Suchergebnisse

The devolution of functions and responsibilities to LGUs has translated to the expectations of an improved delivery of public goods and services. However, LGU funding, mainly coming from the national government, loans from the government-owned financial institutions and Municipal Development Fund, have not been sufficient to meet the LGU requirement. This study provides results and analyses that can assist the government in developing a policy and institutional framework for the establishment of a municipal credit system well participated by the private sector.

""Top down"" spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international capital markets, in the form of external credit (loans and bond issuances) and equity issuances. The study first analyzes the impact of sovereign debt crises during the 1980s and 1990s. It goes on to examine the 1993 to 2007 period, using additional measures of sovereign risk-sovereign bond spre