【正文】 s of the center for incorporation in the national list of appropriations, s well as involvement with actual implementation. In a federal system, he center would appropriate transfers for each level, which in turn would prepare their own budgets. There would then be a premium on ensuring that promised transfersit special purpose or general, “equalization” transfers—are made in a timely manner. Under either system, a fundamental rule for preventing rent seeking and ensuring accountability, throughout the entire budget process, is that there should be no spending without adequate appropriations and financing arrangements. In countries with the old Francophone PFM systems, funding could be provided to public entities without appropriations during the budget execution process, and “l(fā)egalized” as an ex post appropriation in the budget of the subsequent year. This practice clearly weakens the possibilities of ensuring government accountability. A typology of classification of borrowing controls described by TerMinassian (1997), refers to four broad stylized categories: (1) market discipline。外文文獻(xiàn)翻譯譯文 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 petition 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 ponents 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 levelhence 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,2021).Part of this neglect may be due to the presumption that decentralization, together with munitybased decision making, would suffice in generating efficient and equitable spending decisions. Indeed, the emphasis on munity participation was a feature of development strategy in the 1950s, largely driven by the Ford Foundation and . 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 anizations (NGOs).The emphasis on munitydriven development was adopted as one of the cornerstones of the World Bank39。s Comprehensive Development Framework (World Bank, 2021). 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 bringing public services closer to local munities. The underpinnings of public financial management relate to the basic institutional and procedural elements that might be enshrined in a constitution, or higher level laws on the budget, or laws or agreements governing subnational operations or levels of indebtedness. In some countries, such as South Africa, where the process has been nicely sequenced, there is a set of consistent and well designed legislation covering all the areas mentioned above. In order for any level of government to take responsibility for its actions, there must be clarity in its functions, its mechanisms for appropriating funds and prioritizing and authorizing spending, and ensuring that the spending is actually carried out and accounted for. Another critical aspect relates to timely and accurate reporting to the respective