Financing Infrastructure and Monitoring Fiscal Risks at the Subnational Level

Show simple item record

dc.contributor.author
Liu, Lili
en_US
dc.contributor.author
Pradelli, Juan
en_US
dc.date.accessioned
2012-06-29T22:01:40Z
en_US
dc.date.available
2012-06-29T22:01:40Z
en_US
dc.date.issued
2012-05
en_US
dc.identifier.uri
http://hdl.handle.net/10986/9352
en_US
dc.description.abstract
This paper explores the building blocks of an institutional framework to govern borrowing by subnational entities to finance infrastructure investment. The framework should help in achieving sustainable financing of development needs and sound management of fiscal risks. Based on international experience, the authors suggest a minimum set of indicators for monitoring fiscal and debt developments. Recognizing the different nature and operations of the subnational entities, they propose specific indicators for special purpose vehicles and the government's general budget. The paper outlines an analytical framework to inform policy decisions concerning subnational debt limits, which are country-specific and should not be mechanically applied. Basic notions underpinning medium-term macro-fiscal frameworks and debt sustainability analyses provide effective guidance for identifying prudent levels of subnational debt. The authors argue that developing fiscal and debt indicators and setting borrowing limits should be part of a broader strategy to put in place an adequate fiscal architecture to coordinate and monitor the budgetary and borrowing policies conducted by individual subnational governments. Consistent with this general principle, they explore several areas of subnational public finance and management that need to be addressed with adequate governance structures and policy choices.
en_US
dc.language
English
en_US
dc.publisher
World Bank, Washington, DC
en_US
dc.relation.ispartofseries
Policy Research Working Paper; No. 6069
en_US
dc.rights
CC BY 3.0 Unported
en_US
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/
en_US
dc.subject
ACCOUNTING
en_US
dc.subject
ACCOUNTING STANDARDS
en_US
dc.subject
AGGREGATE DEBT
en_US
dc.subject
AMORTIZATIONS
en_US
dc.subject
ARREARS
en_US
dc.subject
AVAILABILITY OF CREDIT
en_US
dc.subject
BAILOUT
en_US
dc.subject
BAILOUTS
en_US
dc.subject
BALANCE SHEET
en_US
dc.subject
BALANCE SHEETS
en_US
dc.subject
BANKRUPTCY
en_US
dc.subject
BANKRUPTCY LAW
en_US
dc.subject
BLOCK GRANTS
en_US
dc.subject
BOND
en_US
dc.subject
BOND HOLDERS
en_US
dc.subject
BOND INSTRUMENTS
en_US
dc.subject
BOND ISSUANCE
en_US
dc.subject
BONDS
en_US
dc.subject
BORROWER
en_US
dc.subject
BORROWING CAPACITY
en_US
dc.subject
BORROWING COSTS
en_US
dc.subject
BORROWING PLANS
en_US
dc.subject
BUDGET BALANCE
en_US
dc.subject
BUDGET CONSTRAINT
en_US
dc.subject
BUDGET DEFICITS
en_US
dc.subject
BUDGET EXPENDITURE
en_US
dc.subject
BUDGET SURPLUSES
en_US
dc.subject
BUDGETING
en_US
dc.subject
CAPITAL EXPENDITURE
en_US
dc.subject
CAPITAL EXPENDITURES
en_US
dc.subject
CAPITAL INVESTMENT
en_US
dc.subject
CAPITAL INVESTMENTS
en_US
dc.subject
CAPITAL MARKETS
en_US
dc.subject
CASH FLOWS
en_US
dc.subject
CENTRAL GOVERNMENT
en_US
dc.subject
COLLATERAL
en_US
dc.subject
COMMODITY PRICES
en_US
dc.subject
CONTINGENT LIABILITIES
en_US
dc.subject
CONTINGENT LIABILITY
en_US
dc.subject
COORDINATION FAILURES
en_US
dc.subject
CREDIBILITY
en_US
dc.subject
CREDIT RATING
en_US
dc.subject
CREDIT RATINGS
en_US
dc.subject
CREDIT RISK
en_US
dc.subject
CREDIT RISK ASSESSMENT
en_US
dc.subject
CURRENCY
en_US
dc.subject
CURRENT EXPENDITURES
en_US
dc.subject
DEBT
en_US
dc.subject
DEBT BURDEN
en_US
dc.subject
DEBT FINANCING
en_US
dc.subject
DEBT FLOWS
en_US
dc.subject
DEBT INSTRUMENTS
en_US
dc.subject
DEBT INTEREST
en_US
dc.subject
DEBT LEVELS
en_US
dc.subject
DEBT OBLIGATIONS
en_US
dc.subject
DEBT OVERHANG
en_US
dc.subject
DEBT RATIO
en_US
dc.subject
DEBT REPAYMENT
en_US
dc.subject
DEBT RESTRUCTURING
en_US
dc.subject
DEBT RESTRUCTURING AGREEMENTS
en_US
dc.subject
DEBT SERVICE
en_US
dc.subject
DEBT SERVICING
en_US
dc.subject
DEBT STOCK
en_US
dc.subject
DEBTS
en_US
dc.subject
DECENTRALIZATION
en_US
dc.subject
DEDICATED REVENUES
en_US
dc.subject
DEFICITS
en_US
dc.subject
DEPOSIT
en_US
dc.subject
DEVELOPING COUNTRIES
en_US
dc.subject
DISCRETIONARY FISCAL POLICY
en_US
dc.subject
DISTRICT
en_US
dc.subject
DISTRICTS
en_US
dc.subject
EMERGING ECONOMIES
en_US
dc.subject
EXCESSIVE BORROWING
en_US
dc.subject
EXCESSIVE INDEBTEDNESS
en_US
dc.subject
EXPENDITURE
en_US
dc.subject
EXPENDITURES
en_US
dc.subject
FACE VALUE
en_US
dc.subject
FEDERAL COUNTRY
en_US
dc.subject
FINANCES
en_US
dc.subject
FINANCIAL CRISES
en_US
dc.subject
FINANCIAL CRISIS
en_US
dc.subject
FINANCIAL INSTITUTIONS
en_US
dc.subject
FINANCIAL MARKET
en_US
dc.subject
FINANCIAL MARKETS
en_US
dc.subject
FINANCIAL RESOURCES
en_US
dc.subject
FINANCIAL RISKS
en_US
dc.subject
FINANCIAL STABILITY
en_US
dc.subject
FINANCIAL STATEMENTS
en_US
dc.subject
FINANCIAL STRUCTURE
en_US
dc.subject
FINANCIAL SUPPORT
en_US
dc.subject
FINANCIAL SYSTEM
en_US
dc.subject
FINANCING REQUIREMENT
en_US
dc.subject
FISCAL AUTONOMY
en_US
dc.subject
FISCAL FRAMEWORK
en_US
dc.subject
FISCAL PERFORMANCE
en_US
dc.subject
FISCAL POLICIES
en_US
dc.subject
FISCAL POLICY
en_US
dc.subject
FISCAL SPACE
en_US
dc.subject
FISCAL SUSTAINABILITY
en_US
dc.subject
FISCAL TRANSFERS
en_US
dc.subject
FOREIGN EXCHANGE
en_US
dc.subject
GOVERNMENT BONDS
en_US
dc.subject
GOVERNMENT BORROWING
en_US
dc.subject
GOVERNMENT BUDGET
en_US
dc.subject
GOVERNMENT BUDGET DEFICIT
en_US
dc.subject
GOVERNMENT DEBT
en_US
dc.subject
GOVERNMENT FINANCING
en_US
dc.subject
GOVERNMENT GUARANTEES
en_US
dc.subject
GOVERNMENT REVENUE
en_US
dc.subject
GOVERNMENT REVENUES
en_US
dc.subject
IMPLICIT GUARANTEES
en_US
dc.subject
INCOME GROWTH
en_US
dc.subject
INCOME LEVEL
en_US
dc.subject
INCOME LEVELS
en_US
dc.subject
INDEBTEDNESS
en_US
dc.subject
INFLATION
en_US
dc.subject
INFRASTRUCTURE DEVELOPMENT
en_US
dc.subject
INFRASTRUCTURE FINANCING
en_US
dc.subject
INFRASTRUCTURE INVESTMENT
en_US
dc.subject
INFRASTRUCTURE INVESTMENTS
en_US
dc.subject
INITIAL DEBT
en_US
dc.subject
INSTITUTIONAL ARCHITECTURE
en_US
dc.subject
INTEREST COSTS
en_US
dc.subject
INTEREST PAYMENTS
en_US
dc.subject
INTEREST RATE
en_US
dc.subject
INTEREST RATES
en_US
dc.subject
INTERGOVERNMENTAL RELATIONS
en_US
dc.subject
INTERGOVERNMENTAL TRANSFER
en_US
dc.subject
INTERMEDIATION
en_US
dc.subject
INTERNATIONAL BANK
en_US
dc.subject
INVENTORIES
en_US
dc.subject
INVESTMENT PROJECTS
en_US
dc.subject
INVESTMENT RATE
en_US
dc.subject
INVESTMENT REQUIREMENTS
en_US
dc.subject
INVESTMENT VEHICLES
en_US
dc.subject
ISSUANCE
en_US
dc.subject
LAND VALUES
en_US
dc.subject
LEGAL FRAMEWORK
en_US
dc.subject
LENDERS
en_US
dc.subject
LIQUIDITY
en_US
dc.subject
LIQUIDITY PROBLEMS
en_US
dc.subject
LOCAL ECONOMIES
en_US
dc.subject
LOCAL ECONOMY
en_US
dc.subject
LOCAL GOVERNMENT
en_US
dc.subject
LOCAL GOVERNMENTS
en_US
dc.subject
MACROECONOMIC POLICIES
en_US
dc.subject
MACROECONOMIC STABILITY
en_US
dc.subject
MACROECONOMIC VARIABLES
en_US
dc.subject
MARKET BORROWING
en_US
dc.subject
MARKET DISCIPLINE
en_US
dc.subject
MARKET PARTICIPANTS
en_US
dc.subject
MARKET PRICES
en_US
dc.subject
MATURITY
en_US
dc.subject
MONETARY POLICY
en_US
dc.subject
MORAL HAZARD
en_US
dc.subject
MORTGAGE
en_US
dc.subject
MUNICIPALITIES
en_US
dc.subject
NET CURRENT REVENUE
en_US
dc.subject
NONPERFORMING LOANS
en_US
dc.subject
PENSIONS
en_US
dc.subject
PHYSICAL ASSET
en_US
dc.subject
PHYSICAL ASSETS
en_US
dc.subject
POLICY CHOICES
en_US
dc.subject
POLICY COORDINATION
en_US
dc.subject
POLICY DECISION
en_US
dc.subject
POLICY DECISIONS
en_US
dc.subject
POLICY FRAMEWORK
en_US
dc.subject
PRICE VOLATILITY
en_US
dc.subject
PRIVATE CREDITORS
en_US
dc.subject
PRIVATE DEBTS
en_US
dc.subject
PRIVATE INVESTMENT
en_US
dc.subject
PRIVATE LENDERS
en_US
dc.subject
PUBLIC AGENCY
en_US
dc.subject
PUBLIC DEBT
en_US
dc.subject
PUBLIC DEBT STOCK
en_US
dc.subject
PUBLIC DEFICIT
en_US
dc.subject
PUBLIC FINANCE
en_US
dc.subject
PUBLIC FINANCES
en_US
dc.subject
PUBLIC INVESTMENT
en_US
dc.subject
PUBLIC INVESTMENTS
en_US
dc.subject
REGULATORY FRAMEWORK
en_US
dc.subject
REPAYMENT
en_US
dc.subject
REPAYMENT CAPACITY
en_US
dc.subject
RESERVES
en_US
dc.subject
RETURN
en_US
dc.subject
RETURNS
en_US
dc.subject
REVENUE COLLECTION
en_US
dc.subject
REVENUE RATIO
en_US
dc.subject
REVENUE SOURCES
en_US
dc.subject
REVENUE STRUCTURE
en_US
dc.subject
RISK EXPOSURE
en_US
dc.subject
RISK MANAGEMENT
en_US
dc.subject
RISK PROFILES
en_US
dc.subject
RISKY BORROWERS
en_US
dc.subject
SAFETY NETS
en_US
dc.subject
SALE OF PROPERTY
en_US
dc.subject
SAVINGS RATIO
en_US
dc.subject
SHORT-TERM DEBT
en_US
dc.subject
SOLVENCY
en_US
dc.subject
SOVEREIGN DEBT
en_US
dc.subject
SOVEREIGN ENTITIES
en_US
dc.subject
SOVEREIGN RISKS
en_US
dc.subject
STATE GOVERNMENTS
en_US
dc.subject
STRUCTURAL REFORMS
en_US
dc.subject
SUBNATIONAL
en_US
dc.subject
SUBNATIONAL DEBT
en_US
dc.subject
SUBNATIONAL ENTITIES
en_US
dc.subject
SUBNATIONAL FINANCE
en_US
dc.subject
SUBNATIONAL GOVERNMENT
en_US
dc.subject
SUBNATIONAL GOVERNMENTS
en_US
dc.subject
TAX
en_US
dc.subject
TAX BASES
en_US
dc.subject
TAX BURDENS
en_US
dc.subject
TAX COLLECTION
en_US
dc.subject
TAX LAWS
en_US
dc.subject
TAX RATE
en_US
dc.subject
TAXATION
en_US
dc.subject
TOTAL DEBT
en_US
dc.subject
TOTAL EXPENDITURES
en_US
dc.subject
TRANSPARENCY
en_US
dc.subject
TREATY
en_US
dc.subject
VALUATIONS
en_US
dc.title
Financing Infrastructure and Monitoring Fiscal Risks at the Subnational Level
en_US
okr.identifier.externaldocumentum
000158349_20120510151440
en_US
okr.identifier.internaldocumentum
16263533
en_US
okr.volume
1 of 1
en_US
okr.date.disclosure
2012-05-01
en_US
okr.topic
Public Sector Economics
en_US
okr.topic
Macroeconomics and Economic Growth :: Subnational Economic Development
en_US
okr.topic
Finance and Financial Sector Development :: Debt Markets
en_US
okr.topic
Finance and Financial Sector Development :: Access to Finance
en_US
okr.topic
Finance and Financial Sector Development :: Bankruptcy and Resolution of Financial Distress
en_US
okr.topic
Public Sector Development
en_US
okr.identifier.report
WPS6069
en_US
okr.identifier.doi
10.1596/1813-9450-6069
en_US
okr.unit
Development Research Group (DECRG)
en_US
okr.doctype
Publications & Research :: Policy Research Working Paper
en_US
okr.doctype
Publications & Research
en_US
dc.rights.holder
World Bank
en_US
okr.globalpractice
Macroeconomics and Fiscal Management
en_US
okr.globalpractice
Finance and Markets
en_US
okr.globalpractice
Governance
en_US
okr.googlescholar.linkpresent
yes

Show simple item record



This item appears in the following Collection(s)