John E. Petersen

Catherine Lavigne Spain

Martharose F. Laffey

A Compendium of Current Research

State and Local Government Finance and Financial Management

State and Local Perspectives

Essays in Public Finance and Financial Management

Robert H. Gardner

W. Michael. Kemp

Victor S. Kennedy

Scaling Relations in Experimental Ecology

Mila Freire

This publication has been prepared by staff members of the World Bank and selected guest contributors. It sets out a framework to study subnational governments as borrowers and the range of credit markets in which they may operate. It also contains a number of case studies which detail the recent experience of 18 countries in developing markets for subnational borrowers., and offer insights into lessons to be drawn on fostering responsible credit market access within a framework of fiscal and financial discipline. Other issues discussed include: the issuing of municipal debt and its characteristics, and the role of macroeconomic conditions and market development in the success or failure of those borrowings.

From Theory to Practice

Subnational Capital Markets in Developing Countries

John E. Petersen

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