MODERNIZATION OF MANAGEMENT OF MUNICIPAL BORROWING IN THE CONTEXT OF FINANCIAL DECENTRALIZATION
研究了发展中国家和转型经济体在财政分权和城市化背景下，地方政府通过创新融资机制（如自有收入和私人资本市场借款）来满足市政服务需求的现象。
An exciting paradigm shift is emerging in developing and transitional economies. With increased decentralization and urbanization, local governments have taken on greater responsibility in the provision of basic municipal services. To help fund education, solid waste management, water and sanitation, and other economic development projects, municipalities have turned to innovative financing mechanisms to meet local demand. Since central government support cannot finance the service needs of most municipalities, local governments are increasingly turning to: own-source revenues such as taxes, licenses and permits, user fees for services, and municipal assets; and borrowing from private capital markets.