Municipal bond markets provide a vehicle to narrow markets (in Italy and Spain) are slowly developing. local governments resource gap through schemes Amongst other developed countries, Australia has also varying from debt funding based on the full faith and created a truly sub-sovereign debt market. credit of sub-sovereign issuers, to revenue bonds secured by the earnings of such projects as water facilities and Municipal bonds have been the primary vehicle for toll roads. This note reviews the main characteristics of financing local infrastructure in the US. They include the US municipal bond markets-the most advanced by general obligation bonds supported by the taxing power any measure of depth and sophistication. A separate note of local governments as well as project revenue bonds by discusses the conditions underlying the development of states and local jurisdictions such as counties and cities municipal credit markets in developing countries.

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