Accelerating Municipal Bond Market Development in Emerging Economies: An Assessment of Strategies and Progress
The advantages of using municipal bonds to finance urban infrastructure are increasingly evident to policymakers in emerging economies, some of whom are undertaking efforts to accelerate the development of municipal bond markets in their countries. Many of these efforts use the strengths of the U.S. municipal market as a guide to suggest the kinds of market characteristics necessary to attract issuers as well as investors to the marketplace. Features of the U.S. market are often difficult to recreate in these countries in the short run, but policymakers are using a variety of innovative techniques to approximate essential market characteristics. This article reviews these efforts in four emerging economies: Indonesia, the Philippines, Poland, and South Africa.
Infrastructure in Latin America and the Caribbean: Recent Developments and Key Challenges
This book reviews Latin America's experience with infrastructure reform over the last fifteen years. It argues that the region's infrastructure has suffered from public retrenchment and unrealistic expectations about private involvement. Poor infrastructure now hampers productivity, growth, and poverty reduction. Addressing this requires more and better spending, and acceptance that governments remain central to infrastructure provision and supervision, although the private sector still has an important role to play.
Convergence Anatomization of Aquaculture Production in Leading Fish-Producing Countries During the Period of 1997-2013
Growth and national importance of aquaculture production is empirically assessed as an important indicator of development. The present article aims to test whether the major aquaculture producing countries of the world are converging over time. The authors have applied the absolute and conditional beta convergence and sigma convergence approaches on the data of FAO for the period 1997-2013. The results show that there is an absolute beta convergence and sigma convergence among 25 major aquaculture producing countries; negative sign of coefficient of conditional beta convergence with per capita income is also noticed. It implies, the growth rates of aquaculture for developed nations are declining with rise in per capita income and backward fish-intensive countries are catching up with the giant producers like China and India. The cross-country variations are also going down which means that the countries' development gaps are getting narrowed by means of growth of aquaculture resources.