Until debt do us part: subnational debt, insolvency, and markets by Otaviano Canuto and Lili Liu published by World Bank indicated by Alvaro Manoel. “…Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. The book brings together the reform experiences of emerging economies and developed countries. This book includes on Part 1 – Brazil: The subnational debt restructuring of the 1990s – origins, conditions, and results by Alvaro Manoel, Sol Garson and Monica Mora…”
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