Publications & Reports

• Peterson, George and Patricia Clarke Annez (eds). 2007. Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa.
  Abstract: Urbanization is not a side effect of economic growth; it is an integral part of the process. While creating tremendous economic opportunities, urbanization also makes demands for infrastructure investment that can unbalance government budgets and stymie growth at the macro level. How can the goal of increasing public investment in urban infrastructure be reconciled with the need for prudent fiscal management? Different countries have approached this challenge in different ways -- from tight central controls on local investment to decentralized fiscal choice. Their experiences are recounted and assessed in this book -- from the perspective both of central government fiscal managers and local government officials who must provide infrastructure services to their citizens. The chapters compare the approaches taken by Brazil, China, India, Poland, and South Africa and examine the fiscal implications of different infrastructure financing options. The book offers a rare perspective on intergovernmental policy design and the politics of policy implementation.

• Bahl, Roy and Paul Smoke. 2003. Restructuring Local Government Finance in Developing Countries: Lessons from South Africa. Edward Elgar Pub.

East Asia and Pacific

• Peterson, George and Patricia Clarke Annez (eds). 2007. Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa.
  Abstract: Urbanization is not a side effect of economic growth; it is an integral part of the process. While creating tremendous economic opportunities, urbanization also makes demands for infrastructure investment that can unbalance government budgets and stymie growth at the macro level. How can the goal of increasing public investment in urban infrastructure be reconciled with the need for prudent fiscal management? Different countries have approached this challenge in different ways -- from tight central controls on local investment to decentralized fiscal choice. Their experiences are recounted and assessed in this book -- from the perspective both of central government fiscal managers and local government officials who must provide infrastructure services to their citizens. The chapters compare the approaches taken by Brazil, China, India, Poland, and South Africa and examine the fiscal implications of different infrastructure financing options. The book offers a rare perspective on intergovernmental policy design and the politics of policy implementation.

• Institute for International Cooperation (JICA). 2001. Government Decentralization Reforms in Developing Countries (pdf file).
  Abstract: The wave of decentralization of governments throughout the world since the end of the Cold War has fostered decentralization as a theme of political importance in many developing countries. This movement has the power to dramatically change the relationships between the central and local institutions in such countries. These relationships are a fundamental aspect of a state’s institutional framework, along with an independent legislature, executive branch and judiciary. For those who are in charge of development assistance, decentralization itself is a new area for assistance; moreover, it requires us to re-examine existing assistance policies.

• Asian Development Bank. 2000. Managing Urban Change: Strategic Options for Municipal Governance and Finance In the People's Republic of China (pdf file)

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Eastern and Central Europe

• Peterson, George and Patricia Clarke Annez (eds). 2007. Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa.
  Abstract: Urbanization is not a side effect of economic growth; it is an integral part of the process. While creating tremendous economic opportunities, urbanization also makes demands for infrastructure investment that can unbalance government budgets and stymie growth at the macro level. How can the goal of increasing public investment in urban infrastructure be reconciled with the need for prudent fiscal management? Different countries have approached this challenge in different ways -- from tight central controls on local investment to decentralized fiscal choice. Their experiences are recounted and assessed in this book -- from the perspective both of central government fiscal managers and local government officials who must provide infrastructure services to their citizens. The chapters compare the approaches taken by Brazil, China, India, Poland, and South Africa and examine the fiscal implications of different infrastructure financing options. The book offers a rare perspective on intergovernmental policy design and the politics of policy implementation.

• Gönenç, Rauf and Peter Walkenhorst. 2004. Rationalising Public Expenditure in the Slovak Republic (pdf file). Economics Department Working Paper 384, OECD.
  Abstract: Over the past decade, public expenditure in Slovakia was characterised by substantial social transfers and high public sector wage expenses. This paper analyses the main features of Slovakia’s public expenditure system, reviews expenditure trends, and discusses recent reform initiatives. The latter have concerned the introduction of medium-term budget projections, the switch towards performance-based budgeting, the limitation of extra-budgetary funds, the devolution of spending power to sub-central administrative units, changes to the public employment regime, and reforms of the social security system. These initiatives are critically assessed and a number of recommendations concerning implementation and further reform steps are developed.

• Yilmaz, Serdar, Jozsef Hegedus and Michael E. Bell. 2003. Subnational Data Requirements for Fiscal Decentralization : Case Studies from Central and Eastern Europe (pdf file). World Bank.

• Ott, Katarina, Anto Bajo and Mihaela Pitarević. 2003. Fiscal Decentralization in Croatia (pdf file). Institute of Public Finance.

• Local Government and Public Service Reform Initiative (LGI). 2003. Assignments of Responsibilities to Different Levels of Government in Countries of Central Asia: Prospects for Further Development. Open Society Institute, Budapest.

• Slukhai, Sergii. 2003. Dilemmas and Compromises: Fiscal Equalization In Transition Countries. Open Society Institute, Budapest.

• Local Government and Public Service Reform Initiative (LGI). 2003. Legal Status of Local Self-Governments in Central Asian States: Key Issues. Open Society Institute, Budapest.

• Davey, Kenneth. 2002. Fiscal Autonomy and Efficiency: Reforms in the Former Soviet Union. Open Society Institute, Budapest.

• Peteri, Gabor. 2002. Mastering Decentralization and Public Administration Reforms in Central and Eastern Europe. Open Society Institute, Budapest.
  Abstract: The studies and country reports in the book focus on elements and techniques of decentralization and public administration reforms. Ultimately the effectiveness of these methods can be measured by the success of reform efforts. The general conclusion of these wide ranging and diverse reforms is that there is no one single solution or model, that works even in the similar group of countries studied in the book (Croatia, Slovakia, Bulgaria, Latvia, Hungary, Poland).

• Horvath, Tamas. 2000. Decentralization: Experiments and Reforms. Local Governments in Central and Eastern Europe. Open Society Institute, Budapest.
  Abstract: The book is an attempt to assess the most important elements of local government systems, to present the similarities and differences in the existing models of eight countries of Central and Eastern Europe (CEE). The intention is not only to present systemic information, but also to analyze and evaluate internal processes. In this way local government structures can be better understood and compared. This information and analysis will be an important building block for the gradual development of local governments. Countries following different patterns might learn from this information on local models.

• Hogye, Mihaly. 2000. Local and Regional Tax Administration in Transition Countries. Open Society Institute, Budapest.
  Abstract: Analyzes the state of affairs in local and regional tax administrations in five Central and Eastern European countries, then goes on to make an international comparison between them using the experiences of Western European tax administrations, different country studies, theoretical models, and extensive empirical research.

• Locsmándi, Gábor, Gábor Péteri and Béla Varga-Ötvös. 2000. Urban Planning and Capital Investment Financing in Hungary. Open Society Institute, Budapest.

• Csanda, Ondrej. 2000. Experiences with Self-Governments and their Financing in Slovakia. Open Society Institute, Budapest.

• Bryson, Phil and Gary C. Cornia. 2000. Fiscal Decentralization and the Property Tax. Open Society Institute, Budapest.

• Bucek, Milan. 2000. New Trends in Regional Development and their Financial Base. Open Society Institute, Budapest.

• Kungla, Tarvo.1999. Fiscal Decentralization in Estonia. Open Society Institute, Budapest.

• Local Government and Public Reform Initiative (LGI). 1999. Fiscal Design Across Levels of Government. Open Society Institute, Budapest.

• Fiscal Decentralization Initiative for Central and Eastern Europe.1999. Handbook for Analyzing and Documenting the Urban Economic Base. Open Society Institute, Budapest.

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Latin America and the Caribbean

• Peterson, George and Patricia Clarke Annez (eds). 2007. Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa.
  Abstract: Urbanization is not a side effect of economic growth; it is an integral part of the process. While creating tremendous economic opportunities, urbanization also makes demands for infrastructure investment that can unbalance government budgets and stymie growth at the macro level. How can the goal of increasing public investment in urban infrastructure be reconciled with the need for prudent fiscal management? Different countries have approached this challenge in different ways -- from tight central controls on local investment to decentralized fiscal choice. Their experiences are recounted and assessed in this book -- from the perspective both of central government fiscal managers and local government officials who must provide infrastructure services to their citizens. The chapters compare the approaches taken by Brazil, China, India, Poland, and South Africa and examine the fiscal implications of different infrastructure financing options. The book offers a rare perspective on intergovernmental policy design and the politics of policy implementation.

• Giugale, Marcelo, Adam Korobow and Steven Webb. 2000. A new model for Market-based Regulation of Subnational Borrowing: The Mexican Approach. Policy Research Working Paper 2370, World Bank.

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South Asia

• Peterson, George and Patricia Clarke Annez (eds). 2007. Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa.
  Abstract: Urbanization is not a side effect of economic growth; it is an integral part of the process. While creating tremendous economic opportunities, urbanization also makes demands for infrastructure investment that can unbalance government budgets and stymie growth at the macro level. How can the goal of increasing public investment in urban infrastructure be reconciled with the need for prudent fiscal management? Different countries have approached this challenge in different ways -- from tight central controls on local investment to decentralized fiscal choice. Their experiences are recounted and assessed in this book -- from the perspective both of central government fiscal managers and local government officials who must provide infrastructure services to their citizens. The chapters compare the approaches taken by Brazil, China, India, Poland, and South Africa and examine the fiscal implications of different infrastructure financing options. The book offers a rare perspective on intergovernmental policy design and the politics of policy implementation.

• Khemani, Stuti. 2002. Federal Politics and Budget Deficits: Evidence from the States of India. Policy Research Working Paper no. 2915, World Bank
  Abstract: This paper tests two predictions implied by models of the common-pool game in federations where subnational governments are more likely to have higher deficits because they do not internalize the macroeconomic effects of fiscal profligacy. The first is that subnational governments that belong to the same political party as the central government have lower spending and deficits because they are more likely to be influenced to internalize the macroeconomic effects of additional local spending; and the second is that subnational governments that are more dependent on intergovernmental transfers have higher spending and deficits. We find that in 15 major states of India over the period 1972-1995, states in fact have substantially higher spending and deficits (higher by about 10 percent of the sample average) when their government belongs to the same party as that governing at the center; and that intergovernmental grants tend to have a counter-intuitive negative effect on spending and deficits. The additional deficit of affiliated states is financed almost entirely by additional loans from the central government (as opposed to the market) leading to our interpretation that similar political considerations influence the distribution of deficits across states as they do other intergovernmental grants. We argue that the evidence from India, contrasted with broader international evidence, indicates that the effect of fiscal institutions in a federation is sensitive to underlying political incentives. This underscores the overall importance of political institutions in determining the consolidated government deficit, relative to specific rules of intergovernmental transfers.

• UNDP-World Bank Water and Sanitation Program. 1999. Dialogue with Operational Staff Improvements in Municipal Management & Finance: Case Study of Four Medium Sized Cities in Southern Punjab. (pdf file)

• Westfall, Matthew S. and Victoria A. de Villa (eds.). 2001. Urban Indicators for Managing Cities, Cities Data Book, Asian Development Bank, Manila.

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General

• Peterson, George. 2009. Unlocking Land Values to Finance Urban Infrastructure (pdf file).
  Abstract: Urban growth throughout the developing world has created a challenge for financing infrastructure. Investment in infrastructure is needed to provide basic services for newly developed parts of urban areas. It is needed to meet the demand for a safer and more reliable water supply, higher standards for the removal and treatment of wastewater and solid waste, and the transportation requirements of a population whose expectations of mobility rise with household incomes. Infrastructure investment also is essential to the economic productivity of cities. This book examines an important option for local infrastructure finance: capturing land value gains for public investment. Land values are highly sensitive to infrastructure investment and urban economic growth. Public works projects such as road construction, water supply, and mass transit investment produce benefits that are immediately capitalized into surrounding land values. Many cities in developing countries have underused public lands that would be more valuable if sold and converged into infrastructure assets.

• UN HABITAT. 2009. Guide to Municipal Finance.
  Abstract: This Guide to Municipal Finance describes the current issues in municipal finance and the ways in which local governments finance services and infrastructure. It sets out a basic economic framework that is used to evaluate the different aspects of municipal finance and that can be used by readers to evaluate other options. The Guide emphasizes that responsible, accountable, and efficient local governments need to raise their own revenues as much possible, adhere to an open and visible municipal budgetary process, and engage in transparent and prudent financial management.

• Annez, Patricia Clarke, Gwénaelle Huet, and George E. Peterson. 2008. Lessons for the Urban Century: Decentralized Infrastructure Finance in the World Bank.
  Abstract: The world’s urban population doubled between 1970 and 2008, growing from 1.5 billion to 3 billion people. Future world population growth will be concentrated in developing countries—the majority in medium-size and smaller cities and towns. International institutions and governments alike face the challenge of efficiently financing the massive investment in infrastructure required to support this urban growth. The Urban Infrastructure Fund (UIF) is a tool designed to help meet this need. Responsibility for subproject oversight, credit assessment, financial management reform, and other critical tasks is delegated to the UIF, rather than performed directly by an institution like the World Bank. This book examines the track record of UIFs and what can be learned form almost 30 years of experience in implementation.

• Matsukawa, Tomoko and Odo Habeck. 2007. Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments. (pdf file)
  Abstract: Raising debt and equity capital to finance projects in developing countries remains a challenge. There is an increasing interest in using risk mitigation instruments to facilitate the mobilization of private capital to finance public and private projects, particularly in those infrastructure sectors in which financing requirements substantially exceed budgetary or internal resources. Risk mitigation instruments are financial instruments that transfer certain defined risks from project financiers (lenders and equity investors) to creditworthy third parties (guarantors and insurers) that have a better capacity to accept such risks. These instruments are especially useful for developing country governments and local infrastructure entities that are not sufficiently creditworthy or do not have a proven track record in the eyes of private financiers to be able to borrow debt or attract private investments without support.

• Peterson, George and Patricia Clarke Annez (eds). 2007. Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa.
  Abstract: Urbanization is not a side effect of economic growth; it is an integral part of the process. While creating tremendous economic opportunities, urbanization also makes demands for infrastructure investment that can unbalance government budgets and stymie growth at the macro level. How can the goal of increasing public investment in urban infrastructure be reconciled with the need for prudent fiscal management? Different countries have approached this challenge in different ways -- from tight central controls on local investment to decentralized fiscal choice. Their experiences are recounted and assessed in this book -- from the perspective both of central government fiscal managers and local government officials who must provide infrastructure services to their citizens. The chapters compare the approaches taken by Brazil, China, India, Poland, and South Africa and examine the fiscal implications of different infrastructure financing options. The book offers a rare perspective on intergovernmental policy design and the politics of policy implementation.

• Joumard, Isabelle and Per Mathis Kongsrud. 2003. Fiscal Relations Across Government Levels. (pdf file)
  Abstract: Despite its apparent advantages, devolution of fiscal responsibilities has not proceeded evenly over the past two decades. Decentralisation can strengthen the democratic process, allow governments to tailor the supply of public goods to local preferences and introduce some competition across jurisdictions, thus raising public sector efficiency. It can, however, entail efficiency losses, and make it difficult to implement redistributive policies and complicate macroeconomic management. On the spending side, local provision may fail to exploit economies of scale and internalise territorial spillovers a serious issue since few public goods are purely local by nature. On the revenue side, few tax bases can be exploited by subnational governments without risking making national objectives difficult to achieve and raising serious distributive concerns. This paper, which is largely based on country experiences in mitigating the potential drawbacks of decentralisation while obtaining most of its benefits, provides a framework for assessing fiscal relations across levels of government.

• Fjeldstad, Odd-Helge. 2001. Intergovernmental Fiscal Relations in Developing Countries : A Review of Issues (pdf file)
  Abstract: Fiscal decentralisation - the devolution of taxing and spending powers to lower levels of government - has become an important theme of governance in many developing countries in recent years. Accordingly, restructuring of governmental functions and finances between the national and lower levels of government has entered the core of the development debate. A general conclusion emerging from this review of theoretical and empirical literature on intergovernmental fiscal relations is that sub-national governments need to be given access to adequate resources to do the job with which they are entrusted. At the same time they must also be accountable for what they do with these resources. Moreover, like all public policies, intergovernmental fiscal policies must take into account both the political constraints facing policy makers, such as the strength of different provinces and groups in political decisions, and economic constraints such as the stage of development of financial markets.

• Noel, Michel. 2000. Building Subnational Debt Markets in Developing and Transition Economies: A Framework for Analysis, Policy Reform, and Assistance Strategy.

• Crowder, William J. and Mark E. Wohar. 1999. The Changing Long-Run Linkage Between Yields on Treasury and Municipal Bonds and the 1986 Tax Act, Review of Financial Economics; 8, No. 2:101-19.

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Institutional Capacity

• Bahl, Roy. 1999. Implementation Rules for Fiscal Decentralization (pdf file). Working Paper #10. International Studies Program, School of Policy Studies, Georgia State University.

• Cointreau-Levine, Sandra. 1994. Private Sector Participation in Municipal Solid Waste Services in Developing Countries.Urban Management Programme # 13. The World Bank, Washington, D.C.

• Dillinger, William. 1994. Decentralization and Its Implications For Urban Service Delivery. Urban Management Programme #16. The World Bank, Washington, D.C.

• Fox, William F. 1994. Strategic Options For Urban Infrastructure Management. Urban Management Programme #17. The World Bank, Washington, D.C.

• Glasser, Matthew D., Thomas H. Cochran, Michael DeAngelis, Marlene Hesketh, Ronald W. Johnson, Christiann Johannes Kapp, John E. Petersen, and K.P.S. Roome. 1999. Formulation of a Regulatory Framework For Municipal Borrowing in South Africa. Final Report (pdf file). Research Triangle Institute. Washington, D.C.

• Litvack, Jennie and Jessica Seddon. 1999. Decentralization Briefing Notes.In World Bank Institute (WBI) Working Papers. The World Bank, Washington, D.C.

• Litvack, Jennie, Junaid Ahmad and Richard Bird. 1998. Rethinking Decentralization in Developing Countries (pdf file).The World Bank, Washington, D.C.

• Spahn, Paul Bernd. 1997. Decentralized Government and Macroeconomic Control. Infrastructure Notes, Urban No. FM-12. The World Bank, Washington, D.C.

• Yepes, Guillermo and Augusta Dianderas. 1996. Water and Wastewater Utilities: Indicators, 2nd Edition. Water and Sanitation Division. The World Bank, Washington, D.C.

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• Shah, Anwar. 2008. Dividing Taxes, Resources and Debt in Federations. Rethinking Fiscal Federalism (pdf file).
  Abstract: Fiscal federalism deals with economic decision-making in federal systems of government in which public sector decisions are taken by various orders of government. Federal countries differ a great deal in their choices about the character of fiscal federalism, specifically, how the division of fiscal powers is allocated among various tiers and the associated fiscal arrangements.

• Peterson, George and Patricia Clarke Annez (eds). 2007. Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa.
  Abstract: Urbanization is not a side effect of economic growth; it is an integral part of the process. While creating tremendous economic opportunities, urbanization also makes demands for infrastructure investment that can unbalance government budgets and stymie growth at the macro level. How can the goal of increasing public investment in urban infrastructure be reconciled with the need for prudent fiscal management? Different countries have approached this challenge in different ways -- from tight central controls on local investment to decentralized fiscal choice. Their experiences are recounted and assessed in this book -- from the perspective both of central government fiscal managers and local government officials who must provide infrastructure services to their citizens. The chapters compare the approaches taken by Brazil, China, India, Poland, and South Africa and examine the fiscal implications of different infrastructure financing options. The book offers a rare perspective on intergovernmental policy design and the politics of policy implementation.

• Bahl, Roy. 1999. Intergovernmental Transfers in Developing and Transition Countries: Principles and Practice. Prepared for The World Bank. Washington, D.C.

• Cointreau-Levine, Sandra. 1994. Private Sector Participation in Municipal Solid Waste Services in Developing Countries.Urban Management Programme # 13. The World Bank, Washington, D.C.

• Dillinger, William. 1994. Decentralization and Its Implications For Urban Service Delivery. Urban Management Programme #16. The World Bank, Washington, D.C.

• Fox, William F. 1994. Strategic Options For Urban Infrastructure Management. Urban Management Programme #17. The World Bank, Washington, D.C.

• Glasser, Matthew D., Thomas H. Cochran, Michael DeAngelis, Marlene Hesketh, Ronald W. Johnson, Christiann Johannes Kapp, John E. Petersen, and K.P.S. Roome. 1999. Formulation of a Regulatory Framework For Municipal Borrowing in South Africa. Final Report (pdf file). Research Triangle Institute. Washington, D.C

• Kaganova, Olga, Ritu Nayyar-Stone, Sally Merrill and George Peterson. 1999. Municipal Real Property Asset Management: An Overview of World Experience, Issues, Financial Implications and Housing. Prepared for the World Bank by The Urban Institute. Washington, D.C.

• Kehew, Robert, Tomoko Matsukawa and John Petersen. 2005. Local Financing for Sub-Sovereign Infrastructure in Developing Countries: Case Studies of Innovative Domestic Credit Enhancement Entities and Techniques (pdf file). Discussion Paper No. 1, Infrastructure, Economics and Finance Department. The World Bank, Washington, D.C.

• Litvack, Jennie and Jessica Seddon. 1999. Decentralization Briefing Notes. World Bank Institute (WBI) Working Papers. The World Bank, Washington, D.C.

• McMaster, James. 1994. Urban Financial Management: A Training Manual.The World Bank, Washington, D.C.

• Petersen, John E, and John B. Crihfield. 1998. Linkages Between Local Governments and Financial Markets: A Toolkit to Developing Subsovereign Credit Markets in Emerging Markets. Prepared for The World Bank by Government Finance Group. Arlington, Virginia.

• Peterson, George E. 1998. Measuring Local Government Credit Risk and Improving Creditworthiness (pdf file). Prepared for The World Bank, Washington, D.C.

• Schaeffer, Michael. 2000. Municipal Budgeting Toolkit.The World Bank, Washington, D.C.

• Worley International Ltd. Strategic Municipal Asset Management Advisory Note. Prepared for The World Bank. Auckland, New Zealand.

• Yepes, Guillermo and Augusta Dianderas. 1996. Water and Wastewater Utilities: Indicators, 2nd Edition. Water and Sanitation Division. The World Bank, Washington, D.C.

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• Darche, Benjamin. 1997. Financing Mechanisms at the Subnational Level in Emerging Markets Borrowings and Privatizations/Concessions. Infrastructure Notes, Urban No. FM-9. The World Bank. Washington, D.C.

• El Daher, Samir. 1999. Credit Ratings--An Introduction (and the Case of Sub-sovereign Ratings). Infrastructure Notes, Urban No. FM-8c. The World Bank. Washington, D.C.

• El Daher, Samir. 1998. Municipal Bond Markets--Prospects for Developing Countries. Infrastructure Notes, Urban No. FM-8b. The World Bank. Washington, D.C.

• El Daher, Samir. 1997. Municipal Bond Markets--Experience of the USA. (French) Infrastructure Notes, Urban No. FM-8a. The World Bank. Washington, D.C.

• Glasser, Matthew D., Thomas H. Cochran, Michael DeAngelis, Marlene Hesketh, Ronald W. Johnson, Christiann Johannes Kapp, John E. Petersen, and K.P.S. Roome. 1999. Formulation of a Regulatory Framework For Municipal Borrowing in South Africa. Final Report (pdf file). Research Triangle Institute. Washington, D.C.

• Kehew, Robert, Tomoko Matsukawa and John Petersen. 2005. Local Financing for Sub-Sovereign Infrastructure in Developing Countries: Case Studies of Innovative Domestic Credit Enhancement Entities and Techniques (pdf file). Discussion Paper No. 1, Infrastructure, Economics and Finance Department. The World Bank, Washington, D.C.

• Kumar, Anjali, R. David Gray, Mangesh Hoskote, Stephan von Klaudy, and Jeff Ruster. 1997. Mobilizing Domestic Capital Markets For Infrastructure Financing: International Experience and Lessons for China. World Bank Discussion Paper No. 377. The World Bank, Washington, D.C.

• Leigland, James. 1997. Accelerating Municipal Bond Market Development in Emerging Economies: An Assessment of Strategies and Progress (pdf file). Research Triangle Institute. Washington, D.C.

• Petersen, John E, and John B. Crihfield. 1998. Linkages Between Local Governments and Financial Markets: A Toolkit to Developing Subsovereign Credit Markets in Emerging Economies. Prepared for the World Bank by Government Finance Group. Arlington, Virginia.

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Role of Financial Intermediation for Local Governments

• Dalla, Ismail, et al. 1995. The Emerging Asian Bond Market. The World Bank. East Asia and Pacific Region, Washington, D.C.

• El Daher, Samir. 2000. Specialized Financial Intermediaries for Local Governments — A Market-based Tool for Local Infrastructure Finance. Infrastructure Notes, Urban No. FM-8d. The World Bank. Washington, D.C.

• Government Finance Group. An Analysis of State Bond Banks (pdf file). Council of Infrastructure Financing Authorities, CIFA Monograph No. 9. Washington, D.C.

• Irwin, Timothy, Michael Klein, Guillermo E. Perry, and Mateen Thobani. 1997. Dealing with Public Risk in Private Infrastructure. The World Bank, Washington, D.C.

• Kehew, Robert, Tomoko Matsukawa and John Petersen. 2005. Local Financing for Sub-Sovereign Infrastructure in Developing Countries: Case Studies of Innovative Domestic Credit Enhancement Entities and Techniques (pdf file). Discussion Paper No. 1, Infrastructure, Economics and Finance Department. The World Bank, Washington, D.C.

• Kumar, Anjali, R. David Gray, Manges Hoskote, Stephan von Klaudy, and Jeff Ruster. 1997. Mobilizing Domestic Capital Markets for Infrastructure Financing: International Experience and Lessons for China. World Bank Discussion Paper No. 377. The World Bank, Washington, D.C.

• Petersen, John E. 2004. Decentralized Credit Financing of Infrastructure in Developing Countries: An Assessment of Techniques (pdf file). The World Bank, Washington, D.C.

• Peterson, George E. 1997. Building Local Credit Systems. The World Bank, Washington, D.C.

• Peterson, George E. 1996. Using Municipal Develpment Funds to Build Municipal Credit Markets (pdf file). Prepared for the Government of India and The World Bank. Washington, D.C.

• Peterson, George E. 1998. Measuring Local Government Credit Risk and Improving Creditworthiness (pdf file). Prepared for The World Bank, Washington, D.C.

• Spahn, Paul Bernd. 1997. Decentralized Government and Macroeconomic Control. Infrastructure Notes, Urban No. FM-12. The World Bank, Washington, D.C.