The advantages of using municipal bonds to finance urban infrastructure are increasingly evident to policymakers in emerging economies, some of whom are undertaking efforts to accelerate the development of municipal bond markets in their countries. Many of these efforts use the strengths of the U.S. municipal market as a guide to suggest the kinds of market characteristics necessary to attract issuers as well as investors to the marketplace. Features of the U.S. market are often difficult to recreate in these countries in the short run, but policymakers are using a variety of innovative techniques to approximate essential market characteristics. This article reviews these efforts in four emerging economies: Indonesia, the Philippines, Poland, and South Africa.
The amount of outstanding, long‐term, tax‐exempt state debt has grown precipitously over the last decade, from $87 billion in 1977 to $264 billion in 1987. But there have been few attempts to carry out broad studies of basic state debt management policies, using comparative state data. As a result, policy‐makers lack guidance as they attempt to adjust policies and procedures to meet the rapidly evolving requirements associated with public borrowing. This paper reports on a national survey of state debt manage ment policies ‐ policies devoted to the planning, preparation, sale, and repayment of debt for which states consider themselves responsible.
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