Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0008
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
This book argues that capital markets can be an important source of financing for subnational governments across the globe as they face decentralization of governance systems and increased demand for infrastructure at the local level. The central argument is that information resolution at both the national-level and the city-level is critical for the success of subnational capital markets. Furthermore, the chapter argues that subnational governments can and must become competent actors with regards to both top-down (national to local governments) and outside-in (financial sector firms to local governments) transactions and pressures. This chapter presents city policymakers with options for capital market access when both system credit contractibility and underlying credit quality vary by offering a typology of alternatives for capital financing. The chapter recommends policies that establish contractibility and credit quality assessment mechanisms and concludes with recommendations for future research.
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Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0002
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
Chapter 2 develops the theoretical base for why and how information resolution is expected to relate to subnational government capital market borrowing by reviewing and extending the corporate finance literature. Based on theories of information, it argues that although countries must have a certain level of maturity along economic, financial and market, political, and legal institutions before successfully managing a well-functioning capital market, the crowning factor behind an efficient subnational government credit market, beyond the fundamental dimensions of institutional maturity, is credit contractibility in the system and tools of information certification and monitoring available to subnational governments. This chapter details how information problems manifest in credit contractibility, reviews how information relates to capital finance, and applies theories of capital markets to subnational government borrowing, debt size, and debt composition. It discusses how information resolution institutions and credit quality can enhance subnational government capital markets and proposes testable hypotheses.
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Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0007
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
Without concerted efforts at both the national and city levels to resolve information problems, subnational capital markets are likely to fall short of their potential, and understanding the successes and impediments to information resolution are important components underlying policy design recommendations. This chapter examines three cities from different historical contexts and asks: What information resolution measures and processes did the national and city governments establish, and to what extent did they result in the use of capital market financing options? Where did those measures help? What institutional constraints inhibited and continue to inhibit success? The case study analysis at this level exemplifies how changes in either national and/or city institutional contexts affect city debt levels and debt composition.
{"title":"Three Contexts of Information Resolution Reforms","authors":"Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa","doi":"10.1093/oso/9780190089337.003.0007","DOIUrl":"https://doi.org/10.1093/oso/9780190089337.003.0007","url":null,"abstract":"Without concerted efforts at both the national and city levels to resolve information problems, subnational capital markets are likely to fall short of their potential, and understanding the successes and impediments to information resolution are important components underlying policy design recommendations. This chapter examines three cities from different historical contexts and asks: What information resolution measures and processes did the national and city governments establish, and to what extent did they result in the use of capital market financing options? Where did those measures help? What institutional constraints inhibited and continue to inhibit success? The case study analysis at this level exemplifies how changes in either national and/or city institutional contexts affect city debt levels and debt composition.","PeriodicalId":117986,"journal":{"name":"Information Resolution and Subnational Capital Markets","volume":"30 24","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113942728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0005
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
This chapter furthers an understanding of how information resolution relates to borrowing and debt composition at the city level. The study examines the role of credit ratings, as well as the key informational components of credit quality, for city borrowing levels and debt structure. The informational components of credit quality include economic, fiscal, debt and financial, and governance factors. This chapter evaluates city debt for the largest cities in select countries with SNG market activity across the globe by asking: What debt levels do cities have, and what is the composition of that debt? How does information resolution, both information resolution institutions and the underlying components of credit quality information assessment, influence subnational-level borrowing?
{"title":"Information Resolution, Information Content, and City Debt","authors":"Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa","doi":"10.1093/oso/9780190089337.003.0005","DOIUrl":"https://doi.org/10.1093/oso/9780190089337.003.0005","url":null,"abstract":"This chapter furthers an understanding of how information resolution relates to borrowing and debt composition at the city level. The study examines the role of credit ratings, as well as the key informational components of credit quality, for city borrowing levels and debt structure. The informational components of credit quality include economic, fiscal, debt and financial, and governance factors. This chapter evaluates city debt for the largest cities in select countries with SNG market activity across the globe by asking: What debt levels do cities have, and what is the composition of that debt? How does information resolution, both information resolution institutions and the underlying components of credit quality information assessment, influence subnational-level borrowing?","PeriodicalId":117986,"journal":{"name":"Information Resolution and Subnational Capital Markets","volume":"269 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121353376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0003
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
Chapter 3 establishes the rationale for subnational government debt, the infrastructure pressures on subnational governments, and the context within which subnational government borrowing occurs. It begins with a review of the fiscal governance task in the face of demands for local infrastructure provision, and the institutional contexts of subnational government borrowing. The chapter then discusses how subnational government infrastructure provision and borrowing fit with a growing perspective of financial governance innovations. It continues with an introduction to capital-financing options, an overview of subnational government borrowing, and potential problems with subnational government borrowing. Then, the chapter explores fundamental dimensions of institutional contexts that affect subnational government borrowing. It ends by explicitly recognizing the role of information and setting a research agenda about efforts to improve information resolution institutions and mechanisms for information certification and monitoring.
{"title":"Review of Literature on Subnational Government Borrowing","authors":"Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa","doi":"10.1093/oso/9780190089337.003.0003","DOIUrl":"https://doi.org/10.1093/oso/9780190089337.003.0003","url":null,"abstract":"Chapter 3 establishes the rationale for subnational government debt, the infrastructure pressures on subnational governments, and the context within which subnational government borrowing occurs. It begins with a review of the fiscal governance task in the face of demands for local infrastructure provision, and the institutional contexts of subnational government borrowing. The chapter then discusses how subnational government infrastructure provision and borrowing fit with a growing perspective of financial governance innovations. It continues with an introduction to capital-financing options, an overview of subnational government borrowing, and potential problems with subnational government borrowing. Then, the chapter explores fundamental dimensions of institutional contexts that affect subnational government borrowing. It ends by explicitly recognizing the role of information and setting a research agenda about efforts to improve information resolution institutions and mechanisms for information certification and monitoring.","PeriodicalId":117986,"journal":{"name":"Information Resolution and Subnational Capital Markets","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121801818","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0006
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
This chapter probes the informational content of city credit ratings: what the credit ratings are, why city policymakers should care about credit ratings, and how city policymakers may evaluate credit ratings and make use of their informational content. By explicitly showcasing 12 cities from different contexts, this chapter conducts a comparative evaluation of core credit quality fundamentals for these cases. This analysis looks at the economic, fiscal, debt and financial management, and governance factors that policymakers may leverage to proactively manage the city’s underlying credit quality. It asks: How can policymakers manage city credit fundamentals to leverage access to capital market options? What are the elements of credit quality information that city policymakers may signal? What can city policymakers do to improve their agency? The results give tools to city policymakers to announce their market readiness, regardless of, and perhaps even undeterred by, the context of governance institutions in which the city is nested.
{"title":"Understanding, Managing, and Communicating Credit Fundamentals","authors":"Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa","doi":"10.1093/oso/9780190089337.003.0006","DOIUrl":"https://doi.org/10.1093/oso/9780190089337.003.0006","url":null,"abstract":"This chapter probes the informational content of city credit ratings: what the credit ratings are, why city policymakers should care about credit ratings, and how city policymakers may evaluate credit ratings and make use of their informational content. By explicitly showcasing 12 cities from different contexts, this chapter conducts a comparative evaluation of core credit quality fundamentals for these cases. This analysis looks at the economic, fiscal, debt and financial management, and governance factors that policymakers may leverage to proactively manage the city’s underlying credit quality. It asks: How can policymakers manage city credit fundamentals to leverage access to capital market options? What are the elements of credit quality information that city policymakers may signal? What can city policymakers do to improve their agency? The results give tools to city policymakers to announce their market readiness, regardless of, and perhaps even undeterred by, the context of governance institutions in which the city is nested.","PeriodicalId":117986,"journal":{"name":"Information Resolution and Subnational Capital Markets","volume":"429 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123051113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0001
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
Chapter 1 introduces the book by presenting the main arguments that information resolution is a necessary component of SNG capital market development and access to external financing. It also argues that local policy and management agency vis-à-vis financial sector firms is critical to achieve SNG governance tasks in the face of decentralized governance and growing local service pressures. This chapter defines the key terminology of information problems, information institutions, and information resolution. It situates the focus on SNGs, and more narrowly on policy makers at the city level, that are embedded within the national contexts and financial markets. Finally, the chapter identifies the book’s contributions and details the organization of the book’s remaining chapters.
{"title":"Subnational Capital Finance","authors":"Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa","doi":"10.1093/oso/9780190089337.003.0001","DOIUrl":"https://doi.org/10.1093/oso/9780190089337.003.0001","url":null,"abstract":"Chapter 1 introduces the book by presenting the main arguments that information resolution is a necessary component of SNG capital market development and access to external financing. It also argues that local policy and management agency vis-à-vis financial sector firms is critical to achieve SNG governance tasks in the face of decentralized governance and growing local service pressures. This chapter defines the key terminology of information problems, information institutions, and information resolution. It situates the focus on SNGs, and more narrowly on policy makers at the city level, that are embedded within the national contexts and financial markets. Finally, the chapter identifies the book’s contributions and details the organization of the book’s remaining chapters.","PeriodicalId":117986,"journal":{"name":"Information Resolution and Subnational Capital Markets","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125161826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-23DOI: 10.1093/oso/9780190089337.003.0004
Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
This chapter tests the argument that information resolution is needed for subnational government capital markets by focusing on nationwide information resolution institutions and how they bear upon the activity and size of subnational government capital markets. It presents evidence how contractibility— information transparency, extent of disclosure, and regulatory quality—impact the size of subnational government debt. The analysis establishes that national capacity to resolve information problems in the credit system affect subnational borrowing, other fundamental institutions held constant. This analysis addresses the questions: What aspects of information resolution matter? How does information resolution affect the size of subnational government capital markets?
{"title":"System-Level Information Resolution and Contractibility","authors":"Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa","doi":"10.1093/oso/9780190089337.003.0004","DOIUrl":"https://doi.org/10.1093/oso/9780190089337.003.0004","url":null,"abstract":"This chapter tests the argument that information resolution is needed for subnational government capital markets by focusing on nationwide information resolution institutions and how they bear upon the activity and size of subnational government capital markets. It presents evidence how contractibility— information transparency, extent of disclosure, and regulatory quality—impact the size of subnational government debt. The analysis establishes that national capacity to resolve information problems in the credit system affect subnational borrowing, other fundamental institutions held constant. This analysis addresses the questions: What aspects of information resolution matter? How does information resolution affect the size of subnational government capital markets?","PeriodicalId":117986,"journal":{"name":"Information Resolution and Subnational Capital Markets","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127795834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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