1、外文文献翻译译文 一、外文原文 原文： Subnational Public Financial Management: Institutions and Macroeconomic Considerations 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 accoun
2、tability and competition among different subnational governments, critical elements in ensuring good governance and efficiency of decentralized administrations. Further subnational debt also has implications for overall macroeconomic stability that concerns the central government. The key components
3、 are identified, with a particular focus on subnational debt monitoring and management. Practical issues relating to effective public financial management ultimately govern whether or not there is good governance at the subnational level-hence the success or failure of different policy options. Alth
4、ough there is a growing literature on fiscal rules and subnational debt management, there has been less attention to the critical governance aspects of public financial management (although see Potter 1997, Momoniat,2001).Part of this neglect may be due to the presumption that decentralization, toge
5、ther with community-based decision making, would suffice in generating efficient and equitable spending decisions. Indeed, the emphasis on community participation was a feature of development strategy in the 1950s, largely driven by the Ford Foundation and U.S. foreign assistance programs. Despite a
6、 lack of significant success at the time, there has been a resurgence of the policy in recent years due to the efforts of nongovernmental organizations (NGOs).The emphasis on community-driven development was adopted as one of the cornerstones of the World Banks Comprehensive Development Framework (W
7、orld Bank, 2001). However, there is increasing evidence that weak or absent public financial management functions and institutions are likely to negate any advantages that might be inherent in bringing public services closer to local communities. The underpinnings of public financial management rela
8、te to the basic institutional and procedural elements that might be enshrined in a constitution, or higher level laws on the budget, or laws or agreements governing subnational operations or levels of indebtedness. In some countries, such as South Africa, where the process has been nicely sequenced,
9、 there is a set of consistent and well designed legislation covering all the areas mentioned above. In order for any level of government to take responsibility for its actions, there must be clarity in its functions, its mechanisms for appropriating funds and prioritizing and authorizing spending, a
10、nd ensuring that the spending is actually carried out and accounted for. Another critical aspect relates to timely and accurate reporting to the respective legislature and any higher levels of administration. In short, questions would need to be posed concerning the transparency and accountability o
11、f a government and whether these meet minimum international standards. Quite often the consequences of subnational spending can be shifted to higher levels of government, or across generations, if there is no hard-budget constraint at a junior level of government (Rodmen, Laidback, and Eskelund, 200
12、3). This generally translates into weak or nonexistent control over borrowing. The borrowing might be explicit, for example, through issuance of debt or contracting of loans, or indirect, such as though the buildup of arrears or accounts payable. Under different constitutional arrangements, policy r
13、esponses vary from enforced controls over subnational borrowing (generally in unitary states) to voluntary agreements or rules (in federations, as well as in supranational conglomerations of states, such as the EU),to sole reliance on the strictures of the market. The case for community-based governance depends on the possibilities of local information generation together with the networks of inter-community interactions or social capital. The combination of these factors could, in principle, generate spending
