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The book contains papers papers of the NISPAcee working group on public sector finance and accounting presented at the NISPAcee Annual Conference held in Ljubljana, Slovenia. The contributions are focused on issues of public debt management especially at sub-national government level, although there is a strong emphasis on the central government and its overall public debt policies and strategies.

Table ofContents

Prologue: Managing (Successfully) the ‘Public Shortfalls’… ......................................5

Acknowledgements ..........................................................................................................9

List of Contributors........................................................................................................10

1. Managing Public Debt: A Central and/or Local Government Issue

ŽeljkoŠević................................................................................................................11

PART ONE – COUNTRYSTUDIES

1. Local Debt in the Context of Decentralisation and Reform: The Slovak Republic

Phillip J. Bryson........................................................................................................25

1. Municipal Debt in the Czech Republic

Lucie Sedmihradská and Ivana Šimíková ..............................................................43

1. Debt Management of Czech Local Governments: Problems and Solutions Resulting from Case Studies

Robert Jahoda ...........................................................................................................60

1. State Regulation of the Municipal Debt in the Czech Republic

Petra Dvořáková ......................................................................................................76

1. Managing Local Public Debt in Estonia 2000 – 2005

Viktor Trasberg .........................................................................................................93

1. Managing Public Debt in Romania: Realities and Perspectives

Ana-Maria Bercu and Mihaela Onofrei..............................................................108

1. Practices of Local Borrowing Development and Local Debt Management in Ukraine: Problems and Prospects

Iryna Shcherbyna...................................................................................................127

PART TWO – RELATED ISSUES

1. Local Governments and the Financial Markets: Problems and Prospects of Interaction in Belarus

Yuri Krivorotko .......................................................................................................141

1. Ukrainian Local Governments and Financial Markets

Sergii Slukhai ..........................................................................................................150

11. Communal Bond Market in Poland

Agnieszka Kopanska...............................................................................................167

1. The Budgetary Liquidity Management in the Republic of Moldova

Angela Casian and EugeniaBusmachiu...............................................................184

1. The High Level of Centralisation and Local Debt in Slovenia

Maja Klun ...............................................................................................................196

1. Diversification of Local Government Revenue

Vitalina Zaychykova and Ivan Khomra ...........................................................207

1. Sustainability of General Government and Local Government Fiscal Balances in Selected Transition Countries

Aleksander Aristovnik and BoštjanBerčič...........................................................220

1. Theoretical Foundations and Practical Applications of Municipal Debt Regulation (Focusing On The Situation in the Czech Republic)

Josef Mech................................................................................................................241

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