Publication:
Subnational Debt, Insolvency, and Market Development

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dc.contributor.authorLiu, Lili
dc.contributor.authorCanuto, Otaviano
dc.date.accessioned2014-02-12T17:08:10Z
dc.date.available2014-02-12T17:08:10Z
dc.date.issued2013-04
dc.description.abstractState 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 note outlines a set of aligned fiscal incentives that should be in place, as well as the design issues to be considered in debt restructuring frameworks. This note also suggests some broad lessons extracted from several country experiences with subnational debt restructuring, insolvency frameworks, and debt market development. This note suggest a range of possible lessons to consider when designing reforms to align fiscal incentives and develop a robust subnational debt framework that can be used to effectively manage the insolvency risks that will inevitably accompany the new dynamism of subnational finance.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/04/17530794/subnational-debt-insolvency-market-development
dc.identifier.doi10.1596/17023
dc.identifier.urihttps://hdl.handle.net/10986/17023
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesEconomic premise;no. 112
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectADMINISTRATIVE CAPACITY
dc.subjectAGREEMENT ON DEBT RESOLUTION
dc.subjectASSETS
dc.subjectBAILOUT
dc.subjectBAILOUTS
dc.subjectBALANCE DUE
dc.subjectBANK LOANS
dc.subjectBANKRUPT
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY CODE
dc.subjectBANKS
dc.subjectBENEFICIARIES
dc.subjectBOND
dc.subjectBOND INSTRUMENTS
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectBORROWING COST
dc.subjectBORROWING COSTS
dc.subjectBUDGET CONSTRAINT
dc.subjectCAPITAL INVESTMENTS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL GOVERNMENT
dc.subjectCITIES
dc.subjectCOMMON POOL PROBLEMS
dc.subjectCONSTITUTIONAL CHANGE
dc.subjectCONTINGENT LIABILITIES
dc.subjectCONTRACTUAL RIGHTS
dc.subjectCONTRACTUAL RIGHTS OF CREDITORS
dc.subjectCORRUPTION
dc.subjectCREDIT MARKETS
dc.subjectCREDIT RATINGS
dc.subjectCREDIT RISKS
dc.subjectCREDIT SYSTEM
dc.subjectCREDITORS
dc.subjectCREDITS
dc.subjectCREDITWORTHY BORROWERS
dc.subjectCURRENCY
dc.subjectDEBT
dc.subjectDEBT CRISES
dc.subjectDEBT DEFAULT
dc.subjectDEBT FINANCE
dc.subjectDEBT FINANCING
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT ISSUANCE
dc.subjectDEBT MARKET
dc.subjectDEBT MARKET DEVELOPMENT
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT RESOLUTION
dc.subjectDEBT RESTRUCTURING
dc.subjectDEBT RESTRUCTURING MECHANISMS
dc.subjectDEBT SERVICE
dc.subjectDEBT SERVICE CAPACITY
dc.subjectDEBT STOCK
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBT SWAP
dc.subjectDEBTOR
dc.subjectDEBTORS
dc.subjectDEBTS
dc.subjectDEDICATED REVENUE
dc.subjectDEFAULT RATES
dc.subjectDEFAULT RISKS
dc.subjectDEFAULTS
dc.subjectDEPENDENT
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDISSENTING MINORITY CREDITORS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICY
dc.subjectEMERGING MARKETS
dc.subjectEXISTING DEBT
dc.subjectEXPENDITURE
dc.subjectFEDERAL BANKRUPTCY
dc.subjectFEDERALISM
dc.subjectFINANCES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL MISMANAGEMENT
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL ADJUSTMENT
dc.subjectFISCAL AUTONOMY
dc.subjectFISCAL CAPACITY
dc.subjectFISCAL DECENTRALIZATION
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL FRAMEWORK
dc.subjectFISCAL MANAGEMENT
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFISCAL REFORM
dc.subjectFISCAL SUSTAINABILITY
dc.subjectFISCAL TRANSFER
dc.subjectFISCAL TRANSFERS
dc.subjectFORECLOSURE
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BOND MARKET
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT CREDIT
dc.subjectHARD BUDGET
dc.subjectINCOME LEVEL
dc.subjectINDIVIDUAL CREDITORS
dc.subjectINFRASTRUCTURE DEVELOPMENT
dc.subjectINFRASTRUCTURE FINANCING
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSOLVENCY
dc.subjectINSOLVENCY FRAMEWORK
dc.subjectINSOLVENCY FRAMEWORKS
dc.subjectINSOLVENCY MECHANISM
dc.subjectINSOLVENCY MECHANISMS
dc.subjectINSOLVENCY PROCEDURES
dc.subjectINSOLVENCY RISKS
dc.subjectINSOLVENT
dc.subjectINSTITUTIONAL REFORMS
dc.subjectINSTRUMENT
dc.subjectINTERGOVERNMENTAL FISCAL RELATIONS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINVESTMENT REQUIREMENTS
dc.subjectISSUANCE
dc.subjectJUDGMENT
dc.subjectJUDICIAL PROCEDURES
dc.subjectJUDICIARY
dc.subjectJURISDICTIONS
dc.subjectLARGE DEBTS
dc.subjectLEGAL CONSTRAINTS
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL FRAMEWORKS
dc.subjectLEGAL SYSTEM
dc.subjectLENDERS
dc.subjectLEVEL OF GOVERNMENT
dc.subjectLEVERAGE
dc.subjectLOAN
dc.subjectLOAN MATURITY
dc.subjectLOCAL DEBT
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLOCAL PUBLIC SERVICES
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC FRAMEWORK
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMIC STABILIZATION
dc.subjectMAJORITY OF CREDITORS
dc.subjectMANDATES
dc.subjectMARKET ACCESS
dc.subjectMARKET DEVELOPMENT
dc.subjectMISMANAGEMENT
dc.subjectMONETARY FUND
dc.subjectMORAL HAZARD
dc.subjectMUNICIPAL BANKRUPTCY
dc.subjectMUNICIPALITIES
dc.subjectMUNICIPALITY
dc.subjectNEGOTIATIONS
dc.subjectOPEN MARKET
dc.subjectPENSIONS
dc.subjectPOLICY MAKERS
dc.subjectPRIVATE CAPITAL
dc.subjectPROVINCES
dc.subjectPROVINCIAL DEBT
dc.subjectPUBLIC AGENCIES
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FINANCE
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESTRUCTURING PROCESS
dc.subjectRETURNS
dc.subjectREVENUE SHARING
dc.subjectREVENUE SOURCES
dc.subjectRIGHTS OF CREDITORS
dc.subjectRISK OF INSOLVENCY
dc.subjectROLE OF COURTS
dc.subjectSAVINGS
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN RISKS
dc.subjectSTATE GOVERNMENT
dc.subjectSUBNATIONAL
dc.subjectSUBNATIONAL BOND MARKET
dc.subjectSUBNATIONAL DEBT
dc.subjectSUBNATIONAL ENTITIES
dc.subjectSUBNATIONAL FINANCE
dc.subjectSUBNATIONAL GOVERNMENTS
dc.subjectSUPPLY OF CREDIT
dc.subjectTAX
dc.subjectTAXATION
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTYPES OF DEBT
dc.subjectUSE OF DEBT
dc.subjectWAGES
dc.subjectWORKOUTS
dc.titleSubnational Debt, Insolvency, and Market Developmenten
dspace.entity.typePublication
okr.date.disclosure2013-04-04
okr.date.doiregistration2025-04-29T09:33:27.281322Z
okr.doctypePublications & Research::Brief
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/04/17530794/subnational-debt-insolvency-market-development
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid461621468182328979
okr.identifier.externaldocumentum000442464_20130404104447
okr.identifier.internaldocumentum17530794
okr.identifier.report76379
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/04/04/000442464_20130404104447/Rendered/PDF/763790BRI0EP1120Box374373B00PUBLIC0.pdfen
okr.topicMacroeconomics and Economic Growth::Subnational Economic Development
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicInternational Economics and Trade::External Debt
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.unitOffice of VP & Head of Network (PRMVP)
okr.volume1 of 1
relation.isAuthorOfPublication9f42d4a7-f5f2-50a9-bba7-b0fa16636471
relation.isAuthorOfPublication.latestForDiscovery9f42d4a7-f5f2-50a9-bba7-b0fa16636471
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