Three Contexts of Information Resolution Reforms

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.