Infrastructure finance in developing countries—the potential of sub-sovereign bonds
AbstractThis 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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Bibliographic InfoPaper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 76.
Length: 34 pages
Date of creation: Jul 2009
Date of revision:
Sub-sovereign bonds; infrastructure finance; issuers; investors; financial sector; municipal finance;
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; Loan Guarantees; Credits; Grants; Bailouts
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-11 (All new papers)
- NEP-CWA-2009-07-11 (Central & Western Asia)
- NEP-DEV-2009-07-11 (Development)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Shah, Anwar, 2004. "Fiscal decentralization in developing and transition economies: progress, problems, and the promise," Policy Research Working Paper Series 3282, The World Bank.
- Leonardo Romeo & Paul Smoke, 2014. "The Political Economy of Local Infrastructure Planning," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1417, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
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