Publication:
Managing Subnational Credit and Default Risks

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dc.contributor.authorWaibel, Michael
dc.contributor.authorLiu, Lili
dc.date.accessioned2012-03-19T18:40:52Z
dc.date.available2012-03-19T18:40:52Z
dc.date.issued2010-07-01
dc.description.abstractAs a result of worldwide decentralization, subnational debt is rising. Subnational debt crises in major developing countries in the 1990s have led to strengthened regulatory frameworks for subnational borrowing and insolvency. With the fragility of the global recovery and increasing public debt, and the structural trends of decentralization and urbanization, it becomes more important to prudently manage subnational default risks. Although the regulatory frameworks share central features, the historical context and entry points for reform drive variations across countries. Addressing soft budget constraints is integral to the regulatory framework. Ex ante fiscal rules for subnational governments attempt to limit default risks; ex post regulation predictably allocates default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment, as well as the continued delivery of essential public services. The regulatory reforms are inseparable from the reform of broader intergovernmental fiscal systems and financial markets.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100719154958
dc.identifier.doi10.1596/1813-9450-5362
dc.identifier.urihttps://hdl.handle.net/10986/3847
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5362
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADJUSTMENT OF DEBT
dc.subjectADMINISTRATIVE PROCEDURES
dc.subjectARREARS
dc.subjectASSET
dc.subjectASSETS
dc.subjectASSETS FOR DISTRIBUTION
dc.subjectASSETS IN BANKRUPTCY
dc.subjectBAILOUT
dc.subjectBAILOUTS
dc.subjectBALANCE SHEETS
dc.subjectBANK LOANS
dc.subjectBANKRUPT
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY CODE
dc.subjectBANKRUPTCY COURT
dc.subjectBANKRUPTCY FILINGS
dc.subjectBANKRUPTCY FRAMEWORK
dc.subjectBANKRUPTCY MECHANISMS
dc.subjectBANKRUPTCY PROCEDURES
dc.subjectBANKRUPTCY PROCEEDING
dc.subjectBARGAINING POWER
dc.subjectBENEFICIARIES
dc.subjectBEST INTERESTS OF CREDITORS
dc.subjectBOND MARKETS
dc.subjectBONDHOLDERS
dc.subjectBORROWER
dc.subjectBORROWERS
dc.subjectBORROWING CAPACITY
dc.subjectBUDGET
dc.subjectBUDGET CONSTRAINT
dc.subjectBUDGET CONSTRAINTS
dc.subjectBUDGET DEFICIT
dc.subjectBUDGET DEFICITS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL INVESTMENTS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAUSE OF INSOLVENCY
dc.subjectCHAPTER 13
dc.subjectCLAIMS
dc.subjectCLASS OF CLAIMS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCONTINGENT LIABILITY
dc.subjectCONTRACT LAWS
dc.subjectCONTRACTUAL RIGHTS
dc.subjectCORPORATE BANKRUPTCY
dc.subjectCORRECTIVE ACTIONS
dc.subjectCORRUPTION
dc.subjectCREDIT
dc.subjectCREDIT CONTRACT
dc.subjectCREDIT MARKET
dc.subjectCREDIT RATING
dc.subjectCREDIT RATINGS
dc.subjectCREDITOR
dc.subjectCREDITOR CLAIMS
dc.subjectCREDITOR RIGHTS
dc.subjectCREDITOR RIGHTS SYSTEMS
dc.subjectCREDITS
dc.subjectCREDITWORTHINESS
dc.subjectDEBT
dc.subjectDEBT ADJUSTMENT PLAN
dc.subjectDEBT CRISES
dc.subjectDEBT CRISIS
dc.subjectDEBT FINANCE
dc.subjectDEBT FINANCING
dc.subjectDEBT INSTRUMENT
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MARKET
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT PAYMENTS
dc.subjectDEBT PROBLEM
dc.subjectDEBT RELIEF
dc.subjectDEBT RESTRUCTURING
dc.subjectDEBT RESTRUCTURING MECHANISM
dc.subjectDEBT SERVICE
dc.subjectDEBTOR
dc.subjectDEBTORS
dc.subjectDEBTS
dc.subjectDECENTRALIZATION
dc.subjectDEFAULT
dc.subjectDEFAULT RISK
dc.subjectDEFAULT RISKS
dc.subjectDEFAULTS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISCHARGE OF DEBT
dc.subjectEFFECTIVE INSOLVENCY
dc.subjectEFFECTIVE INSOLVENCY SYSTEM
dc.subjectENFORCEMENT
dc.subjectEXCHANGE RATES
dc.subjectEXISTING DEBT
dc.subjectFINANCIAL ACCOUNTS
dc.subjectFINANCIAL CONSTRAINTS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DISTRESS
dc.subjectFINANCIAL INDICATORS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL PROBLEMS
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL RISKS
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISTRESS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFISCAL REFORMS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RISKS
dc.subjectFRAMEWORK FOR INSOLVENCY
dc.subjectGENERAL DEBT
dc.subjectGOOD FAITH
dc.subjectGOVERNMENT DEFICIT
dc.subjectGOVERNMENT INSOLVENCY
dc.subjectGUARANTEES
dc.subjectHARD BUDGET
dc.subjectHIGH DEBT
dc.subjectIMPLICIT GUARANTEES
dc.subjectINDEPENDENT COURTS
dc.subjectINDIVIDUAL CREDITORS
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSOLVENCY
dc.subjectINSOLVENCY FRAMEWORK
dc.subjectINSOLVENCY LAW
dc.subjectINSOLVENCY MECHANISM
dc.subjectINSOLVENCY MECHANISMS
dc.subjectINSOLVENCY PROCEDURE
dc.subjectINSOLVENCY PROCEDURES
dc.subjectINSOLVENCY PROCEEDING
dc.subjectINSOLVENCY PROCEEDINGS
dc.subjectINSOLVENCY SYSTEM
dc.subjectINSOLVENCY TRIGGER
dc.subjectINSOLVENT
dc.subjectINSTITUTIONAL PRINCIPLES
dc.subjectINSTITUTIONAL REFORMS
dc.subjectINSURANCE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT
dc.subjectINVESTMENTS
dc.subjectJUDGMENT
dc.subjectJUDICIAL MECHANISM
dc.subjectJUDICIAL PROCEDURES
dc.subjectJURISDICTION
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL FRAMEWORKS
dc.subjectLENDER
dc.subjectLENDERS
dc.subjectLENDING
dc.subjectLIQUIDATION
dc.subjectLIQUIDATION OF ASSETS
dc.subjectLIQUIDITY
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENT DEBT
dc.subjectLONG-TERM BORROWING
dc.subjectLOSS-MAKING
dc.subjectMAJORITY OF CREDITORS
dc.subjectMANDATES
dc.subjectMARKET FINANCING
dc.subjectMARKET PARTICIPANTS
dc.subjectMISMANAGEMENT
dc.subjectMODEL LAW
dc.subjectMUNICIPAL BANKRUPTCY
dc.subjectMUNICIPAL BANKRUPTCY FRAMEWORK
dc.subjectMUNICIPAL CREDIT
dc.subjectMUNICIPAL CREDIT MARKET
dc.subjectMUNICIPAL DEBT
dc.subjectMUNICIPAL DEBT ADJUSTMENT
dc.subjectMUNICIPAL DEBTORS
dc.subjectMUNICIPAL DEFAULTS
dc.subjectMUNICIPAL INSOLVENCIES
dc.subjectMUNICIPAL INSOLVENCY
dc.subjectNEGOTIATIONS
dc.subjectNEGOTIATIONS BETWEEN DEBTOR
dc.subjectNET DEBT
dc.subjectOUTSIDE BANKRUPTCY
dc.subjectPOVERTY
dc.subjectPOWER OF CREDITORS
dc.subjectPRIVATE CREDITORS
dc.subjectPRIVATE INVESTORS
dc.subjectPRIVATE LAW
dc.subjectPUBLIC ACCOUNTANT
dc.subjectPUBLIC ACCOUNTANTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DISCLOSURES
dc.subjectPUBLIC INVESTMENT
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREGULATORY REFORMS
dc.subjectREGULATORY SYSTEMS
dc.subjectREMEDIES
dc.subjectREORGANIZATION
dc.subjectREORGANIZATION PLAN
dc.subjectREPAYMENT
dc.subjectREPAYMENT OF CREDITORS
dc.subjectRESTRUCTURING PLAN
dc.subjectRESTRUCTURING PROCESS
dc.subjectRISK OF INSOLVENCY
dc.subjectRISKY DEBT
dc.subjectROLE OF COURTS
dc.subjectSATISFACTION OF CREDITORS
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT OF CLAIMS
dc.subjectSHARE
dc.subjectSHORT-TERM BORROWING
dc.subjectSOFT BUDGET CONSTRAINTS
dc.subjectSOVEREIGN DEBT
dc.subjectSTATE DEBTS
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY LAW
dc.subjectTRUSTEE
dc.subjectUNSECURED CREDITORS
dc.subjectWAGES
dc.subjectWORKOUTS
dc.titleManaging Subnational Credit and Default Risksen
dspace.entity.typePublication
okr.crossref.titleManaging Subnational Credit And Default Risks
okr.date.disclosure2010-07-19
okr.date.doiregistration2025-04-10T11:46:10.610606Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100719154958
okr.guid958691468176981184
okr.identifier.doi10.1596/1813-9450-5362
okr.identifier.externaldocumentum000158349_20100719154958
okr.identifier.internaldocumentum12560864
okr.identifier.reportWPS5362
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/07/19/000158349_20100719154958/Rendered/PDF/WPS5362.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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