This publication assesses India’s fiscal federalism framework and recommends improvements based on learnings from the experiences of Australia, Indonesia, Japan, the People’s Republic of China, and the Republic of Korea.
The use of securitization by local governments in the People’s Republic of China (PRC) has the potential to be a major contributor to public finance reform.
Bolstered by strong hydrocarbon export revenues, the Government of Azerbaijan has been able to substantially increase budget expenditure in recent years. This has boosted growth in economic sectors outside oil and natural gas, and expanded opportunities for the country's financial institutions, which cater mainly to non-hydrocarbon sectors. Even so, total financial sector assets represent just 31% of gross domestic product, falling well short of the financial sector's potential to contribute to economic growth through savings mobilization and investment financing.