, PJM Consulting, Georgia, USA

• Contents:PrefacePart I Frameworks for Central–Local Government Relations 1. Frameworks for central–local government relations and fiscal sustainabilityPeter J. Morgan and Long Q. Trinh2. Looking beyond conventional intergovernmental fiscal frameworks: principles, realities, and neglected issuesPaul Smoke Part II Mechanisms for Promoting Fiscal Sustainability at the Local Government Level3. Federalism, fiscal space, and public investment spending: do fiscal rules impose hard budget constraints?Pinaki Chakraborty 4. Fiscal equalization schemes and subcentral government borrowingSalvador Barrios and Diego Martínez-López 5. How well do subnational borrowing regulations work?Jorge Martinez-Vazquez and Violeta Vulovic Part III Country Studies of Central–Local Government Relations6. The fiscal risk of local government revenue in the People’s Republic of China Ziying Fan and Guanghua Wan 7. Key issues of central and local government finance in the People’s Republic of ChinaQichun Zhang and Shufang Li 8. Government decentralization program in IndonesiaAnwar Nasution9. Case study of central and local government finance in JapanShun-ichiro Bessho10. Fiscal decentralization and local budget deficits in Viet Nam: an empirical analysisPeter J. Morgan and Long Q. TrinhPart IV Behavioral Implications of Central–Local Government Relations11. Debt dynamics, fiscal deficit, and stability in government borrowing in India: a dynamic panel analysisPanchanan Das12. Forms of government decentralization and institutional quality: evidence from a large sample of nationsRajeev K. Goel and James W. SaunorisIndex

'This book is characterized by a strong team of authors including international consultants with in-depth experience in the area and regional experts. The combined first two chapters nicely summarize conceptual issues, present key regional facts, and raise issues worthy of further analysis. Of particular interest, in my opinion, is the trifecta of chapters in Part II on the Mechanisms for Promoting Fiscal Sustainability at the Local Government Level that cover much more than Asia. Finally, five countries are examined in some depth. Overall a worthwhile read for anyone interested in decentralization.' --Francois Vaillancourt, Universite de Montreal, Canada