Local Government Finance and Bond MarketsYun-hwan Kim This collection of papers grew from a research study that indicated the need for public and private sector diversification in the wake of the most recent Asian financial crisis. In particular, the domestic capital market is emphasized as a fertile source of investment that has not been successfully utilized for development financing. The importance of domestic bond markets is stressed as one of the instruments that could help put resources to more productive use and become a viable alternative source of financing for development projects. Crucial information for mobilizing long-term private sources of financing at the local government level is also discussed. |
Contents
Banks or Bonds? Building a Municipal Credit Market | 1 |
Local Government Finance Private Resources and Local Credit Markets in Asia | 19 |
Peoples Republic of China | 59 |
India | 87 |
Indonesia | 167 |
Republic of Korea | 225 |
Malaysia | 283 |
Pakistan | 331 |
Philippines | 385 |
Sri Lanka | 429 |
TaipeiChina | 487 |
Thailand | 525 |
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Common terms and phrases
administrative agencies allocation Asian Development Bank assets autonomy bond bank bond financing bond issuance bond issues bond market Bond Market Development borrowing budget capital market central Government collection cost credit market credit rating Daegu Daejeon debt service decentralization deficit Development Bank district economic ernments fees financial institutions functions government bonds Government Finance government revenue grants guarantee implementation improve income increased India Indonesia infrastructure projects interest rates intergovernmental investment investors issue bonds issuers Jakarta Kao-hsiung LGU bond loans long-term ment million Ministry municipal bonds Municipal Council population private sector programs property tax provincial councils provincial governments reforms regulations regulatory repayment responsibilities revenue sources securities Seoul shared tax Sri Lanka structure subsidies Surabaya Stock Exchange Table Taipei Taipei City Taiwan Province Tamil Nadu tax revenue total revenue transfer trillion ULBs urban infrastructure user charges West Nusa Tenggara