Australian Loan Council: Arrangements and Experience with Bailouts

25 Pages Posted: 19 Apr 2011

Date Written: November 2000


In most countries, public borrowing by subnational governments is subjected to somerestrictions imposed by the national governments. In a recent study of 53 selectedcountries, researchers at the International Monetary Fund found that all but six countriesimposed such restrictions. 1 Public borrowing by subnational governments was altogetherprohibited in 16 countries, while 19 countries did not allow subnational governments toborrow overseas. The controls in the remaining countries vary in detail and have beenclassified by the authors of the IMF study into the broad categories of administrativecontrols, rule-based controls and cooperative controls.

Suggested Citation

Grewal, Bhajan S., Australian Loan Council: Arrangements and Experience with Bailouts (November 2000). IDB Working Paper No. 124, Available at SSRN: or

Bhajan S. Grewal (Contact Author)

affiliation not provided to SSRN

No Address Available

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