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Mid-Course Review of Fiscal Decentralization: The Unfinished Agenda

Citation

McCullough, J., Savoy, E., & Ivanov, S. (2003). Mid-Course Review of Fiscal Decentralization: The Unfinished Agenda. Unknown Publisher.

Abstract

Bulgaria's fiscal decentralization program is well underway and substantial progress has been made. Nevertheless, Bulgaria's municipalities have been experiencing a downward trend in overall levels of capital investment. This paper suggests ways that the level of capital investment in the municipalities can be doubled but that reqires a combination of (a) increased local revenue generation, (b) enactment of municipal credit legislation and (c) a commitment to use some grant funds to leverage municipal borrowing.