Decentralization of responsibility for finance and growing infrastructure needs are two trends that are expected to stimulate a growth in government borrowing at the sub-national level. Statistics for the first half of 2000 show a significant increase in sub-national debt volume, with global public finance, excluding Canada and the United States, more than doubling that of the first half of 1999.
Paul S. Maco,
Building a Strong Subnational Debt Market,
Rich. J. Global L. & Bus.
Available at: http://scholarship.richmond.edu/global/vol2/iss1/2