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May 2000 - Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities - states, regions, provinces, counties, and municipalities, and the local utility companies owned by them - are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help? Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, sub-national debt markets account for about 5 percent of GDP in Argentina and Brazil. But they remain embryonic in most developing and transition economies. To resolve a potential clash between the increased financing needs of subnational entities and the limited development of domestic subnational debt markets, it is critical to support the orderly, efficient emergence of such debt markets. As a framework for policy reform, the following steps (mirroring typical weaknesses) are prerequisites for developing a country's subnational debt market: Reducing moral hazard; Improving market transparency; Strengthening market governance; Establishing a level playing field; Developing local capacity for accounting, budgeting, and financial management. In countries where the government shows a clear commitment to market development, says Noel, the IBRD should support the framework needed for policy-based operations that establish hard budget constraints. In doing so, the IBRD should concentrate on (1) supporting national and local capacity building in those areas essential for developing a subnational debt market and (2) financing specific subnational projects with strictly nonrecourse loans. At the same time, the World Bank Group should offer a variety of lending and guarantee instruments that encourage private financing for investments by subnational entities - including, for example, equity participation in (or lines of credit or partial credit guarantees to) financial intermediaries specializing in subnational investment finance or in funds for financing local infrastructure. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - was prepared as background for a manual on policy issues relating to domestic debt markets. Michel Noel may be contacted at mnoel2@worldbank.org.
Agency Problems --- Bond Market Players --- Debt Market --- Debt Markets --- Decentralization --- Domestic Bond --- Domestic Bond Market --- Domestic Debt --- Domestic Debt Markets --- Finance --- Finance and Financial Sector Development --- Financial Sector Development --- Financial Systems --- Markets Development --- Sub-National Bond --- Sub-National Bond Market --- Sub-National Bond Markets --- Sub-National Debt --- Sub-National Debt Market --- Sub-National Debt Market Development --- Sub-National Debt Markets --- Transition Countries
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Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the worst sovereign default in history. Bankers and Bolsheviks tells the dramatic story of this boom and bust, chronicling the forgotten experiences of leading financiers of the age.Shedding critical new light on the decision making of the powerful personalities who acted as the gatekeepers of international finance, Hassan Malik narrates how they channeled foreign capital into Russia in the late nineteenth and early twentieth centuries. While economists have long relied on quantitative analysis to grapple with questions relating to the drivers of cross-border capital flows, Malik adopts a historical approach, drawing on banking and government archives in four countries. The book provides rare insights into the thinking of influential figures in world finance as they sought to navigate one of the most challenging and lucrative markets of the first modern age of globalization.Bankers and Bolsheviks reveals how a complex web of factors-from government interventions to competitive dynamics and cultural influences-drove a large inflow of capital during this tumultuous period in world history. This gripping book demonstrates how the realms of finance and politics-of bankers and Bolsheviks-grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions.
Finance --- Revolution (Soviet Union : 1917-1921) --- 1917-1921 --- Soviet Union --- Soviet Union. --- Economic conditions. --- Foreign economic relations. --- History --- 1905 Revolution. --- 1906 loan. --- 1918 Bolshevik default. --- Bolshevik Revolution. --- Bolshevik coup. --- Bolshevik ideology. --- Bolsheviks. --- First World War. --- Panic of 1907. --- Russian Empire. --- Russian Government Loan of 1906. --- Russian Revolution. --- Russian debt. --- Russian economy. --- Russian financial system. --- Russian government. --- Russian investment. --- Russian markets. --- Russian railroad construction. --- Sergei Witte. --- Trans-Siberian Railway. --- Western investment boom. --- armaments buildup. --- bankers. --- banking. --- boom. --- bust. --- cultural influence. --- debt default. --- default. --- domestic debt markets. --- domestic tensions. --- economic crisis. --- foreign bankers. --- foreign capital markets. --- foreign investors. --- geopolitics. --- government intervention. --- international capital flows. --- interrevolutionary rally. --- investment. --- investor decision making. --- loans. --- patriotism. --- political instability. --- political tensions. --- sovereign default. --- state-led industrialization. --- strategic errors. --- violence.
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