Staff View: Subnational Debt, Insolvency, and Market Development

Subnational Debt, Insolvency, and Market Development

State and local debt and the debt of quasi-public agencies have grown in importance as a result of fiscal decentralization, rapid urbanization, and the increasing role played by private capital. However, with debt comes the risk of insolvency. This...

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Bibliographic Details
Main Authors:	Canuto, Otaviano, Liu, Lili
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE CAPACITY AGREEMENT ON DEBT RESOLUTION ASSETS BAILOUT BAILOUTS BALANCE DUE BANK LOANS BANKRUPT BANKRUPTCY BANKRUPTCY CODE BANKS BENEFICIARIES BOND BOND INSTRUMENTS BONDS BORROWER BORROWING COST BORROWING COSTS BUDGET CONSTRAINT CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL MARKETS CENTRAL BANK CENTRAL GOVERNMENT CITIES COMMON POOL PROBLEMS CONSTITUTIONAL CHANGE CONTINGENT LIABILITIES CONTRACTUAL RIGHTS CONTRACTUAL RIGHTS OF CREDITORS CORRUPTION CREDIT MARKETS CREDIT RATINGS CREDIT RISKS CREDIT SYSTEM CREDITORS CREDITS CREDITWORTHY BORROWERS CURRENCY DEBT DEBT CRISES DEBT DEFAULT DEBT FINANCE DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT MARKET DEBT MARKET DEVELOPMENT DEBT OBLIGATIONS DEBT RESOLUTION DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SERVICE DEBT SERVICE CAPACITY DEBT STOCK DEBT SUSTAINABILITY DEBT SWAP DEBTOR DEBTORS DEBTS DEDICATED REVENUE DEFAULT RATES DEFAULT RISKS DEFAULTS DEPENDENT DEVELOPING COUNTRIES DEVELOPING COUNTRY DISSENTING MINORITY CREDITORS ECONOMIC GROWTH ECONOMIC POLICY EMERGING MARKETS EXISTING DEBT EXPENDITURE FEDERAL BANKRUPTCY FEDERALISM FINANCES FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL MISMANAGEMENT FINANCIAL SYSTEM FISCAL ADJUSTMENT FISCAL AUTONOMY FISCAL CAPACITY FISCAL DECENTRALIZATION FISCAL DEFICITS FISCAL DISCIPLINE FISCAL FRAMEWORK FISCAL MANAGEMENT FISCAL POLICIES FISCAL POLICY FISCAL REFORM FISCAL SUSTAINABILITY FISCAL TRANSFER FISCAL TRANSFERS FORECLOSURE GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BORROWING GOVERNMENT CREDIT HARD BUDGET INCOME LEVEL INDIVIDUAL CREDITORS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INSOLVENCY INSOLVENCY FRAMEWORK INSOLVENCY FRAMEWORKS INSOLVENCY MECHANISM INSOLVENCY MECHANISMS INSOLVENCY PROCEDURES INSOLVENCY RISKS INSOLVENT INSTITUTIONAL REFORMS INSTRUMENT INTERGOVERNMENTAL FISCAL RELATIONS INTERNATIONAL MARKETS INVESTMENT REQUIREMENTS ISSUANCE JUDGMENT JUDICIAL PROCEDURES JUDICIARY JURISDICTIONS LARGE DEBTS LEGAL CONSTRAINTS LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEM LENDERS LEVEL OF GOVERNMENT LEVERAGE LOAN LOAN MATURITY LOCAL DEBT LOCAL GOVERNMENT LOCAL GOVERNMENTS LOCAL PUBLIC SERVICES MACROECONOMIC ENVIRONMENT MACROECONOMIC FRAMEWORK MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MAJORITY OF CREDITORS MANDATES MARKET ACCESS MARKET DEVELOPMENT MISMANAGEMENT MONETARY FUND MORAL HAZARD MUNICIPAL BANKRUPTCY MUNICIPALITIES MUNICIPALITY NEGOTIATIONS OPEN MARKET PENSIONS POLICY MAKERS PRIVATE CAPITAL PROVINCES PROVINCIAL DEBT PUBLIC AGENCIES PUBLIC DEBT PUBLIC FINANCE REGULATORY FRAMEWORK RESTRUCTURING PROCESS RETURNS REVENUE SHARING REVENUE SOURCES RIGHTS OF CREDITORS RISK OF INSOLVENCY ROLE OF COURTS SAVINGS SOVEREIGN DEBT SOVEREIGN RISKS STATE GOVERNMENT SUBNATIONAL SUBNATIONAL BOND MARKET SUBNATIONAL DEBT SUBNATIONAL ENTITIES SUBNATIONAL FINANCE SUBNATIONAL GOVERNMENTS SUPPLY OF CREDIT TAX TAXATION TRANSACTION TRANSPARENCY TYPES OF DEBT USE OF DEBT WAGES WORKOUTS
Online Access:	http://documents.worldbank.org/curated/en/2013/04/17530794/subnational-debt-insolvency-market-development http://hdl.handle.net/10986/17023

Subnational Debt, Insolvency, and Market Development

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