Subnational Capital Markets in Developing Countries : From Theory to Practice

Freire, Mila ; Petersen, John ; Huertas, Marcela ; Valadez, Miguel

Washington, DC:World Bank and Oxford University Press

关键词: ACCOUNTING;    ACCOUNTING PRINCIPLES;    BANK;    BANK FOR INTERNATIONAL SETTLEMENTS;    BANKING SECTOR;   

DOI  :  10.1596/0-8213-5464-7
RP-ID  :  27711

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In developing countries the twin tasksof building more dispersed and democratic governments andopening economies to freer markets and greater privateownership have been attempted in tandem-and have proved adifficult undertaking. A reduction in barriers to themovement of capital and goods has been a nearly universalobjective. However, implementation of the required reformshas meant tough competition for domestic industries andincreasing constraints on the fiscal and monetary policiesof national governments. In the face of economic slowdownsand unstable financial markets, many emerging and developingeconomies have found privatization and the opening up oftheir economies to be painful and unpopular. The steep priceand uncertain benefits of joining global markets have theircritics. Subnational governments, for their part, are beingrequired to do more things, to do them more efficiently, andto be more self-reliant in raising resources.At the sametime devolution and hard-pressed budgets have constrainedthe ability of central governments to provide for the needsof subnational governments. After years of neglect and withexpectations rising, the needs for infrastructure areparticularly daunting. The enormous funding requirementscannot be met either practically or equitably withoutlong-term investment. International lending and grant-givinginstitutions, another traditional source of funds, are alsolimited in their resources and restricted by rules andcustomary practice to dealing only through sovereign governments.