Subnational insolvency is a reoccurring event in development, as demonstrated by historical and modern episodes of subnational defaults in both developed and developing countries. Insolvency procedures become more important as countries decentralize expenditure, taxation, and borrowing, and broaden subnational credit markets. As the first cross-country survey of procedures to resolve subnational financial distress, this paper has particular relevance...
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INFORMATION
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2008/01/01
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Document de travail de recherche sur les politiques
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WPS4496
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1
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1
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2010/07/01
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Disclosed
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Subnational insolvency : cross-country experiences and lessons
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united nations commission on international trade law