Фінансові платформи в забезпеченні місцевих органів влади фінансовими ресурсами під час децентралізації: досвід Китаю
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Date
2015
Journal Title
Journal ISSN
Volume Title
Publisher
Український інститут розвитку фондового ринку
Abstract
В Україні стартувала реформа із децентралізації та посилення економічних повноважень місцевих органів влади. Очевидно, що реформовані місцеві адміністрації мають отримати суттєво збільшені фінансові ресурси для виконання своїх повноважень. Однак ініціалізованою реформою це не передбачено в достатній мірі: обсяг покладених на них обов’язків буде вищим за їх фінансові можливості. Для вирішення цієї проблеми доречно залучити досвід інших країн, що розвиваються, зокрема китайський із створення фінансових платформ місцевих органів влади.
The decentralization reform, aimed on economic empowerment of subnational governments, has recently started in Ukraine. Obviously, reformed local governments should get a substantial increase in financial resources to fulfill their mandate, that however would not be provided by initialized reform. The volume of their duties would be beyond their financial capabilities. To solve this problem, it is advisable to use the experience of other developing countries, in particular Chinese one, in establishing of financing platforms for local authorities. Financial platforms of local authorities (FPLA) are intermediary companies, created by the local administrations, that take money for them from state banks, trust funds or bond market. Their role in attracting finances for projects that ensure the population by local public goods is decisive: the share of local debts, distributed among them, is more than 45%. Usually FPLA are also the preferred contractor of sub-national government for the infrastructure construction in the region. They can get a concession for constructed facilities, that are offered to borrowers as collateral. As the stream of future income from infrastructure projects is not enough to cover their costs, the local authorities often subsidize their financial platform with money earned from the sale of their own natural resources means, first of all from the land. The land in a densely populated country with a high rate of urbanization is always an attractive asset, including for collateral, that is why the local authorities transmit the rights on it to the authorized capital of their own FPLA than significantly expands the supply of credit to them. This article is dedicated to the detailed investigation of their functioning, advantages and issues, as well as the possibility of Chinese positive experience application in Ukraine.
The decentralization reform, aimed on economic empowerment of subnational governments, has recently started in Ukraine. Obviously, reformed local governments should get a substantial increase in financial resources to fulfill their mandate, that however would not be provided by initialized reform. The volume of their duties would be beyond their financial capabilities. To solve this problem, it is advisable to use the experience of other developing countries, in particular Chinese one, in establishing of financing platforms for local authorities. Financial platforms of local authorities (FPLA) are intermediary companies, created by the local administrations, that take money for them from state banks, trust funds or bond market. Their role in attracting finances for projects that ensure the population by local public goods is decisive: the share of local debts, distributed among them, is more than 45%. Usually FPLA are also the preferred contractor of sub-national government for the infrastructure construction in the region. They can get a concession for constructed facilities, that are offered to borrowers as collateral. As the stream of future income from infrastructure projects is not enough to cover their costs, the local authorities often subsidize their financial platform with money earned from the sale of their own natural resources means, first of all from the land. The land in a densely populated country with a high rate of urbanization is always an attractive asset, including for collateral, that is why the local authorities transmit the rights on it to the authorized capital of their own FPLA than significantly expands the supply of credit to them. This article is dedicated to the detailed investigation of their functioning, advantages and issues, as well as the possibility of Chinese positive experience application in Ukraine.
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Keywords
фіскальна децентралізація, борги, фінансові платформи місцевих органів влади, Китай, fiscal decentralization, debts, financial platforms of local authorities, China
Citation
Єфремов Д. Фінансові платформи в забезпеченні місцевих органів влади фінансовими ресурсами під час децентралізації: досвід Китаю / Дмитро Єфремов // Ринок цінних паперів України. – 2015. – № 11–12. – С. 61–67.