Until Debt Do Us Part: Subnational Debt, Insolvency, and Markets

 

With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Borrowing enables immediate benefits while distributing costs equitably across multiple generations, but carries the risks of free-riding by localities, burdening of future generations, and even insolvency. And the pressures on subnational finance are likely to continue — from the fragility of global recovery, the potentially higher cost of capital, refinancing risks, and sovereign risks.

Written by leading practitioners and experts in public finance in the context of multilevel government systems, Until Debt Do Us Partexamines the interaction of markets, regulators, subnational borrowers, creditors, national governments and taxpayers in the context of national political realities. It includes reforms that have not been covered by previous literature, such as those of China, Colombia, France, Hungary, Mexico, and South Africa, and presents a comprehensive review of how the United States developed its debt market for state and local governments.

This book is essential reading for anyone wanting to know the challenges and reform options in debt restructuring, insolvency frameworks, and public debt market development.

Download the book:

PDF version available for download

Or its chapters:

Part 1: Subnational Debt Restructuring
Part 2: Subnational Insolvency Framework
Part 3: Developing Subnational Debt Markets

Get the latest articles directly into your mail box!

You can choose to receive the latest articles either in English, Portuguese or both. Please note:  the confirmation email you will receive may arrive in your Spam or Promotion folder.

Lists*

Loading
Facebook
Twitter
LinkedIn