国家公共财务管理：机构和宏观经济的思考.doc

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 accountability 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 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. Although 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, together 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 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 (World 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 bring