TY  - BOOK
AU  - Liu,Lili
AU  - Liu,Lili
AU  - Waibel,Michael
TI  - Managing Subnational Credit and Default Risks
PY  - 2010///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Access to Finance
KW  - Bankruptcy and Resolution of Financial Distress
KW  - Banks & Banking Reform
KW  - Budget Constraints
KW  - Debt
KW  - Debt Crises
KW  - Debt Financing
KW  - Debt Management
KW  - Debt Markets
KW  - Debt Restructuring
KW  - Finance and Financial Sector Development
KW  - Financial Crisis
KW  - Financial Institutions
KW  - Financial Markets
KW  - Fiscal Reforms
KW  - Insolvency
KW  - Local government debt
KW  - Macroeconomics and Economic Growth
KW  - Net debt
KW  - Public debt
KW  - Public disclosure
KW  - Public investment
KW  - Regulatory framework
KW  - Regulatory frameworks
KW  - Regulatory reforms
KW  - Sovereign debt
KW  - Subnational Economic Development
N2  - As a result of worldwide decentralization, subnational debt is rising. Subnational debt crises in major developing countries in the 1990s have led to strengthened regulatory frameworks for subnational borrowing and insolvency. With the fragility of the global recovery and increasing public debt, and the structural trends of decentralization and urbanization, it becomes more important to prudently manage subnational default risks. Although the regulatory frameworks share central features, the historical context and entry points for reform drive variations across countries. Addressing soft budget constraints is integral to the regulatory framework. Ex ante fiscal rules for subnational governments attempt to limit default risks; ex post regulation predictably allocates default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment, as well as the continued delivery of essential public services. The regulatory reforms are inseparable from the reform of broader intergovernmental fiscal systems and financial markets
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-5362
ER  -