论发展中国家的市政信用-金融学专业论文.docxVIP

AbbreviatiOnsTFIC一1_erritoriaI AbbreviatiOns TFIC一1_erritoriaI Financing Institution of Colombia CLF—Credit LocaI de France MC—municipaI credit MB—Municipal bonds 卜1L-municipaI loans HABITAT—United Nations Human Settlements Programme ODA—Overseas Development Administration OTC—over the counter LALF—LocaI Authority Loans Fund LGLA—LocaI Government Loans Authority LGLB—LocaI Government Loans Board LGTD—local government transfer fund 卜1CR一卜1inimum compuIsory reserve IGFC—inter-government fiscaI transfer MDF—Municipal Development Fund MBB—Municipal Bond Bank GPP—Gross Geographic product 5 ACKNOWLEDGMENTSDedicated ACKNOWLEDGMENTS Dedicated to my mother for her invaluable support．I am deeply indebted to those who have given me substance to the ideas of thiS work．It was through the teaching and instructions of Professor Hua GUi Hong that this thesis has come to a completion。I am grateful to teachers and students who．helped me in mV entire course work．I thank God for the privilege of meeting you aII． 6 Executive Executive summary Rapid urbanization in developing countries has escalated the magnitude of infrastructure investment requirements． Simultaneously decentralization initiatives have transferred greater responsibility for investment choices and investment financing from central government to local and state governments． Conversely．tight fiscaI poI．cies have constrained budgetary transfers frOm central to IocaI governments．Competing claims for scarce budgetary resources have resulted in large funding gaps for infrastructure investments．Private capital wilI be required if Iocal services are t0 be brought tO minimum standards that suppoFt growing urban demand． Two instruments availabIe to replace government subsidies are municipaI bonds and market-rate Iending in the financing Of infrastructure and industriaI projects．The target wouId not only give municipalities’access to credit，but also to do so jn an approach that would enhance the efficiency of IocaI investment alon