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necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI),
the Asian Development Bank (ADB), its Board of Directors, or the governments they
represent. ADBI does not guarantee the accuracy of the data included in this paper and
accepts no responsibility for any consequences of their use. Terminology used may not
necessarily be consistent with ADB official terms.
Sub-National Debt in
OECD Countries
• OECD Recommendations
Recent Developments of SNG
Debt in OECD Countries
SNG Debt Represent 13% GDP and 17% of Total
Public Debt on Average in OECD Countries
Sub-national governments
SNG Total Debt Levels Rose Sharply During the
“Great Recession”- 2007 vs. 2012.
250%
200%
% SNG income
150%
100%
50%
0%
Average Levels Mask Wide Disparities Between
SNG Within Countries
• Contagion Risk
• Fiscal Rules
– Budget balance rule
– Expenditure ceilings
– Debt level limits
Types of Restrictions on SNG Debts
12
10
Number of countries
0
Sin
Norestricción
Restrictions Requiere autorización
Authorisation Required from Deuda extranjera
Foreign Borrowing Prohibida
All Borrowing
NationalGC
Government Prohibited
prohibida Prohibited
Types of Fiscal Rules in OECD
Countries
30
25
20
Number of countries
15
10
0
Regla
Budgetde balance
balance rules de Limitación nivel
Borrowing de deuda
constraints Techos de limits
Expenditure gastos
presupuesto
There are Different Types of
Budgetary Balance Rules
• Nominal or structural / cyclically adjusted?
14
12
10
0
NoNot
hay RF
used Sólobudget
Current gastoonly Gasto
Current corriente
Budget and Gasto
Currentcorriente
and Capital Gasto
Current corriente
and Capital Gasto
Currentcorriente,
and capital
corriente (regla
(Golden Rule) y off-budget
Off-budget Funds y de capital
Budget in y de Separately
Budget capital debudgets
capital andyoff-
off-
de oro) (Strong Golden Rule) Aggregate (Budget
(regla de oro agregado (regla agregado (regla Balance budget
budgetfunds
(Budget Balance Rule)
fuerte) de presupuesto de presupuesto
Rule)
balanceado) balanceado)
Key Challenges When Monitoring
SNG Debts
• Enforcement: What to do if SNGs Fail to Fulfill?
Regional entities
OECD Recommendations
17
OECD Recommendations (1)
www.oecd.org/gov/budgeting
jon.blondal@oecd.org
20