Subnational Debt Finance and the Global Financial Crisis

Canuto, Otaviano ; Liu, Lili

World Bank, Washington, DC

关键词: ADVANCED ECONOMIES;    ASSETS;    AVAILABILITY OF CREDIT;    BALANCE SHEETS;    BANK LENDING;   

RP-ID  :  54507

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This note focuses on the impact of theglobal financial crisis on subnational debt financing. Thereport approach the following questions: why is subnationaldebt financing important? What are the impacts of the crisison the fiscal balance and financing cost of subnationalgovernments (SNGs)? What explains the variations acrosscountries in the ability of SNGs to proactively address thethreat of fiscal deterioration? And, equally important, whatare the long-term structural challenges facing SNGs insustainable financing of infrastructure and social services?