Insolvency Frameworks for State and Local Governments:
Insolvency frameworks stipulate rules and procedures to resolve debt in a prompt and orderly way. Such frameworks may serve to facilitate debt restructuring and the fiscal recovery even of subnational entities, including states and municipalities. They may even prevent subnational governments from s...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch Artikel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2020
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Insolvency frameworks stipulate rules and procedures to resolve debt in a prompt and orderly way. Such frameworks may serve to facilitate debt restructuring and the fiscal recovery even of subnational entities, including states and municipalities. They may even prevent subnational governments from sliding into insolvency. This paper identifies the benefits of setting up an insolvency framework for subnational governments, complementing existing budget rules and procedures. It analyses different design options of subnational insolvency frameworks by drawing on existing regimes for municipalities in Colombia, Hungary, South Africa, Switzerland and the United States as well as proposals for sovereign bankruptcy procedures in the literature. The paper also explores the main challenges for implementing subnational insolvency regimes and presents possible solutions. |
| Beschreibung: | 1 Online-Ressource (36 p.) 21 x 28cm. |
| DOI: | 10.1787/4fe1859f-en |
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| indexdate | 2024-11-26T14:56:13Z |
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| language | English |
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| spelling | Herold, Katharina VerfasserIn aut Insolvency Frameworks for State and Local Governments Katharina, Herold Paris OECD Publishing 2020 1 Online-Ressource (36 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Insolvency frameworks stipulate rules and procedures to resolve debt in a prompt and orderly way. Such frameworks may serve to facilitate debt restructuring and the fiscal recovery even of subnational entities, including states and municipalities. They may even prevent subnational governments from sliding into insolvency. This paper identifies the benefits of setting up an insolvency framework for subnational governments, complementing existing budget rules and procedures. It analyses different design options of subnational insolvency frameworks by drawing on existing regimes for municipalities in Colombia, Hungary, South Africa, Switzerland and the United States as well as proposals for sovereign bankruptcy procedures in the literature. The paper also explores the main challenges for implementing subnational insolvency regimes and presents possible solutions. Finance and Investment Governance Economics Slovak Republic United States Enthalten in OECD Journal on Budgeting Vol. 20, no. 2 volume:20 year:2020 number:2 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/4fe1859f-en Volltext |
| spellingShingle | Herold, Katharina Insolvency Frameworks for State and Local Governments Finance and Investment Governance Economics Slovak Republic United States |
| title | Insolvency Frameworks for State and Local Governments |
| title_auth | Insolvency Frameworks for State and Local Governments |
| title_exact_search | Insolvency Frameworks for State and Local Governments |
| title_full | Insolvency Frameworks for State and Local Governments Katharina, Herold |
| title_fullStr | Insolvency Frameworks for State and Local Governments Katharina, Herold |
| title_full_unstemmed | Insolvency Frameworks for State and Local Governments Katharina, Herold |
| title_short | Insolvency Frameworks for State and Local Governments |
| title_sort | insolvency frameworks for state and local governments |
| topic | Finance and Investment Governance Economics Slovak Republic United States |
| topic_facet | Finance and Investment Governance Economics Slovak Republic United States |
| url | https://doi.org/10.1787/4fe1859f-en |
| work_keys_str_mv | AT heroldkatharina insolvencyframeworksforstateandlocalgovernments |