This paper sets out to explore the potential of sub-sovereign bonds in financing infrastructure in developing countries. Taking into account the historical experience of the US, it develops a supply and demand side framework for analysis of the market for sub-sovereign bonded debt in developing countries and applies this framework to Mexico, India and South Africa. Finally, it draws lessons for countries seeking to promote markets for sub-sovereign bonds. Evidence suggests that the regulatory environment, a diversified financial sector and increased capacity for debt support and management matter most for the development of the sub-sovereign bond market.
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Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number
76.
Find related papers by JEL classification: H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures H41 - Public Economics - - Publicly Provided Goods - - - Public Goods H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans and Credits
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