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Subnational Debt Finance and the Global Financial Crisis

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  • Canuto, Otaviano

    ()
    (World Bank)

  • Liu, Lili

    ()
    (World Bank)

Abstract

This note focuses on the impact of the global financial crisis on subnational debt financing. We 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?

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File URL: http://siteresources.worldbank.org/INTPREMNET/Resources/EP13.pdf
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Bibliographic Info

Article provided by The World Bank in its journal Economic Premise.

Volume (Year): (2010)
Issue (Month): 13 (May)
Pages: 1-7

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Handle: RePEc:wbk:prmecp:ep13

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Keywords: subnational; debt; finance; financial crisis; subnational debt financing; subnational governments; fiscal; sustanable financing; infrastructure; social services;

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  1. Ianchovichina, Elena & Liu, Lili & Nagarajan, Mohan, 2006. "Subnational fiscal sustainability analysis : what can we learn from Tamil Nadu ?," Policy Research Working Paper Series 3947, The World Bank.
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Cited by:
  1. Lin, Justin Yifu & Doemeland, Doerte, 2012. "Beyond Keynesianism : global infrastructure investments in times of crisis," Policy Research Working Paper Series 5940, The World Bank.
  2. Salvador Barrios & Diego Martínez, 2014. "Fiscal equalisation schemes and sub-central government borrowing," Working Papers 1401, Universidade de Vigo, GEN - Governance and Economics research Network.
  3. Liu, Lili & Pradelli, Juan, 2012. "Financing infrastructure and monitoring fiscal risks at the subnational level," Policy Research Working Paper Series 6069, The World Bank.
  4. E. Jenkner & Zhongjin Lu, 2014. "Sub-National Credit Risk and Sovereign Bailouts: Who Pays the Premium?," IMF Working Papers 14/20, International Monetary Fund.
  5. Otaviano Canuto & Lili Liu, 2013. "Until Debt Do Us Part : Subnational Debt, Insolvency, and Markets," World Bank Publications, The World Bank, number 12597, August.
  6. Dethier, Jean-Jacques & Morrill, Curtis, 2012. "The great recession and the future of cities," Policy Research Working Paper Series 6256, The World Bank.
  7. Liu, Lili & Waibel, Michael, 2010. "Managing subnational credit and default risks," Policy Research Working Paper Series 5362, The World Bank.
  8. Peterson, George E. & Kaganova, Olga, 2010. "Integrating land financing into subnational fiscal management," Policy Research Working Paper Series 5409, The World Bank.

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