Enhancing the Creditworthiness of Municipal Bonds : Innovations from Mexico

• Tác giả: James Leigland
• Ngôn ngữ: eng
• Ký hiệu phân loại: 598.19 Ayes (Birds)
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 316099
• Chủ đề: 1. ACCOUNTABILITY; 2. ADEQUATE ASSURANCES; 3. AFFORDABLE INTEREST RATES; 4. BALANCE SHEET; 5. BALANCE SHEET DEBT

Tóm tắt

In 2001-03 the municipal bond market in Mexico was among the most active in the developing world. Government officials had found a way to dramatically enhance the creditworthiness of local government debt without using sovereign guarantees. The technique, adapted in part from private sector 'future flow' financing deals, enabled a state or local government to earn significantly higher credit ratings for bond issues than for its normal balance sheet debt. Many other developing countries have turned to Mexico as a source of innovation that may have application in their own markets.