Building Subnational Debt Markets In Developing And Transition Economies
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Building Subnational Debt Markets In Developing And Transition Economies
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Author : Michel Noël
language : en
Publisher: World Bank Publications
Release Date : 2000
Building Subnational Debt Markets In Developing And Transition Economies written by Michel Noël and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Debt categories.
Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities (states regions, provinces, counties and municipalities, and the local utility companies owned by them) are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help?
Building Subnational Debt Markets In Developing And Transition Economies
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Author : Michel Noel
language : en
Publisher:
Release Date : 2016
Building Subnational Debt Markets In Developing And Transition Economies written by Michel Noel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities - states, regions, provinces, counties, and municipalities, and the local utility companies owned by them - are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help?Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, sub-national debt markets account for about 5 percent of GDP in Argentina and Brazil. But they remain embryonic in most developing and transition economies.To resolve a potential clash between the increased financing needs of subnational entities and the limited development of domestic subnational debt markets, it is critical to support the orderly, efficient emergence of such debt markets.As a framework for policy reform, the following steps (mirroring typical weaknesses) are prerequisites for developing a country's subnational debt market:middot; Reducing moral hazard.middot; Improving market transparency.middot; Strengthening market governance.middot; Establishing a level playing field.middot; Developing local capacity for accounting, budgeting, and financial management.In countries where the government shows a clear commitment to market development, says Noel, the IBRD should support the framework needed for policy-based operations that establish hard budget constraints. In doing so, the IBRD should concentrate on (1) supporting national and local capacity building in those areas essential for developing a subnational debt market and (2) financing specific subnational projects with strictly nonrecourse loans.At the same time, the World Bank Group should offer a variety of lending and guarantee instruments that encourage private financing for investments by subnational entities - including, for example, equity participation in (or lines of credit or partial credit guarantees to) financial intermediaries specializing in subnational investment finance or in funds for financing local infrastructure.This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - was prepared as background for a manual on policy issues relating to domestic debt markets. Michel Noel may be contacted at [email protected].
Green Finance And Investment Mobilising Bond Markets For A Low Carbon Transition
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2017-04-19
Green Finance And Investment Mobilising Bond Markets For A Low Carbon Transition written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-19 with categories.
This report describes the development of the green bond market as an innovative instrument for green finance, and provides a review of policy actions and options to promote further market development and growth. Since 2007-08, so-called “green bonds” have emerged and the market has risen from ...
Information Resolution And Subnational Capital Markets
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Author : Christine R. Martell
language : en
Publisher: Oxford University Press
Release Date : 2021-08-10
Information Resolution And Subnational Capital Markets written by Christine R. Martell and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-10 with Business & Economics categories.
A comprehensive explanation of information institutions as they relate to the success of subnational capital markets Global trends in decentralization and the growing role of world cities have increased the importance of infrastructure development. But with competing incentives of suppliers and borrowers of capital in the web of institutional governance arrangements, information problems are inevitable. Understanding how local choices affect these larger trends can help national and city actors not just avoid being paralyzed by information problems, but actually improve information resolution. In this book Christine R. Martell, Tima Moldogaziev, Salvador Espinosa argue that capital markets are a viable financing alternative for subnational borrowers. They explain how subnational governments can manage their fiscal and debt choices to leverage capital markets to finance efficient, effective, and equitable infrastructure provision. The book builds on previous work by exploring the role of information institutions as they relate to the success of subnational capital markets and by advancing options for subnational government to gain agency as active market participants. With broad geographic coverage, Information Resolution and Subnational Capital Markets answers core questions: How does information permeate the landscape and outcomes of subnational government borrowing, both at the aggregate national level and at the city level? What measures and mechanisms can national and subnational governments take to resolve information problems? And, what can cities do to enhance their agency vis-à-vis central governments and capital market actors, so that they can command a voice in managing internal and external sources of capital financing?
Fiscal Decentralization In Developing And Transition Economies
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Author : Anwar Shah
language : en
Publisher: World Bank Publications
Release Date : 2004
Fiscal Decentralization In Developing And Transition Economies written by Anwar Shah and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Decentralization in government categories.
Environmental Policy And Time Consistency
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Author : Peter William Kennedy
language : en
Publisher: World Bank Publications
Release Date : 2000
Environmental Policy And Time Consistency written by Peter William Kennedy and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Air categories.
As instruments for controlling pollution, how do emissions taxes and emissions trading compare in terms of the incentives they create to adopt cleaner technologies? Emissions taxes may have a slight advantage over emissions trading.
Currency Substitution In Latin America
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Author : Pedro Gomis-Porqueras
language : en
Publisher: World Bank Publications
Release Date : 2000
Currency Substitution In Latin America written by Pedro Gomis-Porqueras and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking categories.
What causes currency substitution (foreign money substituting for domestic money)? What significance has it had in recent banking crises? And what is the relationship between currency conversion and macroeconmic volatility in Latin America?
Trade Foreign Direct Investment And International Technology Transfer
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Author : Kamal Saggi
language : en
Publisher: World Bank Publications
Release Date : 1999
Trade Foreign Direct Investment And International Technology Transfer written by Kamal Saggi and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Attributes categories.
The author surveys the literature on trade and foreign direct investment--especially wholly-owned subsidiaries of multinational firms and international joint ventures--as channels for technology transfer. He also discusses licensing and other arm's length channels of technology transfer. He concludes: 1) How trade encourages growth depends on whether knowledge spillover is national or international. Spillover is more likely to be national for developing countries than for industrial countries. 2) Local policy often makes pure foreign direct investment infeasible, so foreign firms choose licensing or joint ventures. The jury is still out on whether licensing or joint ventures lead to more learning by local firms. 3) Policies designed to attract foreign direct investment are proliferating. Several plant-level studies have failed to find positive spillover from foreign direct investment to firms competing directly with subsidiaries of multinationals. (However, these studies treat foreign direct investment as exogenous and assume spillover to be horizontal-when it may be vertical.) All such studies do find the subsidiaries of multinationals to be more productive than domestic firms, so foreign direct investment does result in host countries using resources more effectively. 4) Absorptive capacity in the host country is essential for getting significant benefits from foreign direct investment. Without adequate human capital or investments in research and development, spillover fails to materialize. 5) A country's policy on protection of intellectual property rights affects the type of industry it attracts. Firms for which such rights are crucial (such as pharmaceutical firms) are unlikely to invest directly in countries where such protections are weak, or will not invest in manufacturing and research and development activities. Policy on intellectual property rights also influences whether technology transfer comes through licensing, joint ventures, or the establishment of wholly-owned subsidiaries.
Taxing Issues With Privatization A Checklist
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2000
Taxing Issues With Privatization A Checklist written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Terror As A Bargaining Instrument
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Author : Francis Bloch
language : en
Publisher: World Bank Publications
Release Date : 2000
Terror As A Bargaining Instrument written by Francis Bloch and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Dowry categories.
Some aspects of violent behavior are linked to economic incentives. In India, domestic violence is used as a bargaining instrument, to extract larger dowries from a wife's family after the marriage has taken place.