State and local debt and debt of quasi-public agencies have grown in importance. Three structural trends have contributed to the rising share of subnational finance, including subnational debt, as a share of general public debt. First, decentralization in many countries has given subnational governments (SNGs) certain spending responsibilities, revenue raising authority, and the capacity to incur debt. With sovereign access to financial markets, SNGs are seeking access to these markets as well. Second, rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Third, the subnational debt market in developing countries has been going through a notable transformation. Private capital has emerged to play an important role in subnational finance, and subnational bonds increasingly compete with traditional bank loans. The 2008-09 global financial crises has had a profound impact on subnational finance across countries, as a result of slowing economic growth, the rising cost of borrowing, and deteriorating primary balances. The impact has been mitigated in various countries by fiscal stimulus, monetary easing, and increasing fiscal transfers. However, looking forward, pressures on subnational finance are likely to continue, from the potentially higher cost of capital, the fragility of global recovery, refinancing risks, and sovereign risks.
Detalhes
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Autor
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Data do documento
2013/01/01
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TIpo de documento
Publicação
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No. do relatório
75732
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2013/02/26
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Disclosure Status
Disclosed
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Nome do documento
Until debt do us part : subnational debt, insolvency, and markets
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Palavras-chave
Decentralization and Subnational Regional Economics;public finance;Subnational Debt;sea surface;gdp growth rate;Fiscal policies;fiscal policy;Public Sector and Governance;public sector borrowing requirement;urban and regional planning;world trade organization law;Subnational Finance;global financial crisis;intergovernmental fiscal relation;Local Government Finance;Public Sector Undertakings;economic policy formulation;government financial institution;european central bank;credit rating agency;credit rating agencies;public sector finance;local government official;municipal bond market;capital market development;debt sustainability analysis;financial crisis management;technical assistance provider;private financial institution;municipal bond issue;Public Finance Management;municipal service sector;privileges and immunity;public sector specialist;international economic law;risk of insolvency;national credit market;mobility of citizen;debt management issue;institutional legal framework;technical assistance loan;Public Financial Management;short time horizon;tax policy decisions;operational risk management;cost of capital;design of policy;internal revenue allotment;Municipal Finance;municipal debt;
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