Subnational Debt, Insolvency, and Market Development
State and local debt and the debt of quasi-public agencies have grown in importance as a result of fiscal decentralization, rapid urbanization, and the increasing role played by private capital. However, with debt comes the risk of insolvency. This...
| Main Authors: | , |
|---|---|
| Format: | Brief |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/04/17530794/subnational-debt-insolvency-market-development http://hdl.handle.net/10986/17023 |
| id |
okr-10986-17023 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE CAPACITY AGREEMENT ON DEBT RESOLUTION ASSETS BAILOUT BAILOUTS BALANCE DUE BANK LOANS BANKRUPT BANKRUPTCY BANKRUPTCY CODE BANKS BENEFICIARIES BOND BOND INSTRUMENTS BONDS BORROWER BORROWING COST BORROWING COSTS BUDGET CONSTRAINT CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL MARKETS CENTRAL BANK CENTRAL GOVERNMENT CITIES COMMON POOL PROBLEMS CONSTITUTIONAL CHANGE CONTINGENT LIABILITIES CONTRACTUAL RIGHTS CONTRACTUAL RIGHTS OF CREDITORS CORRUPTION CREDIT MARKETS CREDIT RATINGS CREDIT RISKS CREDIT SYSTEM CREDITORS CREDITS CREDITWORTHY BORROWERS CURRENCY DEBT DEBT CRISES DEBT DEFAULT DEBT FINANCE DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT MARKET DEBT MARKET DEVELOPMENT DEBT OBLIGATIONS DEBT RESOLUTION DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SERVICE DEBT SERVICE CAPACITY DEBT STOCK DEBT SUSTAINABILITY DEBT SWAP DEBTOR DEBTORS DEBTS DEDICATED REVENUE DEFAULT RATES DEFAULT RISKS DEFAULTS DEPENDENT DEVELOPING COUNTRIES DEVELOPING COUNTRY DISSENTING MINORITY CREDITORS ECONOMIC GROWTH ECONOMIC POLICY EMERGING MARKETS EXISTING DEBT EXPENDITURE FEDERAL BANKRUPTCY FEDERALISM FINANCES FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL MISMANAGEMENT FINANCIAL SYSTEM FISCAL ADJUSTMENT FISCAL AUTONOMY FISCAL CAPACITY FISCAL DECENTRALIZATION FISCAL DEFICITS FISCAL DISCIPLINE FISCAL FRAMEWORK FISCAL MANAGEMENT FISCAL POLICIES FISCAL POLICY FISCAL REFORM FISCAL SUSTAINABILITY FISCAL TRANSFER FISCAL TRANSFERS FORECLOSURE GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BORROWING GOVERNMENT CREDIT HARD BUDGET INCOME LEVEL INDIVIDUAL CREDITORS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INSOLVENCY INSOLVENCY FRAMEWORK INSOLVENCY FRAMEWORKS INSOLVENCY MECHANISM INSOLVENCY MECHANISMS INSOLVENCY PROCEDURES INSOLVENCY RISKS INSOLVENT INSTITUTIONAL REFORMS INSTRUMENT INTERGOVERNMENTAL FISCAL RELATIONS INTERNATIONAL MARKETS INVESTMENT REQUIREMENTS ISSUANCE JUDGMENT JUDICIAL PROCEDURES JUDICIARY JURISDICTIONS LARGE DEBTS LEGAL CONSTRAINTS LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEM LENDERS LEVEL OF GOVERNMENT LEVERAGE LOAN LOAN MATURITY LOCAL DEBT LOCAL GOVERNMENT LOCAL GOVERNMENTS LOCAL PUBLIC SERVICES MACROECONOMIC ENVIRONMENT MACROECONOMIC FRAMEWORK MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MAJORITY OF CREDITORS MANDATES MARKET ACCESS MARKET DEVELOPMENT MISMANAGEMENT MONETARY FUND MORAL HAZARD MUNICIPAL BANKRUPTCY MUNICIPALITIES MUNICIPALITY NEGOTIATIONS OPEN MARKET PENSIONS POLICY MAKERS PRIVATE CAPITAL PROVINCES PROVINCIAL DEBT PUBLIC AGENCIES PUBLIC DEBT PUBLIC FINANCE REGULATORY FRAMEWORK RESTRUCTURING PROCESS RETURNS REVENUE SHARING REVENUE SOURCES RIGHTS OF CREDITORS RISK OF INSOLVENCY ROLE OF COURTS SAVINGS SOVEREIGN DEBT SOVEREIGN RISKS STATE GOVERNMENT SUBNATIONAL SUBNATIONAL BOND MARKET SUBNATIONAL DEBT SUBNATIONAL ENTITIES SUBNATIONAL FINANCE SUBNATIONAL GOVERNMENTS SUPPLY OF CREDIT TAX TAXATION TRANSACTION TRANSPARENCY TYPES OF DEBT USE OF DEBT WAGES WORKOUTS |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE CAPACITY AGREEMENT ON DEBT RESOLUTION ASSETS BAILOUT BAILOUTS BALANCE DUE BANK LOANS BANKRUPT BANKRUPTCY BANKRUPTCY CODE BANKS BENEFICIARIES BOND BOND INSTRUMENTS BONDS BORROWER BORROWING COST BORROWING COSTS BUDGET CONSTRAINT CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL MARKETS CENTRAL BANK CENTRAL GOVERNMENT CITIES COMMON POOL PROBLEMS CONSTITUTIONAL CHANGE CONTINGENT LIABILITIES CONTRACTUAL RIGHTS CONTRACTUAL RIGHTS OF CREDITORS CORRUPTION CREDIT MARKETS CREDIT RATINGS CREDIT RISKS CREDIT SYSTEM CREDITORS CREDITS CREDITWORTHY BORROWERS CURRENCY DEBT DEBT CRISES DEBT DEFAULT DEBT FINANCE DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT MARKET DEBT MARKET DEVELOPMENT DEBT OBLIGATIONS DEBT RESOLUTION DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SERVICE DEBT SERVICE CAPACITY DEBT STOCK DEBT SUSTAINABILITY DEBT SWAP DEBTOR DEBTORS DEBTS DEDICATED REVENUE DEFAULT RATES DEFAULT RISKS DEFAULTS DEPENDENT DEVELOPING COUNTRIES DEVELOPING COUNTRY DISSENTING MINORITY CREDITORS ECONOMIC GROWTH ECONOMIC POLICY EMERGING MARKETS EXISTING DEBT EXPENDITURE FEDERAL BANKRUPTCY FEDERALISM FINANCES FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL MISMANAGEMENT FINANCIAL SYSTEM FISCAL ADJUSTMENT FISCAL AUTONOMY FISCAL CAPACITY FISCAL DECENTRALIZATION FISCAL DEFICITS FISCAL DISCIPLINE FISCAL FRAMEWORK FISCAL MANAGEMENT FISCAL POLICIES FISCAL POLICY FISCAL REFORM FISCAL SUSTAINABILITY FISCAL TRANSFER FISCAL TRANSFERS FORECLOSURE GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BORROWING GOVERNMENT CREDIT HARD BUDGET INCOME LEVEL INDIVIDUAL CREDITORS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INSOLVENCY INSOLVENCY FRAMEWORK INSOLVENCY FRAMEWORKS INSOLVENCY MECHANISM INSOLVENCY MECHANISMS INSOLVENCY PROCEDURES INSOLVENCY RISKS INSOLVENT INSTITUTIONAL REFORMS INSTRUMENT INTERGOVERNMENTAL FISCAL RELATIONS INTERNATIONAL MARKETS INVESTMENT REQUIREMENTS ISSUANCE JUDGMENT JUDICIAL PROCEDURES JUDICIARY JURISDICTIONS LARGE DEBTS LEGAL CONSTRAINTS LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEM LENDERS LEVEL OF GOVERNMENT LEVERAGE LOAN LOAN MATURITY LOCAL DEBT LOCAL GOVERNMENT LOCAL GOVERNMENTS LOCAL PUBLIC SERVICES MACROECONOMIC ENVIRONMENT MACROECONOMIC FRAMEWORK MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MAJORITY OF CREDITORS MANDATES MARKET ACCESS MARKET DEVELOPMENT MISMANAGEMENT MONETARY FUND MORAL HAZARD MUNICIPAL BANKRUPTCY MUNICIPALITIES MUNICIPALITY NEGOTIATIONS OPEN MARKET PENSIONS POLICY MAKERS PRIVATE CAPITAL PROVINCES PROVINCIAL DEBT PUBLIC AGENCIES PUBLIC DEBT PUBLIC FINANCE REGULATORY FRAMEWORK RESTRUCTURING PROCESS RETURNS REVENUE SHARING REVENUE SOURCES RIGHTS OF CREDITORS RISK OF INSOLVENCY ROLE OF COURTS SAVINGS SOVEREIGN DEBT SOVEREIGN RISKS STATE GOVERNMENT SUBNATIONAL SUBNATIONAL BOND MARKET SUBNATIONAL DEBT SUBNATIONAL ENTITIES SUBNATIONAL FINANCE SUBNATIONAL GOVERNMENTS SUPPLY OF CREDIT TAX TAXATION TRANSACTION TRANSPARENCY TYPES OF DEBT USE OF DEBT WAGES WORKOUTS Canuto, Otaviano Liu, Lili Subnational Debt, Insolvency, and Market Development |
| relation |
Economic premise;no. 112 |
| description |
State and local debt and the debt of
quasi-public agencies have grown in importance as a result
of fiscal decentralization, rapid urbanization, and the
increasing role played by private capital. However, with
debt comes the risk of insolvency. This note outlines a set
of aligned fiscal incentives that should be in place, as
well as the design issues to be considered in debt
restructuring frameworks. This note also suggests some broad
lessons extracted from several country experiences with
subnational debt restructuring, insolvency frameworks, and
debt market development. This note suggest a range of
possible lessons to consider when designing reforms to align
fiscal incentives and develop a robust subnational debt
framework that can be used to effectively manage the
insolvency risks that will inevitably accompany the new
dynamism of subnational finance. |
| format |
Publications & Research :: Brief |
| author |
Canuto, Otaviano Liu, Lili |
| author_facet |
Canuto, Otaviano Liu, Lili |
| author_sort |
Canuto, Otaviano |
| title |
Subnational Debt, Insolvency, and Market Development |
| title_short |
Subnational Debt, Insolvency, and Market Development |
| title_full |
Subnational Debt, Insolvency, and Market Development |
| title_fullStr |
Subnational Debt, Insolvency, and Market Development |
| title_full_unstemmed |
Subnational Debt, Insolvency, and Market Development |
| title_sort |
subnational debt, insolvency, and market development |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/04/17530794/subnational-debt-insolvency-market-development http://hdl.handle.net/10986/17023 |
| _version_ |
1764435451755626496 |
| spelling |
okr-10986-170232021-04-23T14:03:33Z Subnational Debt, Insolvency, and Market Development Canuto, Otaviano Liu, Lili ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE CAPACITY AGREEMENT ON DEBT RESOLUTION ASSETS BAILOUT BAILOUTS BALANCE DUE BANK LOANS BANKRUPT BANKRUPTCY BANKRUPTCY CODE BANKS BENEFICIARIES BOND BOND INSTRUMENTS BONDS BORROWER BORROWING COST BORROWING COSTS BUDGET CONSTRAINT CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL MARKETS CENTRAL BANK CENTRAL GOVERNMENT CITIES COMMON POOL PROBLEMS CONSTITUTIONAL CHANGE CONTINGENT LIABILITIES CONTRACTUAL RIGHTS CONTRACTUAL RIGHTS OF CREDITORS CORRUPTION CREDIT MARKETS CREDIT RATINGS CREDIT RISKS CREDIT SYSTEM CREDITORS CREDITS CREDITWORTHY BORROWERS CURRENCY DEBT DEBT CRISES DEBT DEFAULT DEBT FINANCE DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT MARKET DEBT MARKET DEVELOPMENT DEBT OBLIGATIONS DEBT RESOLUTION DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SERVICE DEBT SERVICE CAPACITY DEBT STOCK DEBT SUSTAINABILITY DEBT SWAP DEBTOR DEBTORS DEBTS DEDICATED REVENUE DEFAULT RATES DEFAULT RISKS DEFAULTS DEPENDENT DEVELOPING COUNTRIES DEVELOPING COUNTRY DISSENTING MINORITY CREDITORS ECONOMIC GROWTH ECONOMIC POLICY EMERGING MARKETS EXISTING DEBT EXPENDITURE FEDERAL BANKRUPTCY FEDERALISM FINANCES FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL MISMANAGEMENT FINANCIAL SYSTEM FISCAL ADJUSTMENT FISCAL AUTONOMY FISCAL CAPACITY FISCAL DECENTRALIZATION FISCAL DEFICITS FISCAL DISCIPLINE FISCAL FRAMEWORK FISCAL MANAGEMENT FISCAL POLICIES FISCAL POLICY FISCAL REFORM FISCAL SUSTAINABILITY FISCAL TRANSFER FISCAL TRANSFERS FORECLOSURE GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BORROWING GOVERNMENT CREDIT HARD BUDGET INCOME LEVEL INDIVIDUAL CREDITORS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INSOLVENCY INSOLVENCY FRAMEWORK INSOLVENCY FRAMEWORKS INSOLVENCY MECHANISM INSOLVENCY MECHANISMS INSOLVENCY PROCEDURES INSOLVENCY RISKS INSOLVENT INSTITUTIONAL REFORMS INSTRUMENT INTERGOVERNMENTAL FISCAL RELATIONS INTERNATIONAL MARKETS INVESTMENT REQUIREMENTS ISSUANCE JUDGMENT JUDICIAL PROCEDURES JUDICIARY JURISDICTIONS LARGE DEBTS LEGAL CONSTRAINTS LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEM LENDERS LEVEL OF GOVERNMENT LEVERAGE LOAN LOAN MATURITY LOCAL DEBT LOCAL GOVERNMENT LOCAL GOVERNMENTS LOCAL PUBLIC SERVICES MACROECONOMIC ENVIRONMENT MACROECONOMIC FRAMEWORK MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MAJORITY OF CREDITORS MANDATES MARKET ACCESS MARKET DEVELOPMENT MISMANAGEMENT MONETARY FUND MORAL HAZARD MUNICIPAL BANKRUPTCY MUNICIPALITIES MUNICIPALITY NEGOTIATIONS OPEN MARKET PENSIONS POLICY MAKERS PRIVATE CAPITAL PROVINCES PROVINCIAL DEBT PUBLIC AGENCIES PUBLIC DEBT PUBLIC FINANCE REGULATORY FRAMEWORK RESTRUCTURING PROCESS RETURNS REVENUE SHARING REVENUE SOURCES RIGHTS OF CREDITORS RISK OF INSOLVENCY ROLE OF COURTS SAVINGS SOVEREIGN DEBT SOVEREIGN RISKS STATE GOVERNMENT SUBNATIONAL SUBNATIONAL BOND MARKET SUBNATIONAL DEBT SUBNATIONAL ENTITIES SUBNATIONAL FINANCE SUBNATIONAL GOVERNMENTS SUPPLY OF CREDIT TAX TAXATION TRANSACTION TRANSPARENCY TYPES OF DEBT USE OF DEBT WAGES WORKOUTS State and local debt and the debt of quasi-public agencies have grown in importance as a result of fiscal decentralization, rapid urbanization, and the increasing role played by private capital. However, with debt comes the risk of insolvency. This note outlines a set of aligned fiscal incentives that should be in place, as well as the design issues to be considered in debt restructuring frameworks. This note also suggests some broad lessons extracted from several country experiences with subnational debt restructuring, insolvency frameworks, and debt market development. This note suggest a range of possible lessons to consider when designing reforms to align fiscal incentives and develop a robust subnational debt framework that can be used to effectively manage the insolvency risks that will inevitably accompany the new dynamism of subnational finance. 2014-02-12T17:08:10Z 2014-02-12T17:08:10Z 2013-04 http://documents.worldbank.org/curated/en/2013/04/17530794/subnational-debt-insolvency-market-development http://hdl.handle.net/10986/17023 English en_US Economic premise;no. 112 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Brief Publications & Research |