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Books > Business & Economics > Finance & accounting > Finance > Corporate finance
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Until Debt Do Us Part - Subnational Debt, Insolvency, and Markets (Paperback)
Loot Price: R1,614
Discovery Miles 16 140
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Until Debt Do Us Part - Subnational Debt, Insolvency, and Markets (Paperback)
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With decentralization and urbanization, the debts of state and
local governments and of quasi-public agencies have grown in
importance. Rapid urbanization in developing countries requires
large-scale infrastructure financing to help absorb influxes of
rural populations. Borrowing enables state and local governments to
capture the benefits of major capital investments immediately and
to finance infrastructure more equitably across multiple
generations of service users. With debt comes the risk of
insolvency. Subnational debt crises have reoccurred in both
developed and developing countries. Restructuring debt and ensuring
its sustainability confront moral hazard and fiscal incentives in a
multilevel government system; individual subnational governments
might free-ride common resources, and public officials at all
levels might shift the cost of excessive borrowing to future
generations. This book brings together the reform experiences of
emerging economies and developed countries. Written by leading
practitioners and experts in public finance in the context of
multilevel government systems, the book examines the interaction of
markets, regulators, subnational borrowers, creditors, national
governments, taxpayers, ex-ante rules, and ex-post insolvency
systems in the quest for subnational fiscal discipline. Such a
quest is intertwined with a country s historical, political, and
economic context. The formal legal framework interacts with
political reality to influence the dynamics of and incentives for
reform. Often, the resolution of a subnational debt crisis unfolds
in the context of macroeconomic stabilization and structural
reforms. The book includes reforms that have not been covered by
previous literature, such as those of China, Colombia, France,
Hungary, Mexico, and South Africa. The book also presents a
comprehensive review of how the United States developed its debt
market for state and local governments, through a series of reforms
that are path dependent, including the reforms and lessons learned
following state defaults in the 1840s and the debates that shaped
the enactment of Chapter 9 of the Bankruptcy Code in 1937. Looking
forward, pressures on subnational finance are likely to continue
from the fragility of global recovery, the potentially higher cost
of capital, refinancing risks, and sovereign risks. This book is
essential reading for anyone wanting to know the challenges and
reform options in debt restructuring, insolvency frameworks, and
public debt market development."
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