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Infrastructure finance in developing countries—the potential of sub-sovereign bonds


  • Daniel Platz


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.

Suggested Citation

  • Daniel Platz, 2009. "Infrastructure finance in developing countries—the potential of sub-sovereign bonds," Working Papers 76, United Nations, Department of Economics and Social Affairs.
  • Handle: RePEc:une:wpaper:76

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    References listed on IDEAS

    1. Shah, Anwar, 2004. "Fiscal decentralization in developing and transition economies: progress, problems, and the promise," Policy Research Working Paper Series 3282, The World Bank.
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    Cited by:

    1. Ba, Lika & Gasmi, Farid & Noumba Um, Paul, 2010. "Is the level of financial sector development a key determinant of private investment in the power sector ?," Policy Research Working Paper Series 5373, The World Bank.
    2. 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.
    3. Inderst, Georg & Stewart, Fiona, 2014. "Institutional Investment in Infrastructure in Emerging Markets and Developing Economies," MPRA Paper 62522, University Library of Munich, Germany.
    4. Elisa Van Waeyenberge & Hannah Bargawi, 2016. "Financing Economic Development. Theoretical Debates and Empirical Trends," Working papers wpaper139, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    5. Mawejje, Joseph & Munyambonera, Ezra, 2017. "Financing Infrastructure Development In Uganda," Research Series 253562, Economic Policy Research Centre (EPRC).
    6. Ortiz, Isabel, & Cummins, Matthew. & Karunanethy, Kalaivani., 2015. "Fiscal space for social protection options to expand social investments in 187 countries," ILO Working Papers 994877663402676, International Labour Organization.

    More about this item


    Sub-sovereign bonds; infrastructure finance; issuers; investors; financial sector; municipal finance;

    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

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