Trends in Financing Regional Expenditures in Transition Economies The Case of Ukraine |
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| Author:
| Bubnova, Nina C.
Way, Lucan A. |
| Series title: | Discussion Paper Ser. |
| ISBN: | 978-0-8213-4064-6 |
| Publication Date: | Apr 1998 |
| Publisher: | World Bank Publications
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| Book Format: | Paperback |
| List Price: | USD $22.00 |
Book Description:
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World Bank Discussion Paper No. 378. Since the collapse of the Soviet Union, real revenues at the local level in Ukraine have fallen to less than half their former level. This report examines key issues faced by regional finance managers confronting the challenges of fiscal austerity. Part I provides a brief overview of the fiscal system in Ukraine. Part II examines the distribution of resources across oblasts and sub-oblast levels. Part III investigates the ways municipalities cope...
More DescriptionWorld Bank Discussion Paper No. 378. Since the collapse of the Soviet Union, real revenues at the local level in Ukraine have fallen to less than half their former level. This report examines key issues faced by regional finance managers confronting the challenges of fiscal austerity. Part I provides a brief overview of the fiscal system in Ukraine. Part II examines the distribution of resources across oblasts and sub-oblast levels. Part III investigates the ways municipalities cope with severe fiscal constraints by examining: the social impact of deficit; the institutional incentives for rationalization as well as the extent to which managers rationalize resources to cut costs; and the barterization of regional finances. Part III also discusses borrowing and the issuance of municipal bonds--one approach to the liquidity problem undertaken by a number of municipalities.