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Subnational debt, borrowing process, and creditworthiness (Inglês)

This is a portion from the Intergovernmental Fiscal Relations and Local Financial Management conference concerning subnational debt, borrowing process, and creditworthiness. Much of this paper draws from John Petersen and John Crihfield, Linkages Between Local Governments and Financial Markets: A Tool Kit to Developing Subsovereign Credit Markets in Emerging Economies (Draft, December 1998). On the subject, the author claims that the use of credit, raising funds today that will be repaid tomorrow with interest, is one of the fundamental issues governments at all levels face. Sovereigns, the usually superior national-level government, will have many more choices in this regard because they have control over the money supply and the operation of the banking system and credit markets. However, the more open that national economies have become, the more even those options are curbed by the workings of the international economy. There are four additional components of this paper and they are as follows: (1) subnational government debt and types of security, (2) debt structures, instruments, transactions, and markets, (3) documentation, disclosure, and financial reporting, (4) creditworthiness, analysis and ratings. The paper concludes with a number of presentation slides concerning various government concepts for improving fiscal relations.


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    Subnational debt, borrowing process, and creditworthiness

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