Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper surveys methodological issues in subnational credit ratings and highlights key challenges for developing countries. Subnational borrowing from capital markets has been on the rise owing to fiscal decentralization and demand for infrastructure investments. A prerequisite for accessing capital markets, subnational credit ratings have also emerged as a part of broader reform for fiscal sustainability. They facilitate a more transparent budgetary and financial management system. The global financial crisis makes subnational credit ratings more relevant, as they contribute to fiscal risk evaluations and fiscal adjustment. In addition to subnationals' own credit strength, the creditworthiness of the sovereign and the intergovernmental fiscal system are among the most critical rating criteria. Implicit and contingent liabilities are integral to the rating process. Indirect debt instruments including off-balance-sheet financing create fiscal risks. The ongoing financial crisis has reinforced the rating focus on the management of liquidity, debt structure, and off-balance-sheet liabilities.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Central government --- Cities --- Debt financing --- Debt Markets --- Districts --- Emerging Markets --- Finance and Financial Sector Development --- Fiscal adjustment --- Fiscal decentralization --- Fiscal discipline --- Fiscal sustainability --- Local governments --- Ministry of finance --- Municipality --- Private Sector Development --- Public disclosure --- Public entities --- Public investment --- Public Sector Economics and Finance --- Subnational --- Subnational debt --- Subnational Economic Development --- Subnational entities --- Subnational finance --- Subnational governments --- Towns

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

International economic relations

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

"This paper looks at Singapore's efforts to transform the economic growth base from one that is predominantly efficiency-driven to one that is more innovation-driven. To accelerate the transition process, the government is aggressively investing in "innovation infrastructure"-systems and institutions that make the city a more conducive environment for innovations. The modus operandi, with a distinctive "winner-picking" flavor, mirrors that of its earlier strategic industrial policy in building up the manufacturing sector. It is also in sync with the new urban growth literature which argues that the success of any innovation-driven growth strategy depends on a city's ability to attract a large community of creative individuals in different fields. Innovation infrastructure building requires more than putting in the right systems. It also requires a mindset change at various levels of society. This paper looks at how the government's policy philosophy and practices have evolved over time, and discusses the effectiveness of the government-led, strategic supply-push approach in propelling Singapore onto an innovation-driven growth path. It takes into consideration the city-state's underlying comparative advantages (or disadvantages) and asks how Singapore's existing strength in efficiency infrastructure may give it a first mover advantage in attracting creative talent, how its success may be affected by the small size of the economy, and the various political and social constraints that a small sovereign city-state faces. These issues are explored against the backdrop of the keen competition among the major cities in the region to become an innovation hub. "--World Bank web site.

Creative ability in business --- Industrial efficiency --- Technological innovations --- Economic aspects --- Singapore --- Economic conditions.