Subnational capital finance -- A theory of subnational government capital market information -- Review of literature on subnational government borrowing -- System-level information resolution and contractibility -- Information resolution, information content, and city debt -- Understanding,...

Subnational governments face a range of fiscal risks, defined as events whose realisation leads to significant deviations of revenue and/or expenditure from budgeted amounts. Fiscal risks reflect unforeseen macroeconomic developments, as well as structural shifts in the economy, including...

The paper presents the policymakers' perspective on the reforms undertaken to manage states' debt and ensure solvency. While the sustained high growth rates of the Indian economy played a part in alleviating the interest burden on debt and ensuring that the debt does not grow in an explosive...

This paper explores the building blocks of an institutional framework to govern borrowing by subnational entities to finance infrastructure investment. The framework should help in achieving sustainable financing of development needs and sound management of fiscal risks. Based on international...