Subnational Capital Markets in Developing Countries : From Theory to Practice
In developing countries the twin tasks of building more dispersed and democratic governments and opening economies to freer markets and greater private ownership have been attempted in tandem-and have proved a difficult undertaking. A reduction in...
| Main Authors: | , , , |
|---|---|
| Format: | Publication |
| Language: | English en_US |
| Published: |
Washington, DC: World Bank and Oxford University Press
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2004/01/2881756/subnational-capital-markets-developing-countries-theory-practice http://hdl.handle.net/10986/15044 |
| id |
okr-10986-15044 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING PRINCIPLES BANK BANK FOR INTERNATIONAL SETTLEMENTS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BOND ISSUES BOND MARKETS BORROWING CAPITAL MARKETS CAPITAL NEEDS CAPITALIZATION CENTRAL GOVERNMENTS CONSOLIDATION CREDIT ANALYSIS CREDIT RATINGS CREDITWORTHINESS DEBT DEBT FINANCING DEBT INSTRUMENTS DEBT SERVICE DEPOSITS DEVALUATION DEVELOPMENT BANKS DEVOLUTION ECONOMIC ACTIVITY ECONOMIC CONDITIONS EMERGING MARKETS EMU EQUALIZATION EXPENDITURES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE INDICATORS FINANCIAL REPORTING FINANCIAL SERVICES FISCAL BALANCE FISCAL DECENTRALIZATION FISCAL DEFICITS FISCAL DISCIPLINE FISCAL MANAGEMENT FISCAL RESPONSIBILITY FREE TRADE GAAP GDP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT FINANCIAL INSTITUTIONS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HOUSING INDONESIA INSURANCE INTEREST RATE INVESTMENT BANKS LAWS LEGAL FRAMEWORK LEVIES LICENSES LIQUIDITY LIQUIDITY RATIO LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENT BORROWING LOCAL GOVERNMENT REVENUES LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MARKET BEHAVIOR MDF MUNICIPAL BONDS MUNICIPAL CREDIT MUNICIPAL CREDIT MARKETS MUNICIPAL DEBT MUNICIPAL DEVELOPMENT MUNICIPAL FINANCE MUNICIPAL INFRASTRUCTURE MUNICIPALITIES NAFTA OPERATING REVENUE PRIVATE SECTOR PRIVATIZATION PROJECT FINANCING PRUDENTIAL REGULATIONS PUBLIC DEBT PUBLIC POLICY PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC UTILITIES RATING AGENCIES REGULATORY FRAMEWORK RESERVE BANK OF INDIA RESERVE REQUIREMENTS ROADS SAVINGS SECURITIES MARKETS SECURITIZATION STRUCTURAL ADJUSTMENT STRUCTURAL DEFICITS SUBNATIONAL GOVERNMENTS SUBSIDIARY TAX TOTAL REVENUE TRANSFER PAYMENTS TRANSPARENCY URBAN DEVELOPMENT URBAN INFRASTRUCTURE URBANIZATION CAPITAL MARKETS DEVELOPING COUNTRIES LEGAL FRAMEWORK FINANCIAL INFORMATION BORROWING ACTIVITIES FINANCIAL REPORTING MONITORING & EVALUATION METHODS CREDIT ANALYSIS CREDIT RATINGS GOVERNMENT FINANCE DESIGN CRITERIA IMPLEMENTATION POLICY GUIDELINES CASE STUDIES DECENTRALIZATION IN GOVERNMENT GLOBALIZATION OF FINANCIAL MARKETS OWNERSHIP INDUSTRIES PRIVATIZATION INFRASTRUCTURE BORROWING BUDGET CONSTRAINTS REVENUES TRANSFERS FINANCIAL MANAGEMENT SECURITY MARKETS LEGAL SYSTEMS |
| spellingShingle |
ACCOUNTING ACCOUNTING PRINCIPLES BANK BANK FOR INTERNATIONAL SETTLEMENTS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BOND ISSUES BOND MARKETS BORROWING CAPITAL MARKETS CAPITAL NEEDS CAPITALIZATION CENTRAL GOVERNMENTS CONSOLIDATION CREDIT ANALYSIS CREDIT RATINGS CREDITWORTHINESS DEBT DEBT FINANCING DEBT INSTRUMENTS DEBT SERVICE DEPOSITS DEVALUATION DEVELOPMENT BANKS DEVOLUTION ECONOMIC ACTIVITY ECONOMIC CONDITIONS EMERGING MARKETS EMU EQUALIZATION EXPENDITURES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE INDICATORS FINANCIAL REPORTING FINANCIAL SERVICES FISCAL BALANCE FISCAL DECENTRALIZATION FISCAL DEFICITS FISCAL DISCIPLINE FISCAL MANAGEMENT FISCAL RESPONSIBILITY FREE TRADE GAAP GDP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT FINANCIAL INSTITUTIONS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HOUSING INDONESIA INSURANCE INTEREST RATE INVESTMENT BANKS LAWS LEGAL FRAMEWORK LEVIES LICENSES LIQUIDITY LIQUIDITY RATIO LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENT BORROWING LOCAL GOVERNMENT REVENUES LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MARKET BEHAVIOR MDF MUNICIPAL BONDS MUNICIPAL CREDIT MUNICIPAL CREDIT MARKETS MUNICIPAL DEBT MUNICIPAL DEVELOPMENT MUNICIPAL FINANCE MUNICIPAL INFRASTRUCTURE MUNICIPALITIES NAFTA OPERATING REVENUE PRIVATE SECTOR PRIVATIZATION PROJECT FINANCING PRUDENTIAL REGULATIONS PUBLIC DEBT PUBLIC POLICY PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC UTILITIES RATING AGENCIES REGULATORY FRAMEWORK RESERVE BANK OF INDIA RESERVE REQUIREMENTS ROADS SAVINGS SECURITIES MARKETS SECURITIZATION STRUCTURAL ADJUSTMENT STRUCTURAL DEFICITS SUBNATIONAL GOVERNMENTS SUBSIDIARY TAX TOTAL REVENUE TRANSFER PAYMENTS TRANSPARENCY URBAN DEVELOPMENT URBAN INFRASTRUCTURE URBANIZATION CAPITAL MARKETS DEVELOPING COUNTRIES LEGAL FRAMEWORK FINANCIAL INFORMATION BORROWING ACTIVITIES FINANCIAL REPORTING MONITORING & EVALUATION METHODS CREDIT ANALYSIS CREDIT RATINGS GOVERNMENT FINANCE DESIGN CRITERIA IMPLEMENTATION POLICY GUIDELINES CASE STUDIES DECENTRALIZATION IN GOVERNMENT GLOBALIZATION OF FINANCIAL MARKETS OWNERSHIP INDUSTRIES PRIVATIZATION INFRASTRUCTURE BORROWING BUDGET CONSTRAINTS REVENUES TRANSFERS FINANCIAL MANAGEMENT SECURITY MARKETS LEGAL SYSTEMS Freire, Mila Petersen, John Huertas, Marcela Valadez, Miguel Subnational Capital Markets in Developing Countries : From Theory to Practice |
| description |
In developing countries the twin tasks
of building more dispersed and democratic governments and
opening economies to freer markets and greater private
ownership have been attempted in tandem-and have proved a
difficult undertaking. A reduction in barriers to the
movement of capital and goods has been a nearly universal
objective. However, implementation of the required reforms
has meant tough competition for domestic industries and
increasing constraints on the fiscal and monetary policies
of national governments. In the face of economic slowdowns
and unstable financial markets, many emerging and developing
economies have found privatization and the opening up of
their economies to be painful and unpopular. The steep price
and uncertain benefits of joining global markets have their
critics. Subnational governments, for their part, are being
required to do more things, to do them more efficiently, and
to be more self-reliant in raising resources. At the same
time devolution and hard-pressed budgets have constrained
the ability of central governments to provide for the needs
of subnational governments. After years of neglect and with
expectations rising, the needs for infrastructure are
particularly daunting. The enormous funding requirements
cannot be met either practically or equitably without
long-term investment. International lending and grant-giving
institutions, another traditional source of funds, are also
limited in their resources and restricted by rules and
customary practice to dealing only through sovereign governments. |
| author2 |
Freire, Mila |
| author_facet |
Freire, Mila Freire, Mila Petersen, John Huertas, Marcela Valadez, Miguel |
| format |
Publications & Research :: Publication |
| author |
Freire, Mila Petersen, John Huertas, Marcela Valadez, Miguel |
| author_sort |
Freire, Mila |
| title |
Subnational Capital Markets in Developing Countries : From Theory to Practice |
| title_short |
Subnational Capital Markets in Developing Countries : From Theory to Practice |
| title_full |
Subnational Capital Markets in Developing Countries : From Theory to Practice |
| title_fullStr |
Subnational Capital Markets in Developing Countries : From Theory to Practice |
| title_full_unstemmed |
Subnational Capital Markets in Developing Countries : From Theory to Practice |
| title_sort |
subnational capital markets in developing countries : from theory to practice |
| publisher |
Washington, DC: World Bank and Oxford University Press |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/01/2881756/subnational-capital-markets-developing-countries-theory-practice http://hdl.handle.net/10986/15044 |
| _version_ |
1764425772319113216 |
| spelling |
okr-10986-150442021-04-23T14:03:12Z Subnational Capital Markets in Developing Countries : From Theory to Practice Freire, Mila Petersen, John Huertas, Marcela Valadez, Miguel Freire, Mila Petersen, John Huertas, Marcela Valadez, Miguel ACCOUNTING ACCOUNTING PRINCIPLES BANK BANK FOR INTERNATIONAL SETTLEMENTS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BOND ISSUES BOND MARKETS BORROWING CAPITAL MARKETS CAPITAL NEEDS CAPITALIZATION CENTRAL GOVERNMENTS CONSOLIDATION CREDIT ANALYSIS CREDIT RATINGS CREDITWORTHINESS DEBT DEBT FINANCING DEBT INSTRUMENTS DEBT SERVICE DEPOSITS DEVALUATION DEVELOPMENT BANKS DEVOLUTION ECONOMIC ACTIVITY ECONOMIC CONDITIONS EMERGING MARKETS EMU EQUALIZATION EXPENDITURES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE INDICATORS FINANCIAL REPORTING FINANCIAL SERVICES FISCAL BALANCE FISCAL DECENTRALIZATION FISCAL DEFICITS FISCAL DISCIPLINE FISCAL MANAGEMENT FISCAL RESPONSIBILITY FREE TRADE GAAP GDP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT FINANCIAL INSTITUTIONS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HOUSING INDONESIA INSURANCE INTEREST RATE INVESTMENT BANKS LAWS LEGAL FRAMEWORK LEVIES LICENSES LIQUIDITY LIQUIDITY RATIO LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENT BORROWING LOCAL GOVERNMENT REVENUES LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MARKET BEHAVIOR MDF MUNICIPAL BONDS MUNICIPAL CREDIT MUNICIPAL CREDIT MARKETS MUNICIPAL DEBT MUNICIPAL DEVELOPMENT MUNICIPAL FINANCE MUNICIPAL INFRASTRUCTURE MUNICIPALITIES NAFTA OPERATING REVENUE PRIVATE SECTOR PRIVATIZATION PROJECT FINANCING PRUDENTIAL REGULATIONS PUBLIC DEBT PUBLIC POLICY PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC UTILITIES RATING AGENCIES REGULATORY FRAMEWORK RESERVE BANK OF INDIA RESERVE REQUIREMENTS ROADS SAVINGS SECURITIES MARKETS SECURITIZATION STRUCTURAL ADJUSTMENT STRUCTURAL DEFICITS SUBNATIONAL GOVERNMENTS SUBSIDIARY TAX TOTAL REVENUE TRANSFER PAYMENTS TRANSPARENCY URBAN DEVELOPMENT URBAN INFRASTRUCTURE URBANIZATION CAPITAL MARKETS DEVELOPING COUNTRIES LEGAL FRAMEWORK FINANCIAL INFORMATION BORROWING ACTIVITIES FINANCIAL REPORTING MONITORING & EVALUATION METHODS CREDIT ANALYSIS CREDIT RATINGS GOVERNMENT FINANCE DESIGN CRITERIA IMPLEMENTATION POLICY GUIDELINES CASE STUDIES DECENTRALIZATION IN GOVERNMENT GLOBALIZATION OF FINANCIAL MARKETS OWNERSHIP INDUSTRIES PRIVATIZATION INFRASTRUCTURE BORROWING BUDGET CONSTRAINTS REVENUES TRANSFERS FINANCIAL MANAGEMENT SECURITY MARKETS LEGAL SYSTEMS In developing countries the twin tasks of building more dispersed and democratic governments and opening economies to freer markets and greater private ownership have been attempted in tandem-and have proved a difficult undertaking. A reduction in barriers to the movement of capital and goods has been a nearly universal objective. However, implementation of the required reforms has meant tough competition for domestic industries and increasing constraints on the fiscal and monetary policies of national governments. In the face of economic slowdowns and unstable financial markets, many emerging and developing economies have found privatization and the opening up of their economies to be painful and unpopular. The steep price and uncertain benefits of joining global markets have their critics. Subnational governments, for their part, are being required to do more things, to do them more efficiently, and to be more self-reliant in raising resources. At the same time devolution and hard-pressed budgets have constrained the ability of central governments to provide for the needs of subnational governments. After years of neglect and with expectations rising, the needs for infrastructure are particularly daunting. The enormous funding requirements cannot be met either practically or equitably without long-term investment. International lending and grant-giving institutions, another traditional source of funds, are also limited in their resources and restricted by rules and customary practice to dealing only through sovereign governments. 2013-08-14T14:51:07Z 2013-08-14T14:51:07Z 2004 http://documents.worldbank.org/curated/en/2004/01/2881756/subnational-capital-markets-developing-countries-theory-practice 0-8213-5464-7 http://hdl.handle.net/10986/15044 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank and Oxford University Press Publications & Research :: Publication Publications & Research :: Publication |