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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.


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    Darche,Benjamin, Gallo,Joshua Mathias

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    Enabling environment for sub national government debt

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