This book surveys the reform experiences of emerging economies and developed countries as they attempt to strengthen subnational fiscal discipline and develop frameworks for the resolution of
subnational debt stress. The book’s international contributors are experts in public finance, banking, and economic policy; many are affiliated with the World Bank. Part 1 examines subnational
debt restructuring led by national governments, as seen in the experiences of Brazil, India, and Mexico. Part 2 looks at the potential of subnational insolvency frameworks that spell out
procedures in the event of a subnational default, presenting cases from Colombia, France, Hungary, and the US. Part 3, devoted to the development of subnational debt markets, draws lessons from
the experiences of China, the Philippines, Russia, and South Africa. Canuto is affiliated with the World Bank’s Poverty Reduction and Economic Management Network. Liu is affiliated with the
World Bank’s Public Sector and Institutional Reform Department. Annotation ©2013 Book News, Inc., Portland, OR (booknews.com)
