Decentralization in many countries has given subnational governments certain spending responsibilities, revenue-raising authority, and the capacity to incur debt. Furthermore, rapid urbanization in developing countries is requiring large-scale infrastructure…
With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Borrowing enables immediate benefits while distributing costs equitably across multiple…
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…