Canuto, Otaviano; Liu, Lili - 2014
insolvency. This note outlines a set of aligned fiscal incentives that should be in place, as well as the design issues to be … experiences with subnational debt restructuring, insolvency frameworks, and debt market development. This note suggest a range of … that can be used to effectively manage the insolvency risks that will inevitably accompany the new dynamism of subnational …