Romania Municipal Finance Policy Note

The policy note is organized as follows: the first section reviews the local government structure and fiscal system and discusses how it can be improved to better enable local governments to efficiently fulfill their functions. The second section then examines the state of municipal utilities. The third and the final section examines the recent evolution, opportunities and challenges ahead for the development of the sub-national debt market, analyzes key deficiencies and proposes priority reforms in the legal and regulatory framework for local government borrowing, and proposes a strategy to increase the access of sub-national entities to the sub-national debt market, based on a range of technical assistance and financial support instruments carefully attuned to sub-national entities' risk profiles.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2008-06-03
Subjects:	ACCESS TO BANK, ACCOUNTABILITY, ACCOUNTING, AUCTIONS, BAILOUT, BAILOUTS, BANK ACCOUNT, BANK BORROWING, BANK LENDING, BANKING SECTOR, BANKING SYSTEM, BASIS POINTS, BENEFICIARIES, BOND, BOND ISSUANCE, BOND ISSUES, BOND RATING, BOND UNDERWRITERS, BONDS, BUDGET CONSTRAINT, BUDGET CONSTRAINTS, CADASTRE, CAPITAL ADEQUACY, CAPITAL GRANT, CAPITAL GRANT SYSTEM, CAPITAL GRANTS, CASH FLOWS, CENTRAL GOVERNMENT FINANCING, CENTRAL GOVERNMENT GUARANTEE, COMMERCIAL BANKS, CORPORATE GOVERNANCE, CREDIT ENHANCEMENT, CREDIT GUARANTEE, CREDIT INSTITUTIONS, CREDIT MARKETS, CREDIT QUALITY, CREDIT RATING, CREDIT RATING AGENCIES, CREDIT RATINGS, CREDIT RISK, CREDITOR, CREDITORS, CREDITWORTHINESS, DEBT, DEBT FINANCING, DEBT MANAGEMENT, DEBT MARKET, DEBT OBLIGATION, DEBT OBLIGATIONS, DEBT RELIEF, DEBT SERVICE, DECENTRALIZATION, DEFAULT RATING, DEPOSIT, DEPOSITS, DOMESTIC BANK, DOMESTIC BANKING, DOMESTIC CREDIT, DOMESTIC CURRENCY, DOMESTIC MARKET, EMERGING MARKET, EMERGING MARKET ECONOMIES, EUROBOND, EXCESS LIQUIDITY, EXCHANGE COMMISSION, EXPENDITURE, EXPENDITURES, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL MANAGEMENT, FINANCIAL MANAGEMENT CAPACITY, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL PERFORMANCE, FINANCIAL RISKS, FINANCIAL STATEMENTS, FINANCIAL SUPPORT, FINANCING REQUIREMENTS, FISCAL CAPACITY, FISCAL CONSTRAINTS, FIXED COUPON, FOREIGN CURRENCY, GOVERNMENT BANKRUPTCY, GOVERNMENT BANKRUPTCY FRAMEWORK, GOVERNMENT BOND, GOVERNMENT BORROWING, GOVERNMENT BORROWINGS, GOVERNMENT BUDGET, GOVERNMENT BUDGETING, GOVERNMENT BUDGETS, GOVERNMENT DEBT, GOVERNMENT DEBT MARKET, GOVERNMENT EXPENDITURES, GOVERNMENT GUARANTEE, GOVERNMENT POLICY, GOVERNMENT REVENUE, HOUSEHOLD INCOME, IMPLICIT GUARANTEE, INCOME SECURITY, INCOME TAX, INCOME TAXES, INDIVIDUAL LOANS, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE INVESTMENTS, INSTITUTIONAL INVESTOR, INSTITUTIONAL INVESTORS, INSTRUMENT, INTERGOVERNMENTAL RELATIONS, INTERGOVERNMENTAL TRANSFER, INTERGOVERNMENTAL TRANSFERS, INTERNATIONAL BANKS, INTERNATIONAL CREDIT, INTERNATIONAL CREDIT RATING, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL RATING AGENCIES, INTERNATIONAL RATING AGENCY, LEGAL FRAMEWORK, LEGAL PROVISIONS, LEGISLATION, LENDERS, LENDING DECISIONS, LEVEL PLAYING FIELD, LIABILITY, LOAN, LOAN AGREEMENT, LOAN GUARANTEES, LOAN MATURITIES, LOAN SIZE, LOCAL ADMINISTRATION, LOCAL CURRENCY, LOCAL DEBT, LOCAL GOVERNMENT, LOCAL GOVERNMENT BORROWING, LOCAL GOVERNMENT ORGANIZATION, LOCAL GOVERNMENTS, LOCAL INFRASTRUCTURE, MARKET ACCESS, MARKET DEVELOPMENT, MARKET DISCIPLINE, MARKET ECONOMY, MARKET MECHANISMS, MARKET PARTICIPANTS, MARKET PLAYER, MATURITY, MATURITY EXTENSION, MICRO-ENTERPRISES, MORAL HAZARD, MORTGAGE, MORTGAGE MARKET, MUNICIPAL FINANCE, MUNICIPAL INVESTMENTS, MUNICIPAL LOANS, MUNICIPALITIES, NATIONAL BANK, NATIONAL TREASURY, OVERDRAFT FACILITIES, PARTIAL CREDIT, PAYMENT OBLIGATIONS, PERSONAL INCOME, PORTFOLIO, PORTFOLIO ALLOCATIONS, PORTFOLIO DIVERSIFICATION, PORTFOLIO RISK, PRIVATE BANK, PRIVATE BANKS, PRIVATE FINANCE, PRIVATE INVESTORS, PRIVATE LENDER, PROCEDURES FOR APPEAL, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC FINANCE, PUBLIC FINANCES, PUBLIC SERVICE PROVISION, REGISTRATION FEES, REGULATORY AUTHORITY, REGULATORY FRAMEWORK, REPAYMENT, RESERVE, RESERVE FUND, RESERVE REQUIREMENTS, RETURNS, REVENUE ASSIGNMENT, REVENUE BONDS, RISK MANAGEMENT, RISK MANAGEMENT STRATEGIES, RISK PROFILE, RISK PROFILES, SAVINGS, SHORT-TERM LIQUIDITY, SOVEREIGN GUARANTEE, SOVEREIGN RATING, STAMP DUTIES, STOCK EXCHANGE, SUB-NATIONAL DEBT, SUB-NATIONAL DEBT MARKET, SUB-NATIONAL ENTITIES, SUBORDINATED DEBT, TARIFF REVENUE, TARIFF REVENUES, TAX, TAX CODE, TAX COLLECTION, TAX RATES, TECHNICAL ASSISTANCE, TRANCHE, TRANCHES, TRANSACTION, TRANSACTION COSTS, TRANSPARENCY, TREASURY, UNDERLYING ASSETS,
Online Access:	http://documents.worldbank.org/curated/en/2008/06/9543661/romania-municipal-finance-policy-note https://hdl.handle.net/10986/19479
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