Subnational Insolvency: Cross-Country Experiences and Lessons

adjustment plan administrative approach agreement assets bailout Bankruptcy Code billion Brazil Bulgaria central government Chapter 13 Chapter 9 claims corporate bankruptcy country’s courts creditor rights crisis debt discharge debt obligations debt restructuring debt service debtor decentralization EFCB essential public services ex ante ex-ante example federal government fiscal and debt growth in subnational hard budget constraint holdout problem Hungary incentives infrastructure intervention issues Law on Municipal Law XXV legislation lenders lending liabilities macroeconomic Management Act mandamus McConnell and Picker moral hazard Municipal Assistance Corporation municipal bankruptcy Municipal Debt Adjustment municipal insolvency operating deficits political public entities reforms restructuring negotiations revenues risk role Romania Section South Africa subnational borrowing subnational capital markets subnational debt crises subnational defaults subnational entity subnational financial distress subnational fiscal adjustment subnational governments subnational insolvency mechanism subnational insolvency procedures Szepesi Szmetana taxes transparency triggers U.S. Constitution United unsecured creditors World Bank York City