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Publication(Washington, DC : World Bank, 2021) Hashimoto, Hideo ; Mooi, Yen ; Pedras, Guilherme ; Roy, Arindam ; Chung, Kay ; Galeza, Tadeusz ; Papaioannou, Michael G. ; Katz, Peter ; Bango, Zsolt ; Gragnani, Jose Antonio ; Gurhy, Bryan ; Paladines, CindyThis guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST). The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs. The guidance note discusses commonly faced challenges and bottlenecks in the journey to efficient and deep LCBMs. In particular, the guidance note explores how to overcome difficulties in implementing some existing best practices. Experience points to the interdependent nature of the required development actions and the need for supportive actions outside the narrow field of LCBM agents. The challenges discussed and accompanying policy guidance draw from the IMF and World Bank’s extensive technical assistance (TA) provision in this area, cross-country experience in LCBM development, and results from a recent survey of country authorities. The guidance note intends to be a resource for a wide range of stakeholders interested in government bond market development. Country authorities and TA providers can use the diagnostic on the level of LCBM development to design a proper sequence of policy actions to further improve the functioning of the domestic government debt market. Country authorities and IMF and World Bank country teams can use the guidance note to identify key macroeconomic and financial issues linked to LCBM development and integrate it into their policy analysis and advice. The diagnostic findings regarding weaknesses in LCBMs also can be used to help identify financial vulnerabilities and their remedies, in the authorities’ ongoing financial sector surveillance and in the context of Financial Sector Assessment Programs and Financial Sector Stability Reviews.
Publication(Washington, DC: World Bank, 2019-07-30) Farvacque-Vitkovic, Catherine ; Kopanyi, MihalyThe planet is becoming increasingly urban. In many ways, the urbanization wave and the unprecedented urban growth of the past 20 years have created a sense of urgency and an impetus for change. Some 54 percent of the world population—3.9 billion people—lives in urban areas today; thus, it has become clear that “business as usual” is no longer possible. This new configuration places great expectations on local governments. While central governments are subject to instability and political changes, local governments are seen as more inclined to stay the course. Because they are closer to the people, the voice of the people is more clearly heard for a truly democratic debate over the choice of neighborhood investments and city-wide policies and programs, as well as the decision process on the use of public funds and taxpayers’ money. In a context of skewed financial resources and complex urban challenges—which range from the provision of basic traditional municipal services to the “newer” agenda of social inclusion, economic development, city branding, emergency response, smart technologies, and green investment—more cities are searching for more effective and innovative ways to deal with new and old problems. Better Cities, Better World: A Handbook on Local Governments Self-Assessments is at the heart of this debate. It recognizes the complex past, current, and future challenges that cities face and outlines a bottom-line, no-nonsense framework for data-based policy dialogue and action; a common language that, for the first time, helps connect the dots between public investments programming (Urban Audit/Self-Assessment) and financing (Municipal Finances Self-Assessment). It helps address two key questions, too often bypassed when it comes to municipal infrastructure and services financing: Are we doing the right things? Are we doing things right? Better Cities, Better World: A Handbook on Local Governments Self-Assessments offers a bit of everything for everyone. • Central governments will be attracted by the purposefulness and clarity of these tools, their impact on local government capacity and performance building, and how they improve the implementation of transformative actions for policy change. • City leaders and policy makers will find the sections on objectives and content instructive and informative, with each issue placed in its context, and strong connections between data and municipal action. • Municipal staff in charge of day-to-day management will find that the sections on tasks and the detailed step-by-step walk through the process give them the pragmatic knowhow that they need. • Cities’ partners—such as bilateral and multilateral agencies, banks and funds, utility companies, civil society, and private operators—will find the foundations for more effective collaborative partnerships.