Subnational Debt Finance and the Global Financial Crisis

This note focuses on the impact of the global financial crisis on subnational debt financing. The report approach the following questions: why is subnational debt financing important? What are the impacts of the crisis on the fiscal balance and fin...

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Bibliographic Details
Main Authors:	Canuto, Otaviano, Liu, Lili
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADVANCED ECONOMIES ASSETS AVAILABILITY OF CREDIT BALANCE SHEETS BANK LENDING BANK LOANS BASIS POINTS BENEFICIARIES BOND BOND INSTRUMENTS BOND ISSUANCE BOND ISSUANCES BOND MARKET BONDS BORROWING BORROWING COSTS BUDGET MANAGEMENT BUDGET PROCESS CAPITAL CONTROLS CAPITAL EXPENDITURES CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL MARKETS CAPITAL OUTFLOWS CENTRAL GOVERNMENT CITIES CLAIM COLLATERAL COMMODITY COMMODITY EXPORTS CONSTITUTIONAL POWERS CONTINGENT LIABILITIES COST OF CAPITAL COST STRUCTURE CREDIT LINE CREDIT MARKET CREDIT MARKETS CREDIT QUALITIES CREDIT RATINGS CREDITWORTHINESS DEBT DEBT CRISES DEBT FINANCE DEBT FINANCING DEBT INSTRUMENTS DEBT MARKET DEBT MARKET DEVELOPMENT DEBT OBLIGATIONS DEBT RESTRUCTURING DEBT SERVICE DEBT SERVICE RATIOS DEBT STOCK DEBTS DEFAULT RISKS DEFAULTS DEFICIT FINANCING DEPENDENT DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT BANKS DISTRICTS DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC FINANCIAL MARKETS ECONOMIC ACTIVITIES ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC POLICY EXCESSIVE BORROWING EXCHANGE CONTROLS EXPENDITURE EXPENDITURE EFFICIENCY EXPENDITURES FEDERAL COUNTRIES FEDERAL TRANSFERS FEDERALISM FINANCES FINANCIAL AID FINANCIAL COSTS FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL STRUCTURE FINANCIERS FINANCING COST FISCAL ACCOUNTS FISCAL AUTONOMY FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DECENTRALIZATION FISCAL DEFICIT FISCAL POLICY FISCAL SPACE FISCAL SUSTAINABILITY FISCAL TRANSFERS FISCAL VARIABLES FOREIGN CURRENCY FOREIGN DEBTS FOREIGN MARKETS GENERAL DEBT GENERAL OBLIGATION GENERAL OBLIGATION BONDS GOVERNORS INCOME INCOME TAXES INDEBTEDNESS INFLATION INFRASTRUCTURE FINANCING INFRASTRUCTURE INVESTMENTS INSOLVENCY INSOLVENCY SYSTEM INTEREST PAYMENTS INTERGOVERNMENTAL FISCAL SYSTEMS INTERNATIONAL RATING AGENCIES LARGE DEBT LIABILITY LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RISKS LOCAL DEBT LOCAL FINANCE MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC RISKS MARKET BORROWINGS MARKET INFRASTRUCTURE MATURITIES MATURITY MONOPOLIES MONOPOLY MORAL HAZARD MUNICIPAL FINANCE MUNICIPALITIES NATIONAL TREASURY NET DEBT NONPERFORMING LOANS OUTSTANDING DEBT POLITICAL POWER PRIVATE CAPITAL PRIVATIZATION PROPERTY TAXES PROVINCES PROVINCIAL BONDS PUBLIC AGENCIES PUBLIC BANKS PUBLIC DEBT PUBLIC ENTITIES PUBLIC FINANCE PUBLIC FINANCE LAW PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC UTILITY REAL ESTATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECEIPTS RECESSION REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REINVESTMENT RESERVES RETURNS REVENUE SOURCES REVENUE STRUCTURE REVENUE-RAISING POWER SAVINGS SECURITIES SECURITIES LAWS SOVEREIGN BOND SOVEREIGN RATING SOVEREIGN RISKS STATE BUDGET STATE DEBTS STRUCTURAL REFORMS SUBNATIONAL SUBNATIONAL DEBT SUBNATIONAL ENTITIES SUBNATIONAL FINANCE SUBNATIONAL GOVERNMENT SUBNATIONAL GOVERNMENTS SUSTAINABILITY ANALYSIS TAX TAX BASE TAXATION TOWNS TRANSACTION TRANSPARENCY TRANSPARENCY LAW URBANIZATION VOLATILITY WITHDRAWAL YIELD SPREAD YIELD SPREADS
Online Access:	http://documents.worldbank.org/curated/en/2010/05/12271902/subnational-debt-finance-global-financial-crisis http://hdl.handle.net/10986/10186

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Summary:	This note focuses on the impact of the global financial crisis on subnational debt financing. The report approach the following questions: why is subnational debt financing important? What are the impacts of the crisis on the fiscal balance and financing cost of subnational governments (SNGs)? What explains the variations across countries in the ability of SNGs to proactively address the threat of fiscal deterioration? And, equally important, what are the long-term structural challenges facing SNGs in sustainable financing of infrastructure and social services?

Subnational Debt Finance and the Global Financial Crisis

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