{
  "title": "Subnational Public Financial Management: Institutions and Macroeconomic Considerations",
  "publication": "IMF Working Papers, June 1, 2005",
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  "summary": "Transparent public financial management at the subnational level requires institutions and processes that mirror those needed at the central government level, in order to generate better accountability and competition among different subnational governments, critical elements in ensuring good govern",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Transparent public financial management at the subnational level requires institutions and processes that mirror those needed at the central government level.\n- Mirroring central government PFM systems helps generate better accountability and competition among different subnational governments, which are critical elements for good governance and efficiency of decentralized administrations.\n- Subnational debt has implications for overall macroeconomic stability that concern the central government.\n- The paper identifies key components of subnational public financial management, with particular focus on subnational debt monitoring and management."
    },
    {
      "heading": "Major themes and findings",
      "content": "- Institutional design:\n  - Subnational PFM should include institutions and processes analogous to those at the central government level to ensure accountability and competitive pressures among subnational units.\n- Accountability and governance:\n  - Better accountability and competition among subnational governments are critical elements in ensuring good governance and efficiency of decentralized administrations.\n- Macroeconomic considerations:\n  - Subnational debt carries implications for overall macroeconomic stability that are of concern to the central government.\n- Subnational debt monitoring and management:\n  - The paper places particular emphasis on subnational debt monitoring and management as a key component of subnational PFM systems."
    },
    {
      "heading": "Policy implications and recommendations (implied by focus)",
      "content": "- Align subnational PFM institutions and processes with central government standards to strengthen accountability.\n- Establish robust subnational debt monitoring frameworks to manage fiscal risks that could affect macroeconomic stability.\n- Promote competition and transparency among subnational governments to improve efficiency in decentralized administrations.\n\n---\n\n Content in this bundle\n\n- 1. Brazil: Subnational Primary Balance, 1992–2003\n  - 1. Brazil: Subnational Primary Balance, 1992–2003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Brazil: Subnational Primary Balance, 1992–2003 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/subnational-public-financial-management-institutions-and-macroeconomic-considerations-18225"
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    "Authors: Maria A Albino-War, Raju J Singh, Ehtisham Ahmad",
    "Published: June 1, 2005",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451861273.001",
    "Transparent public financial management at the subnational level requires institutions and processes that mirror those needed at the central government level.",
    "Mirroring central government PFM systems helps generate better accountability and competition among different subnational governments, which are critical elements for good governance and efficiency of decentralized administrations.",
    "Subnational debt has implications for overall macroeconomic stability that concern the central government.",
    "The paper identifies key components of subnational public financial management, with particular focus on subnational debt monitoring and management.",
    "Institutional design:",
    "Accountability and governance:",
    "Macroeconomic considerations:",
    "Subnational debt monitoring and management:",
    "Align subnational PFM institutions and processes with central government standards to strengthen accountability.",
    "Establish robust subnational debt monitoring frameworks to manage fiscal risks that could affect macroeconomic stability.",
    "Promote competition and transparency among subnational governments to improve efficiency in decentralized administrations.",
    "**1. Brazil: Subnational Primary Balance, 1992–2003**"
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