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Recent literature has argued that decentralization can create new forms of leverage for criminal gangs, increasing their territorial presence and levels of violence. In this article we reverse the causal arrow and analyze how gangs affect the performance of decentralized institutions. We study the case of El Salvador, a country with the ubiquitous presence of gangs. We find that the higher presence of gangs reduced municipalities' fiscal revenues, thereby increasing their dependence on transfers from the central government. This result is mostly driven by mid-size municipalities, as the effect is not significant for small and large municipalities. In addition to depressing revenues, gang presence was also associated with lower municipal spending and less service provision, effectively hollowing out municipal governance. The drop in municipal spending is particularly strong in capital spending and in small municipalities. The article also finds that gangs undermine economic activity – not just in the municipalities where they operate but through spill-over effects in neighboring jurisdictions as well. [ABSTRACT FROM AUTHOR]

• Provides a new framework for analyzing UIB credit risk by emphasizing the role of local government implicit debt governance. • Explores the moderating effect of financial technology development on the effectiveness of debt governance. • Examines the specific mechanisms (asset extension and risk warranty) through which debt governance influences UIB credit risk. • Compares the effectiveness of the 2018 and 2014 local government debt governance policies. Growing concerns surrounding urban investment bond (UIB) defaults in China necessitate a thorough examination of risk mitigation strategies. This study investigates the impact of local government implicit debt governance on UIB credit risk using a propensity score matching difference-in-differences (PSM-DID) approach. Our findings reveal that effective debt governance significantly reduces UIB credit risk, particularly for bonds issued by local government financing vehicles (LGFVs) with "high bargaining power". However, financial technology development may obscure credit risks and dampen the positive effects of governance. Further analysis, grounded in the "financial potential energy" framework, highlights the mediating roles of asset extension and risk warranty. Comparing the 2014 "Document No. 43" with the 2018 debt governance policy, we find the latter to be more effective in mitigating UIB credit risk. This study offers valuable insights into the micro-level effects of local government debt governance and provides guidance for policymakers in managing credit risks. [ABSTRACT FROM AUTHOR]

Understanding the impact of local government debt expansion on microeconomic entities is crucial in evaluating local government debt policies. This study explored the crowding-out effect of local government debt on firms' commercial credit financing. We found that local government debt plays a crucial role in enhancing corporate commercial credit financing by exacerbating the financing constraints faced by firms. Second, the impact of local government debt on commercial credit financing is more pronounced for firms with lower leverage and a more stable capital chain. Third, state-owned enterprises (SOEs) are more susceptible to the impact of local government debt on commercial credit financing compared to private enterprises. And the crowding-out effect of local government debt on firms' commercial credit financing is more pronounced in the regions where the credit market regulation is relatively weaker. Our findings provide valuable insights that can contribute to the reform of the local government debt management system. [ABSTRACT FROM AUTHOR]

This study investigates yardstick competition in local government spending in South Korea. By leveraging the exogenous variation introduced by by-elections, the study estimates the influence of neighbouring jurisdictions on local expenditures. The findings reveal no significant interdependence in spending among South Korean municipalities, which contrasts with previous empirical studies from other countries. The results suggest that conventional spatial econometric methods may overestimate the degree of interdependence in local spending. [ABSTRACT FROM AUTHOR]

This paper investigates the effects of economic policy uncertainty on local government debt issuance in China and identifies a transmission channel through the cost of capital. Our findings demonstrate that economic policy uncertainty raises the cost of external financing for local governments, leading to decreased levels of debt issuance. Specifically, a 1% increase in uncertainty related to economic policy variations leads to a reduction in government debt issuance of 0.0478%. In addition, our analysis reveals that local governments located in regions experiencing lower fiscal pressure, lower economic catch‐up pressure, and higher sensitivity to uncertainty are more responsive to economic policy uncertainty changes. [ABSTRACT FROM AUTHOR]

The granting of authority based on regional autonomy should be able to create local government independence to manage their own finances through local own-source revenue and promote sustainable economic growth. However, many previous studies have found the flypaper effect phenomenon in Indonesia. This research aims to determine the effect of local own-source revenue, intergovernmental transfers, and local government financing on local government expenditure and detect the flypaper effect phenomenon in Indonesia. This quantitative method with a purposive sampling technique has been used to obtain data from 467 regencies/cities in Indonesia for the fiscal year 2021. Hypothesis testing in this research employs multiple linear regression analysis. The research result shows local own-source revenue, general allocation fund, special allocation fund, and revenue sharing fund do not affect local government expenditure, and local government financing positively affects local government expenditure. This research did not find the flypaper effect in local governments in Indonesia but identified other funding mechanisms to meet the needs of local government expenditure derived from local government financing. [ABSTRACT FROM AUTHOR]

The US–China trade war's impacts on Chinese cities' housing markets and local public finance are examined. In China, institutional reforms and ever-growing housing prices in the past resulted in land-based finance that city governments heavily rely on land sales (state-land use-right transfers) for fiscal revenues. However, the trade war has severely struck the cities' housing markets and land sales since 2018. This article applies 2016–2019 data to a shift-share analysis and finds the following. Imposed by the US on imports from China, the retaliatory tariffs hurt Chinese cities' production and caused employment and wage declines and firm exit. Importantly, the tariff shocks also affected housing and land markets. A one percentage point (p.p.) increases in the (weighted average) tariffs applicable to cities' exports reduced cities' new home sale volume by 3.1% and prices by 1.2%. Besides, city governments' land sale revenues dropped 7.6%. Since the applicable tariffs to cities increased by 1.62 p.p. on average and 10.4 p.p. at the extreme by 2019, many cities' housing markets and public finance have hit trouble. The resilient cities to the tariff shocks were those with less overbuilding, more population, more diversified industries or export destinations, or a stronger tertiary sector. [ABSTRACT FROM AUTHOR]

The study aims to identify residents' perception of such aspects of public finances as transparency and credibility, in particular, their level of interest and needs regarding increasing the scope of financial reporting at the local level. The study was conducted in 2023 among residents of the 12 largest Polish cities, using the computer-assisted telephone interviews (CATI) technique on a sample of N = 400 residents of each city. A total of 4,800 respondents took part in the survey. The qualitative study was conducted using the focus group interview technique (FGI online). The research results indicate a noticeable lack of demand for information regarding local finances and a lack of trust in the transparency and honesty of public funds management. Bearing in mind that residents rely on economic experts and financial analysts as sources of information with the highest credibility, a large field opens up for experts such as independent auditors. [ABSTRACT FROM AUTHOR]

The article explores the growing trend of fiscal recentralization in Polish local finance, evident in the increase of intergovernmental transfers, leading to expanded budgetary expenditures, known as the "Flypaper Effect" (FPE). It aims to identify the causes and extent of the FPE in Polish municipalities and cities with county rights from 2010 to 2020, using descriptive and panel data analyses. Empirical research confirms the presence of the FPE in Polish local governments, more pronounced in rural municipalities than in urban counterparts and cities with county rights. The rise in public budgetary expenditures results from limited fiscal autonomy and the ongoing process of recentralization in public finance, further amplifying the FPE. The strength of the FPE varies depending on the specific types and characteristics of intergovernmental transfers. Additionally, the article highlights significant flaws in Poland's local funding legislation and its consequences, proposing potential paths for local finance reforms. In conclusion, it underscores the increasing trend of fiscal recentralization in Polish local finance driven by the FPE and emphasizes the pressing need for reforms to address these challenges. [ABSTRACT FROM AUTHOR]

The local government has the right and the ability to regulate and administer an essential part of public affairs under their responsibility and in the interest of the community and the right to plan, finance and organize the exercise of a function. One of the main aspects is the support of local government in finding possible solutions for the financing and implementation of capital investment projects, also through policy improvements at the local level advocated by local government associations. In our legal framework, it is provided that the financing of the local self-government units is made from the revenues provided by taxes, fees and other local revenues, from funds transferred from the State Budget and funds that come directly from the allocation of taxes and national taxes, local borrowing, donations, as well as other sources provided for in the law. On the other hand, this paper will highlight the importance of implementing the principle of equality from the central to the local level, so that the latter can fulfill its functions where one of these functions is the expansion of financing sources. The implementation of local government investment projects depends on their ability to find the necessary funds by combining their own resources and external financing. Debt financing enables municipalities to carry out more infrastructure projects in a short period of time compared to financing from their own funds. [ABSTRACT FROM AUTHOR]

In 2013, China launched her targeted poverty alleviation, and a large amount of fiscal anti-poverty funds have been invested. However, whether the enormous fiscal anti-poverty funds have had a positive impact on the local economy has been ambiguous. This study investigates the impact of fiscal anti-poverty funds on local economic growth, drawing on Chinese fiscal data at the county level. Our results indicate that fiscal anti-poverty funds are not conducive to local economic growth. Further analysis reveals that anti-poverty funds reduce fiscal support for the service industry, manufacturing industry, enterprise development, and technical innovation. This is because impoverished counties are forced to supply extra fiscal anti-poverty funds, which leads to compression of fiscal expenditures in other areas due to local deficient finance. [ABSTRACT FROM AUTHOR]

As an emerging industry in the convergence of finance and technology, Digital Inclusive Finance (DIF) has gradually become a fundamental driving factor in increasing Common Prosperity (COPRO). However, the potential influence of DIF on COPRO across counties has yet to be clarified. As a result, we explore the impact, heterogeneous characteristics, and pathways of DIF on COPRO using Chinese county-level panel data from 2014 to 2021. The key findings of this paper are as follows: (1) The COPRO in China's counties has shown a steady upward trend, but there are significant differences in regional development levels. (2) DIF can significantly boost the counties' COPRO, and the above conclusion still holds after multiple robustness tests. (3) The coverage and digitalization of DIF contribute more to COPRO than usage. Furthermore, DIF can contribute to COPRO in central and western, highly urbanized, and internet-enabled counties. (4) DIF can encourage COPRO by easing financial constraints and promoting enterprise cultivation. Drawing from the findings above, this paper offers feasible financial solutions and paths for China and developing countries to promote COPRO. [Display omitted] [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economics & Administrative Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper reports studies and project experiments being developed in researches financed by local authorities, the Ministry of University and Research with the support of NextGenerationEU and the European Commission. The work investigates the potential of culture, creativity and natural and built heritage in the green, digital and inclusive transition and is focused on the creation of sustainable, inclusive, beautiful spaces, involving the collaboration among different disciplines (architecture, music and immersive sound, visual arts, social sciences, and neuroscience). The studied spaces aim to create material and immaterial architectures, characterized by circular processes and therefore adaptable, flexible, removable, repositionable and reusable. We foresee the use of material elements (building products) and immaterial elements (sounds, images, colors, lights) to define spaces intended for the diffusion of different cultural forms and to implement the attractiveness of places afflicted by processes of abandonment and social degradation. Ideas, criteria and solutions for architecture and sound and video technologies (aimed at the definition of spaces whose perception involves full use of the senses as well as the application of the extended mind concept) will be presented to promote environmentally, economically and socially sustainable transformations of natural and built habitats for new forms of cultural diffusion. [ABSTRACT FROM AUTHOR]

This article discusses why and how institutional change occurs, incorporating power and resources into the analysis, using the example of the relationship between the central government and local governments in Japan before and after World War II. Institutional change is not the result of "rational" choices made by the institutional designers, but the "unintended consequences" of deviant behavior of the agents under their control that deviates from the guidance of the institutional designers. [ABSTRACT FROM AUTHOR]

Recent changes in Canadian legislation have enabled First Nations to adopt property taxation and other forms of taxation on reserves, thereby allowing them to directly finance their local governments through local tax revenues. In this paper, we compile data on the passage of First Nations tax laws over a 30-year period from a centralized national database on First Nations by-laws, the First Nations Gazette. We combine those data with additional sources to analyze the factors that are associated with First Nations exercising their taxation authority. We find evidence of geographic policy diffusion consistent with First Nations learning from their neighbors and direct evidence that formal educational and institutional resources are important correlates of tax law adoption. Understanding that process informs the broader literature on the evolution of taxation structures and local political incentives, the analysis may contain important lessons for Indigenous tax jurisdiction in other contexts. It is also a critical first step towards assessing the long-term consequences of First Nations' new fiscal powers. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of digital inclusive financial development on local government expenditure incentives at the income level. It does so by constructing a multi-level government Dynamic Stochastic General Equilibrium (DSGE) model that incorporates the financial sector. By employing empirical methods that involve uncertainty shocks and counterfactual simulations, the research yields several key findings. Firstly, the development of digital inclusive finance contributes to breaking down the urban-rural dual financial structure, thus facilitating balanced economic development within regions. Secondly, it reduces the proportion of financially excluded areas, accelerates fiscal decentralization, leading to an increase in local government fiscal revenue, and, consequently, an expansion of local fiscal expenditures. Thirdly, at a certain stage of digital inclusive finance development, it tends to crowd out residents' investment and consumption. Therefore, the decentralization of fiscal power and the expansion of local government expenditure at this stage may paradoxically inhibit regional economic growth. The study's conclusions validate the significant impact of digital inclusive finance on local government incentives at the income level. [ABSTRACT FROM AUTHOR]

Purpose: The aim of the article is to identify and assess the differences in the financial situation of counties in Poland, i.e., counties units of local government without cities with counties rights, depending on their population density. Design/methodology/approach: The article identifies and assesses the differences in the financial situation of counties in Poland, i.e., poviat local government units without cities with poviat rights, depending on their population density. The empirical material used in the article concerns all land counties in Poland, i.e. poviat local government units without cities with poviat rights. The numerical data come from the Central Statistical Office (Local Data Bank), and the time scope of the research covers the years 2020-2022. The collected and organised empirical material was prepared in tabular and graphic form, using the comparative analysis. Moreover, the following measures of descriptive statistics were used to analyse the data: dynamics index, mean, and coefficient of variation. Additionally, a point assessment of all diagnostic features illustrating the financial situation in separate groups of land counties depending on their population density against the background of all land counties in Poland for the years 2020-2022, which is a new approach to the research problem discussed in the article. Findings: Analysis of the statistical data confirmed the research hypothesis put forward in the article, which assumes that population density is an important factor shaping the financial situation of land counties in Poland, with the group of counties with the lowest population density having a better situation in this respect and the group with the lowest population density having the worst situation in group of counties with the highest population density. Originality/value: The originality of the work lies in the author's approach to the analysis of the undertaken research issues and the point assessment of the financial situation in separate groups of land counties depending on their population density against the background of all land counties in Poland for the years 2020-2022. The work may be useful and is addressed primarily to politicians at the central level, as well as to local government officials responsible for public local government finances, as well as for creating the conditions, opportunities, and directions of local socio-economic development of poviat local government units and other decision-makers implementing local development policy in Poland. [ABSTRACT FROM AUTHOR]

(1) Background-Promoting the growth of wood processing enterprises is the internal requirement of practicing the "Two Mountains" theory and realizing the goal of "carbon peak and carbon neutrality". The internal capital accumulation of many wood processing enterprises cannot support the expansionary investment, and it is urgent to effectively allocate credit resources of financial institutions. At present, there are few literature to empirically examine the effect and internal mechanism of the availability of regional finance on the growth of wood processing enterprises, and can not provide micro-evidence that county finance promotes the growth of wood processing enterprises. (2) Methods-The sample enterprises covered 31 provinces ( municipalities and autonomous regions), 270 prefecture-level cities and 1, 374 counties ( cities and districts) in China. Based on the unbalanced panel data of wood processing enterprises from 2008 to 2016 and the number of branches of county financial institutions, this paper comprehensively used the individual and time fixed effect panel model, panel tool variable model, system GMM method and other methods to explore the effect of the availability of county finance on the growth of wood processing enterprises. The three-step method, Sobel test method and Boostrap test method are used to test the influence paths of the availability of county finance. (3) Results-First, the availability of financial products and services of wood processing enterprises gradually improved from 2008 to 2016. Second, the improvement of the availability of county finance could significantly promote the growth of wood processing enterprises. Third, the availability of county finance had an indirect positive effect on the growth of sample enterprises by reducing financing costs and promoting technological innovation. Fourth, the availability of county finance could promote the growth of large, medium and small wood processing enterprises, and had a positive effect on the growth of enterprises with low and medium asset-liability ratio, while it had no significant effect on the growth of micro-enterprises and enterprises with high asset-liability ratio. In addition, the availability of county finance had a positive effect on the growth of enterprises in central and western China and non-municipal districts, but had a negative effect on the growth of enterprises in eastern China and municipal districts. Fifth, the development of county digital finance and the availability of county finance synergistically promoted the growth of wood processing enterprises. (4)Conclusions and Discussions-Based on the above research conclusions, the following policy suggestions are put forward: First, the counties ( cities and districts) where wood processing enterprises gather should establish and improve the financial system with multiple subjects, multi-level and wide coverage. Expand the spatial coverage of financial institutions ' outlets to wood processing enterprises, deepen the competition mechanism of the banking industry, and create a comprehensive financial service system corresponding to the life cycle of wood processing enterprises. Second, pay attention to the construction of financial system in non-municipal districts and the credit supply of special wood processing enterprises. The governments of non-municipal districts should improve the support policies such as site supply, site rent concessions. In addition, further optimize financial services and innovate financial products. Third, improve the credit support policy for micro wood processing enterprises. Further guide and support commercial banks in innovating service mechanisms for small and micro enterprises, broaden the financing channels of micro wood processing enterprises. [ABSTRACT FROM AUTHOR]

Fiscal decentralisation is a vital trend in developing the local finance system in Ukraine and EU member-states. Decentralisation processes have demonstrated their effectiveness in terms of more effective allocation, distribution, and spending of taxpayers' money. This article aims to evaluate the level of revenue fiscal decentralisation and tax autonomy in the EU member-states and Ukraine as essential priorities for ensuring the financial capacity of local self-governments and to determine how to develop local finance in the medium term. We analysed in depth the peculiarities of local budget revenues and found that state budget transfers prevailed over tax revenues from 2001 to 2022. Among the European countries, the Nordic countries, and the countries with the three-levelled budgetary system (Germany and Spain) had the highest level of fiscal decentralisation regarding their own revenues. Taking the sub-sample of Central European countries into account, the budget systems of Ukraine, the Czech Republic and Poland were the most decentralised ones. The highest level of tax autonomy characterises the Nordic and countries with the three-levelled budgetary system (Belgium and Spain). This indicator is low in Ukraine and needs to be increased in the medium term. The authors proposed ways to increase local self-governments' financial capacity: to introduce a joint model for State tax service and local self-governments in property tax administration, use the estimated value of real estate instead of the real estate area as a tax base for property taxes, expand the local tax digitalisation process. [ABSTRACT FROM AUTHOR]

The objective of the present paper is to put a milestone on the roadmap toward a global economic system of professional sport, at least as regards its financial dimension, i.e., its model of finance, its ownership, and some new trends in global sport finance. Professional sport went through a radical change during the 1990s when switching from gate receipts to TV rights revenues as its major source of finance and from local/domestic to internationalised/globalised sources of revenue. This change was more marked in European soccer (football) before spreading throughout other professional sport disciplines. In fact, the whole distribution of sport financing was restructured as shown in this paper. Starting from this evidence of the first stage of sport finance globalisation, it appears that new transformations have been at work in sport finance more recently. In particular, soccer moved from globalisation of flows (revenues, finance) to asset globalisation in terms of club ownership. At last, this paper discusses the emergence of new trends in global sport finance such as treating professional (soccer) players as financial assets and crypto-assets penetrating the sports business. [ABSTRACT FROM AUTHOR]

This paper examines how natural disasters affect local public finances and their interplay with intergovernmental transfers and external resources. Exploiting the randomized nature of the 2013 Typhoon Haiyan, one of the most devastating natural disasters in recent history, we document its causal effect on the local government fiscal dynamics. Combining data on local government finance with reports on the level of damages and using difference-in-differences with instrumental variable to analyze the data, we show that local public revenue and expenditures remain largely unaffected, except for debt payments. However, we find important heterogeneity in local revenue responses: poorer municipalities raised comparatively lower revenue in the aftermath of the Typhoon. We also provide evidence that external funding did not lead to lower tax collection efforts, but instead leads to higher local expenditures, suggesting that disaster aid does not cause a moral hazard problem in local governments' spending decisions. [ABSTRACT FROM AUTHOR]

Bulgaria is a unitary country and municipalities are the only subnational level of self-governance. It is important to have stability and independence in local finances to provide services of high quality. This research's main goal is to evaluate the level of financial independence in rural municipalities in Bulgaria by monitoring the main revenue flow to the municipal budget - through local taxes. There are a few methods used in the process of evaluation, like mathematical synthesis, comparative analysis, and deduction. The research is using the European NUTS classification, Bulgaria's Law on Regional Development, statistical information from the National Statistical Institute, and the Ministry of Finance. Results are going to show where is the weak point in the municipal local finances to gain more independence and how they can increase their revenue. This will allow them to distribute better their financial flows and invest in activities and services that are necessary for their municipality type. [ABSTRACT FROM AUTHOR]

We present a novel framework for studying the evolving role of entrepreneurial finance over the stages of emergence for a regional entrepreneurial ecosystem. Drawing on entrepreneurial ecosystems, entrepreneurial finance, and territorial servitization, we explore how three different finance sources impact firm survival and how they relate to each other during ecosystem emergence. We analyze entrepreneurial firms in one industry and region over 36 years. We find that firm survival is differentially affected by funder type based on the stage of ecosystem emergence. Finance sources also have different interrelations depending on the stage of emergence. Based on our results, we abductively articulate a framework for stage-dependent ecosystem emergence microfoundations. This rectifies contradictory results that examine single sources of finance and use cross-sectional data. Had we not measured the emergence process, the results would have led to markedly different theoretical implications and practical takeaways for entrepreneurial finance and ecosystem emergence. Plain English Summary: Measuring the stage of ecosystem emergence is key to success in financing start-up firms and developing entrepreneurial ecosystems. Using detailed firm-level data, we present a novel framework for studying entrepreneurial finance within a local entrepreneurial ecosystem over time. Entrepreneurial finance sources, whether public or private, interact with firms differently depending on the stage of entrepreneurial ecosystem emergence, as measured by firm density. We find that funding sources are associated with different rates of firm survival during different stages of ecosystem emergence, with a federal source more important during the nascency stage and venture capital more effective as firm density increases. Our results demonstrate that policymakers and ecosystem champions could make better decisions if finance is considered part of an emergence process. [ABSTRACT FROM AUTHOR]

Achieving universal access to basic services and safe and affordable water and sanitation to all by 2030, as targeted in Sustainable Development Goals 1 and 6, is of utmost importance in improving people's well-being. In Kenya, this means fulfilling a significant water services gap. This study analyzed the viability of user-owned urban water utilities there from managers' perspectives. It found that the high performance of the few licensed private utilities, high ownership and control, small size, robust public participation, and regulatory policies favor their performance. Yet, the costliness of water services production limits their viability in the most sidelined low-income areas. The article recommends (i) diversifying service production models, (ii) establishing a revolving fund to finance major capital investments, (iii) making full cost recovery a key policy objective, (iv) mobilizing financing from local users, including low-income earners, and (v) setting pricing structures that imply cross-subsidizing between the rich and poor. [ABSTRACT FROM AUTHOR]

This research aims to analyze the financial management performance of the Balikpapan City Regional Government using income variance analysis, degree of decentralization ratio, independence ratio, income growth ratio, efficiency analysis, effectiveness analysis, capital expenditure ratio, and operational expenditure ratio in the Balikpapan City Government for the budget year 2016 to 2022. The data used is secondary data contained in the Audit Results Report of the Republic of Indonesia Financial Audit Agency Representative of East Kalimantan Province for 2016 to 2022. Static analysis in this study uses descriptive quantitative methods. The observation period from 2016 to 2022 shows that income variance analysis is the best average achievement of 101.20%; the degree of decentralization ratio with an average achievement of 29.48%; independence ratio to average achievement is 42.87%; local original income ratio with an average achievement of 5.87%; total regional income ratio to average achievement is 4.50%; the efficiency level ratio with an average achievement of 96.80% is declared less efficient; the effectiveness level ratio with an average achievement of 108.43% was declared less effective, the capital expenditure ratio with an average achievement was 72.58%; operational expenditure ratio with average achievement of 25.98% Keywords: Local Finance; Financial Performance; Financial Ratio

I examine whether local bank finance facilitated the transition to a service-based economy in the U.S. I identify a causal role for local finance in service job creation. I use county-level changes to alcohol laws as demand shocks to service employers across a subsample of U.S. counties. Counties with more local finance experience more service job creation. This leads to labor market transitions that reflect shifts in the broader economy. Information asymmetry and collateral constraints connect local finance to service sector employment. The findings identify a unique role for local finance in the evolution to a postindustrial service-based economy. [ABSTRACT FROM AUTHOR]

The management and accountability in the activities of regional autonomy and local finance are regulated by Government Regulation Number 1 of 2022, which states that financial management at the regional level starts from the initial planning to the supervision of the regional finances. The success of performance improvement is deemed effective when it aligns with government regulations. Kabupaten Tegal is one of the regions whose capacity to self-finance governance, development, and public services is still reliant on transfers from the central and provincial governments. This is evident in the low Regional Financial Independence Ratio, which stands at 22.10%. Kabupaten Tegal has yet to fully implement fiscal decentralization, as indicated by the fluctuating fiscal decentralization ratio, which falls into the low category. To provide better public services, Kabupaten Tegal must optimize its Local Own-Source Revenue (PAD) potential. [ABSTRACT FROM AUTHOR]

Copyright of Bitácora Urbano/Territorial is the property of Bitacora Urbano/Territorial and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The socio-economic crisis in Ukraine, which has worsened over the past decade, has had a profound impact on all local communities. Local governments implementing decentralised mechanisms and anti-crisis financial measures are currently facing numerous theoretical and procedural constraints, which, although not homogeneous, have a cumulative effect. In the context of low economic potential and existing legislative constraints, local governments cannot actively manipulate consistent sources of local budget revenues (taxes) to support sustainable regional development, and therefore a coherent policy of credit and fiscal equalisation is an important aspect of ensuring the sustainability of local public finances. The purpose of the paper is to assess the correspondence between the fiscal sustainability of local budgets (with a focus on the borrowing component) and the economic sustainability of regions. Empirical studies of Ukraine's experience based on regression modelling have not found a clear direct link between the drivers of fiscal sustainability of local budgets (solvency, dependence on intergovernmental grants, stability of tax revenues) and the sustainability of socio-economic development of Ukrainian regions. In addition, in the context of the crisis and external shocks, strict adherence to the criteria of fiscal balance of local budgets undermines the ability to ensure a sustainable recovery of the regional economy, so it is important not to limit the fiscal capacity of communities by attracting local borrowings and intergovernmental grant during the crisis. [ABSTRACT FROM AUTHOR]

Thailand in 2018 became the latest developing country to impose mandatory rules on its fiscal policy that included a national limit on the accumulation of public debt and direct control of local government budgets. Such fiscal recentralization is generally assumed in the literature on multi-level finance to weaken local economic, fiscal, and policy conditions. Yet a newer emphasis in this literature asserts the potential value of central governments in steering and constraining local governments through public finance. Such central steering may strengthen rather than weaken local governments via fiscal, economic, and policy conditions. In this paper, we use the emergent theory of pro-local fiscal recentralization to examine the initial evidence, as well as the emergent opportunities, for local governments in Thailand. We find grounds for optimism that fiscal recentralization will have positive effects, and identify strategies for local governments to optimize those effects. We conclude with recommendations for research and practice on fiscal recentralization in other developing country contexts. [ABSTRACT FROM AUTHOR]

Credit from suppliers is an important source of finance for firms. It can sustain firms' financial flexibility even in periods of downturn. In this study, using a large database of 90,763 Italian firms in the 2015–2021 period, we investigated how local financial development affects the trade-credit policies of SMEs and how this effect is conditioned by the degree of judicial enforcement. Given that trade credit can be a substitute for bank financing, we find that firms make more use of trade credit in developed financial markets. Moreover, we highlight the finding that a higher degree of judicial enforcement, which reinforces the role of contracts in the market, amplifies this effect. Finally, we observe that the COVID-19 crisis has reduced both the positive effect of local financial development and the positive moderating effect of enforcement in the use of trade credit. [ABSTRACT FROM AUTHOR]

This paper aims to evaluate the impact of a policy that targets criminal infiltration in local governments on the provision of local public goods in Italian municipalities. Building on the theoretical framework proposed by Dal Bò (American Political Science Review 100:41–53, 2006), we use a sufficient statistic approach to describe the dynamic behaviour of local public goods when stricter law enforcement weakens criminal pressure groups. Utilizing data on the local public finances of Italian municipalities spanning from 2004 to 2015, our findings reveal that, after the dismissal of infiltrated governments, the targeted municipalities devote a larger share of resources to public goods, with an estimated increase of approximately 3.9 percentage points. Notably, this effect seems to be driven by an increase in investment of approximately 3 percentage points. Overall, our results suggest that policies targeting the problem of criminal infiltration in local governments can improve socioeconomic conditions and the well-being of local communities, by increasing investments in economically and socially relevant public goods. [ABSTRACT FROM AUTHOR]

A revenue maximizing local government must obey a migration constraint when levying taxes. Using this insight, I develop a simple theory of taxation that suggests natural amenities are a key factor influencing local tax rates. Natural amenities confer rents to residents which governments and interest groups compete to extract. Revenue maximizing local tax rates are increasing in the level of natural amenities, increasing in moving costs, and decreasing in households' reservation utility. Using data on natural amenities and taxation for US counties, I find that local tax rates are in-fact increasing the level of natural amenities. Finally, I suggest an alternative interpretation of the "tax revolts" of the late 1970s. Rather than an attempt to constrain Leviathan, local property tax reform (such as California's Proposition 13) and restrictions on housing supply are the outcome of competition over amenity rents in which property owners successfully capture a monopoly position at the expense of other social groups including renters and local government. [ABSTRACT FROM AUTHOR]

This article presents evidence that land finance has a significant intermediary effect on housing price and local government debt in China. It is found that the mediating effect accounted for 88.06% of the total effect. Due to the mismatch between their discretionary fiscal resources and mandatory expenditures, local governments have a strong incentive to borrow with land-related fiscal revenue as the collateral for repayment, making land finance an intermediate mechanism in which the real estate boom eventually leads to the expansion of local government debt. And this conclusion is steady, and intermediary role of land finance is still significant in different areas and different periods. This provides a new perspective on the risks in China's local government debt and property markets. [ABSTRACT FROM AUTHOR]

Policymakers and governments increasingly frame climate protection in terms of green growth, arguing that continued economic growth and climate protection are complementary and mutually beneficial. With such framing, governments hope to overcome the global common goods problem associated with climate change and to enable higher ambition on climate action within and across states. Yet, no empirical evidence to date has been provided on how widespread the support for green growth is in international climate politics. This paper, therefore, investigates which countries employ green growth framings at UNFCCC negotiations, and whether this relates to domestic factors, in particular economic structure, level of development and climate impacts. We conduct panel-data analysis on green growth positions derived from hand-coding a unique dataset of High-level Segment statements at the Convention of the Parties (COPs) from 2010 to 2019 for 151 countries. The results reveal that, to date, green growth proponents are those countries with the most advanced national clean energy technology (CET) capacities – as measured by the Green Complexity Index. The findings highlight that green growth is not promoted by all countries at international climate negotiations. In international climate negotiations, climate protection is increasingly framed as a green growth opportunity to motivate global ambition. Clean Energy Technology (CET) leading countries are more likely to use green growth framings than other less-technologically advanced peers and those with high exposure to climate risks. Mechanisms to support green growth pathways for all countries should be scaled up, including technology transfer and finance to foster local capacities and human capital. Given that green growth framings are not universally endorsed, further emphasis should be placed on additional co-benefits of climate action beyond economic growth, such as food and energy security, adaptation and resilience-building. [ABSTRACT FROM AUTHOR]

With rapid globalization and the growth of immigration, countries worldwide have become multicultural societies and are experiencing social changes. Several studies have focused on the impact of foreign residents on society, particularly from a public finance perspective. The current study examines how foreign residents affect local budget expenditure in South Korea, which is currently facing a historically low fertility rate and the aging phenomenon. The employment permit system, which is a government-ordained system that allocates quotas for foreign employees by region and year, was adopted in the instrumental variable estimation to identify a causal linkage between foreign workers and local budget expenditure. We found that government spending decreases as the proportion of foreign residents among the total population increases, and this impact is particularly noticeable in social welfare spending. The results of a battery of robustness tests support these findings. Furthermore, the findings varied depending on the heterogeneities within regions and political regimes. Additionally, we found suggestive evidence that foreign workers are one of the main factors that contribute to the results, causing local governments to spend more money on non-productive areas such as administrative expenses. Overall, the results show that a sharp inflow of foreign residents may be a risk factor in terms of the quantity and quality of local budget expenditure in South Korea, suggesting that immigration policies should be operated effectively to secure the fiscal soundness and sustainability of local finance. [ABSTRACT FROM AUTHOR]

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As development progresses over time and changes in the environment take place, carbon finance development has become a very interesting research topic for many scholars worldwide. This paper proposes a hybrid MCDM method that combines the distance solutions of the TOPSIS and VIKOR methods. The contribution of this paper combines TOPSIS and VIKOR, incorporating AISM models to obtain the development ranking of Chinese carbon finance pilot cities as related to the Chinese carbon finance development pilot provinces and cities. The conclusion notes that Guangdong and Beijing are the most preferred investment locations for carbon investors. In addition, technological innovation, financial sector development, and an active ETS market can effectively drive the level of local carbon finance. Additionally, the MCDM methodology in this paper provides new ideas in environmental and economic development assessment. [ABSTRACT FROM AUTHOR]

Financial technology provides strong support for the low-carbon transformation of energy through digital technology. There is limited research on the relationship between financial technology and low-carbon transformation of energy, and the information transmission and connection between the two entities are still unclear. Therefore, this paper innovatively conducts in-depth research on the spatial effect between financial technology and low-carbon transformation of energy and further analyzes the intermediary role of green finance in it. Firstly, the spatial Durbin model and spatial intermediary effect model between financial technology and low-carbon transformation of energy are constructed. Then, based on the Moran coefficient, the spatial effects of low-carbon transformation in financial technology and energy were analyzed. Finally, an empirical study was conducted using the panel data of China's provinces from 2011 to 2020. The results show that financial technology can effectively promote the energy transformation, and financial technology and the degree of low-carbon transformation of energy have significant spatial effects. From the perspective of intermediary effect, financial technology can effectively improve the green finance structure and promote low-carbon transformation of energy. From the perspective of spatial intermediary effect, while promoting the development of green finance in the local area, financial technology will also suppress the development of green finance in surrounding areas, thereby inhibiting the low-carbon transformation of energy in the surrounding areas. Therefore, China should strengthen the development of financial science and technology, guide the transformation of traditional finance, improve the coverage of green finance, and realize the low-carbon transformation of national energy. [ABSTRACT FROM AUTHOR]

When the incentive mechanism of green finance fails to fully promote green technology innovation in industrial enterprises, local government environmental regulations become an important tool in correcting this market failure. However, due to the "follow the cost" hypothesis, the moderating effect of the local government environmental regulation is heterogeneous. In order to explore the impact mechanism of green finance development on the efficiency of green technology innovation in industrial enterprises, spatial effects as well as the heterogeneous moderating effect of local government environmental regulation, this paper systematically evaluates the development level of green finance in 30 provinces in China from 2009 to 2019. It estimates the efficiency of green technology innovation in industrial enterprises using the super-efficiency SBM model, and empirically analyzes the impact mechanism and moderating effect using the spatial Durbin model. The results show that: (1) green finance not only positively impacts the efficiency improvement of green technology innovation in industrial enterprises but also has significant spatial spillover effects; (2) local government environmental regulation has a nonlinear "inverted U-shaped" moderating effect between the green finance development and the efficiency of green technology innovation in industrial enterprises. Based on the research conclusions, this paper proposes policy recommendations from the perspectives of deepening the regional connectivity of green finance and promoting joint regulation by local governments. [ABSTRACT FROM AUTHOR]

Conditions of local governance in the aftermath of the global financial crisis are often discussed as reflections of 'austerity urbanism'. What forms of mutations have taken place in austerity urbanism after the initial years of spending cuts at the local level? This article investigates this question by focusing on the uneven geographies of post-austerity debt-drive in Britain. It is shown that austerity urbanism in Britain was somewhat peculiarly combined with debt-driven 'entrepreneurialism' several years after the introduction of extensive budgetary cuts. The local debt-drive was instigated by austerity-urbanism as a way of resolving the challenge of financing local services and development. The relatively low level of initial debt stock among local governments, very attractive borrowing terms and various regulatory changes facilitated the expansion of borrowing. Using debt stock data for over 300 local governments, it is demonstrated how debt build-up evolved to create financial difficulties for around 40 per cent of local governments. The Covid-19 pandemic, with its severe impacts on local revenues, exposed the debt-driven local development projects, leading to rescue operations and efforts to curb borrowing through new rules and regulations. For deeper international insights into the dynamics of debt-financing and urban development in times of crises, further research is needed to complement existing research in Britain and the USA, where relatively greater evidence exists. [ABSTRACT FROM AUTHOR]

Copyright of Ruch Prawniczy, Ekonomiczny i Socjologiczny (0035-9629) is the property of Adam Mickiewicz University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The use of artificial intelligence in public service and government administration offices is continuously growing. The research aims to highlight the integration of artificial intelligence in the public administration of different states. Document analysis and case analysis were used and statistical data from the Eurostat have been processed. The research results confirm the accelerated and successful penetration of artificial intelligence applications in various fields of public and private interest. Research can serve to develop the content of government policies and the systematic financing of national and local programs for the integration of artificial intelligence in public administration to become more efficient, transparent, and sustainable. [ABSTRACT FROM AUTHOR]

This paper comprehensively analyzes the overall status of the green bond market in Latin America and the Caribbean (LAC) for the renewable energy sector. Our results show that, in most cases, issuers are non-financial corporations. Also, despite LAC's low perception of transparency, 78% of the volume issued has been externally reviewed. In general terms, the barriers imposed on issuance by local governments, mainly municipal debt ceiling, low credit rating and solvency, limited capabilities to prepare bankable projects, and lack of communication channels between the financial sector and local governments, constrain the green bond market in LAC. Furthermore, although the presence of development institutions that promote the issuance of green bonds in the renewable sector has improved in recent years, it is mandatory to continue making progress in this area. For that purpose, closer cooperation and alliances are essential to share responsibilities and knowledge in LAC. Keywords: Renewable energy, Latin America and Caribean, Green finance, Green bonds, Sustainability, Sustainable development goals, 1. INTRODUCTION The Sustainable Development Goals (SDGs) agenda provides targets aligned with the aims of sustainability-oriented green bond issuers, promoting the joint work between countries to guarantee changes in how [...]

The article focuses on the use of scientometrics in evaluating scientists and institutions, highlighting the risks of prioritizing numerical targets over scientific quality. It discusses the complexities of using numerical indicators in research evaluation, including funding disparities among countries and the impact of international collaboration on scientometric figures.