Building Subnational Debt Markets in Developing and Transition Economies : A Framework for Analysis, Policy Reform, and Assistance Strategy

Building Subnational Debt Markets in Developing and Transition Economies : A Framework for Analysis, Policy Reform, and Assistance Strategy

Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, subnational debt markets account for about 5 percent of GDP...

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Bibliographic Details
Main Author:	Noel, Michel
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING ADVERSE SELECTION AGENCY PROBLEMS ALLOCATION CRITERIA ALLOCATION OF CAPITAL AUTHORITY AUTONOMY BAILOUTS BANKING SECTOR BANKRUPTCY BANKRUPTCY LEGISLATION BLOCK GRANTS BOND ISSUES BOND MARKET BOND MARKETS BONDS CAPITAL ADEQUACY CAPITAL GRANTS CENTRAL GOVERNMENT CENTRAL GOVERNMENTS CITIZENS COALITIONS COMMERCIAL BANKS COMMERCIAL BORROWING COMMERCIAL CREDIT COMMERCIAL DEBT CONSTITUENCIES CREDIT LINES CREDIT RISKS CREDITWORTHINESS DEBT DEBT BURDEN DEBT MARKETS DEBT OBLIGATIONS DEBT REPAYMENT DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBTS DECENTRALIZATION DECENTRALIZATION SYSTEM DEFAULTS DEPOSITS DISTRICTS DOMESTIC DEBT ECONOMIC CRITERIA EMERGING MARKETS EXPENDITURE FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL VIABILITY FISCAL FISCAL DECENTRALIZATION FISCAL POLICIES FISCAL REVENUES FOREIGN BANKS GDP GENERAL OBLIGATION BONDS GOVERNMENT ASSISTANCE GOVERNMENT BUDGETS GOVERNMENT DEBT GOVERNMENT INTERVENTION GOVERNMENT MINISTRIES GOVERNMENT RESOURCES GOVERNMENT STRUCTURES GRANT ALLOCATION HARD BUDGET CONSTRAINTS HUMAN RESOURCES INSURANCE INTEREST RATES INTERNATIONAL BANKS LACK OF CLARITY LACK OF TRANSPARENCY LAWS LEGALITY LEGISLATION LEVEL PLAYING FIELD LOAN GUARANTEES LOCAL AUTHORITIES LOCAL CAPACITY BUILDING LOCAL GOVERNMENT LOCAL GOVERNMENT BORROWING LOCAL GOVERNMENT BUDGETS LOCAL GOVERNMENT FINANCE LOCAL GOVERNMENTS MANDATED EXPENDITURES MARKET DISCIPLINE MATCHING GRANTS MATURITIES MDF MINISTRY OF FINANCE MORAL HAZARD MUNICIPAL BONDS MUNICIPAL DEVELOPMENT MUNICIPAL FINANCE MUNICIPAL INVESTMENTS MUNICIPALITIES NATIONAL BUDGETS NATIONAL DEBT NATIONAL GOVERNMENTS PENSIONS POLITICAL AUTHORITY PREFERENTIAL TREATMENT PRESIDENCY PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR PARTICIPATION PRIVATIZATION PROBLEM LOANS PROVISIONS PUBLIC DEBT RECURRENT EXPENDITURES REDEMPTION REFERENDUM REGULATORY FRAMEWORK REVENUE BONDS SOCIAL SECURITY SOFT BUDGET CONSTRAINTS STATE AGENCY STATE BUDGET STATE CONTROL STATE FUNDS STATE SUBSIDIES SUPERVISORY FRAMEWORK TAX TAX REVENUES TRANSITION ECONOMIES TRANSPARENCY TREASURY URBANIZATION UTILITIES ACCESS TO CREDIT CAPACITY BUILDING
Online Access:	http://documents.worldbank.org/curated/en/2000/05/437672/building-subnational-debt-markets-developing-transition-economies-framework-analysis-policy-reform-assistance-strategy http://hdl.handle.net/10986/18844

Internet

http://documents.worldbank.org/curated/en/2000/05/437672/building-subnational-debt-markets-developing-transition-economies-framework-analysis-policy-reform-assistance-strategy
http://hdl.handle.net/10986/18844