外文翻译国家公共财务管理机构和宏观经济的思考.docx

外文翻译国家公共财务管理机构和宏观经济的思考.docx

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外文翻译国家公共财务管理机构和宏观经济的思考

外文文献翻译译文

一、外文原文

原文：

SubnationalPublicFinancialManagement:

InstitutionsandMacroeconomicConsiderations

Transparentpublicfinancialmanagementatthesubnationallevelrequiresinstitutionsandprocessesthatmirrorthoseneededatthecentralgovernmentlevel,inordertogeneratebetteraccountabilityandcompetitionamongdifferentsubnationalgovernments,criticalelementsinensuringgoodgovernanceandefficiencyofdecentralizedadministrations.Furthersubnationaldebtalsohasimplicationsforoverallmacroeconomicstabilitythatconcernsthecentralgovernment.Thekeycomponentsareidentified,withaparticularfocusonsubnationaldebtmonitoringandmanagement.

Practicalissuesrelatingtoeffectivepublicfinancialmanagementultimatelygovernwhetherornotthereisgoodgovernanceatthesubnationallevel-hencethesuccessorfailureofdifferentpolicyoptions.Althoughthereisagrowingliteratureon"fiscalrules"andsubnationaldebtmanagement,therehasbeenlessattentiontothecriticalgovernanceaspectsofpublicfinancialmanagement（althoughseePotter1997,Momoniat,2001）.Partofthisneglectmaybeduetothepresumptionthatdecentralization,togetherwithcommunity-baseddecisionmaking,wouldsufficeingeneratingefficientandequitablespendingdecisions.

Indeed,theemphasisoncommunityparticipationwasafeatureofdevelopmentstrategyinthe1950s,largelydrivenbytheFordFoundationandU.S.foreignassistanceprograms.Despitealackofsignificantsuccessatthetime,therehasbeenaresurgenceofthepolicyinrecentyearsduetotheeffortsofnongovernmentalorganizations（NGOs）.Theemphasisoncommunity-drivendevelopmentwasadoptedasoneofthecornerstonesoftheWorldBank'sComprehensiveDevelopmentFramework（WorldBank,2001）.However,thereisincreasingevidencethatweakorabsentpublicfinancialmanagementfunctionsandinstitutionsarelikelytonegateanyadvantagesthatmightbeinherentinbringingpublicservices"closer"tolocalcommunities.

Theunderpinningsofpublicfinancialmanagementrelatetothebasicinstitutionalandproceduralelementsthatmightbeenshrinedinaconstitution,orhigherlevellawsonthebudget,orlawsoragreementsgoverningsubnationaloperationsorlevelsofindebtedness.Insomecountries,suchasSouthAfrica,wheretheprocesshasbeennicelysequenced,thereisasetofconsistentandwelldesignedlegislationcoveringalltheareasmentionedabove.

Inorderforanylevelofgovernmenttotakeresponsibilityforitsactions,theremustbeclarityinitsfunctions,itsmechanismsforappropriatingfundsandprioritizingandauthorizingspending,andensuringthatthespendingisactuallycarriedoutandaccountedfor.Anothercriticalaspectrelatestotimelyandaccuratereportingtotherespectivelegislatureandanyhigherlevelsofadministration.Inshort,questionswouldneedtobeposedconcerningthetransparencyandaccountabilityofagovernmentandwhetherthesemeetminimuminternationalstandards.Quiteoftentheconsequencesofsubnationalspendingcanbeshiftedtohigherlevelsofgovernment,oracrossgenerations,ifthereisnohard-budgetconstraintatajuniorlevelofgovernment（Rodmen,Laidback,andEskelund,2003）.Thisgenerallytranslatesintoweakornonexistentcontroloverborrowing.Theborrowingmightbeexplicit,forexample,throughissuanceofdebtorcontractingofloans,orindirect,suchasthoughthebuildupofarrearsoraccountspayable.Underdifferentconstitutionalarrangements,policyresponsesvaryfromenforcedcontrolsoversubnationalborrowing（generallyinunitarystates）tovoluntaryagreementsorrules（infederations,aswellasinsupranationalconglomerationsofstates,suchastheEU）,tosolerelianceonthestricturesofthemarket.

Thecaseforcommunity-basedgovernancedependsonthepossibilitiesoflocalinformationgenerationtogetherwiththenetworksofinter-communityinteractionsorsocialcapital.Thecombinationofthesefactorscould,inprinciple,generatespendingtailoredtolocalneeds,withsubstantivelocalinteractionsinordertoensurethatfundsarenotdivertedfromexpressedobjectives.Andasstatedabove,internationalanddonoragencieshaveraisedthesepossibilitiesinthedesignofassistanceprograms.But,inpractice,therearetwosubstantivesindifficulties.Thefirstrelatestowhetherornottheremightbeelitecapture,andthesecond,thatwouldservetoreinforcethefirst,relatestothetypeofinformationthatisgenerated.Inthefinalanalysis,thecaseturnsontheeffectivenessoflocalservicedeliveryandwhetherornotpowerfullocalinterestgroupsareabletogarnerasignificantproportionoffundsallocatedtothelocalities.

BradmanandMothered（2005）discusstheoreticaltradeoffsbetweencentralizedanddecentralizeddeliveryofinfrastructureservic