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Enabling environment for sub national government debt (Inglês)

The enabling environment is the national government's legal, regulatory, and institutional framework and debt market conditions that govern sub-national governments' (SNGs) borrowing. When planning to borrow, SNG finance directors should assess the borrowing constraints imposed by the enabling environment. The most critical element of the enabling environment is the nation's decentralization and fiscal laws governing the SNG revenues used to secure or guarantee debt repayment. Decentralization laws determine SNG revenue raising capability and expenditure requirements to deliver local services. Laws and regulations also determine which revenues and SNG uses to repay debt and the total outstanding debt, or debt capacity, and SNG can support with these revenues. National government's fiscal laws that regulate SNG debt, commercial banks, and the stock markets also contribute to the supply and demand of SNG debt.

Detalhes

  • Autor

    Darche,Benjamin, Gallo,Joshua Mathias

  • Data do documento

    2012/07/01

  • TIpo de documento

    Informativo

  • No. do relatório

    73643

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Multi-Regional,

  • Data de divulgação

    2012/11/14

  • Disclosure Status

    Disclosed

  • Nome do documento

    Enabling environment for sub national government debt

  • Palavras-chave

    debt service payment;expenditure assignment;outstanding debt;investment grade credit rating;city hall;debt issue;law;fee for service;mature capital market;yield curve;monetary policy;sovereign yield;macroeconomic condition;financial policies;solid waste company;sale of asset;Asset backed securities;local government debt;provision of infrastructure;fixed income security;operating budget deficit;domestic capital market;Fixed income securities;capital budget expenditures;types of revenue;amount of investment;outstanding public debt;credit rating agency;fiscal decentralization policy;source of revenue;water supply service;interest rate policy;global financial crisis;fees and charge;commercial bank loan;lines of credit;capital program investment;bank lending rate;credit rating agencies;local capital market;general budget;private finance;financial analysis;capital expenditure;bond price;moral hazard;relative risk;local market;short-term borrowing;long-term borrowing;macroeconomic consequence;regulatory experience;program leader;legal power;borrowing restriction;market bond;legal liability;investment cost;national regulation;municipal debt;local economy;annual budget;annual increment;expenditure growth;Infrastructure Finance;oil royalties;global experience;government bond;short-term debt;debt maturity;maturity date;mortgage rate;Public Utilities;foreign currency;short-term financing;future water;fee revenue;unfunded mandate;Subnational Debt;decentralization reform;secure debt;debt obligation;tax rate;Performance Standards;enterprise debt;enabling environment;budget process;enabling conditions;government transfer;local taxes;revenue assignment;fiscal law;debt repayment;fiscal restriction;borrowing constraint;debt market;financial planning;fixed-income investment;macroeconomic assumption;water tariff;financial health;financial statement;financial system;

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