Information Resolution and Subnational Capital Markets

This book theorizes that information is a critical factor for subnational government (SNG) capital market formation and development. It empirically tests the stated relationship between information resolution institutions and mechanisms of information resolution on SNG borrowing. Based on empirical results, analyses of underlying fundamentals of city credit quality, and the study of contexts of information resolution reforms, the book recommends policy measures for central governments, regional and local governments, and financial sector firms to build capital markets for subnational borrowing. As subnational governments across the globe, especially cities, bear increasing pressures to provide critical capital infrastructure, responsibilities for the provision of local infrastructure resulting from decentralization efforts and population demands, the need for a wider array of internal and external resources, including bond market alternatives, become a priority. With information resolution, access to capital market financing becomes a feasible option of regional and local government finance. The evidence reported in this book demonstrates that SNG access to capital market financing depends on credit contractibility, which is the nation’s capacity of information resolution. The bases of credit contractibility are transparency of credit information, depth of credit information, dissemination, and regulatory quality. Evidence also shows that the informational content of underlying credit quality is a significant covariate of city-level borrowing and debt composition. Based on empirical findings and focusing on cities, the book argues that SNGs can and should strengthen their agency vis-à-vis the public and financial sector actors, in an environment where global capital is increasingly intertwined with the provision of critical infrastructure finance. Agency is necessary for city policymakers not only to achieve their key governance tasks efficiently, but do so effectively and equitably, consistent with the demands of the citizenry.

Financing public infrastructure in Zimbabwe: Current trends and future alternatives

Zimbabwe requires USD2 billion annually until 2032 for financing economic infrastructure. However, the Government of Zimbabwe currently affords about 20% of this financing requirement leaving an 80% gap. The aim of the study was to establish the main sources of finance for economic public infrastructure and recommend alternative financing sources to supplement the current sources. The qualitative descriptive study collected primary data through 23 interviews conducted with officials from ministries of the Government of Zimbabwe, government departments and parastatal enterprises. Secondary data was obtained from documentary analysis. The study revealed bilateral loans from the China Exim Bank as the main source of finance for economic infrastructure, contributing USD2.1 billion whilst budget appropriations from the Government of Zimbabwe contributed USD1 billion during the 10-year period under study. Infrastructure finance was also obtained from development partners (USD200 million) and commercial and multilateral lenders (USD400 million). The study recommends developing a framework that promotes and protects private sector and/or innovative financiers of infrastructure through policy stability.

THE LEADERSHIP MANAGEMENT OF SCHOOL PRINCIPALS IN IMPROVING SPIRITUAL INTELLIGENCE OF STUDENTS AT SMK YP-PGRI I MAKASSAR

This study aims to explain the description of the principal's leadership management in improving the spiritual intelligence of students at SMK YP-PGRI I Makassar and to explain the impact of the principal's leadership management in improving the spiritual intelligence of students at SMK YP-PGRI I Makassar. The type of research used in this research is qualitative. The results showed that the principal was able to manage all school resources, including Educators, Education Personnel, Students, infrastructure, finance, administration, planning of learning programs, programs of religious activities (spiritual activities), and others. other. Planning of school learning programs through structured scheduling by the Deputy Head of Curriculum with the involvement of the Principal and Educators in the preparation. The Principal of SMK YP-PGRI I Makassar seeks to organize educators and education staff through the division of tasks to each educator and education staff based on their potential and educational background, namely the distribution of task decrees in the hope that educators and education staff can work according to their job descriptions each.

ools and Methodologies for Calculating Greenhouse Gas Emissions for FCDO Programme Planning

This report provides a review of the tools and methodologies for the calculation of greenhouse emissions for development projects in sectors such as water supply and sanitation, infrastructure, finance and governance sectors. The report undertakes a comparative analysis of the different tools and methodologies employed by different international financial institutions for the calculation of carbon footprinting for investment projects they finance. The institutions include; the Inter-America Development Bank, the International Financial Institution (IFI) Technical Working Group (TWG), the European Investment Bank, and the Asian Development Bank. The review notes that due to the varied nature of the tools and methodologies for calculation of greenhouse emissions in the financial sectors, there is a need to ensure that the methodologies employed adhere to the basic principles of completeness, consistency, transparency, conservativeness, balance, accuracy, and relevance.

An Empirical Examination of Financial Pattern of Infrastructure Sectors in India

Governments around the world have realized that development of infrastructure require huge capital and governments’ revenues are not adequate to develop the required infrastructure. Finance is an essential part of infrastructure development. Whether it is government, public or private sectors which undertake to develop infrastructure, they require different forms of finance. Understanding the financing patterns of companies is an empirical issue. This paper aims at ascertaining the financing patterns of infrastructure companies. We use the financial data of 306 Indian companies in different sectors in India and present the analysis of financing pattern for four sectors. Financing pattern of sample companies has been studied by using 20 different ratios. Result shows that the financing patterns in the construction, steel, cement and power sectors companies in India have used more debt, that too short term debt, to finance their assets as well the operations. Companies in most of these sectors have not been able to generate adequate revenues to service the debts. The result also shows that there is a significant difference in the financing pattern of different infrastructure sectors. The results of the study may be used by investors, policy makers, researchers. Further study may be undertaken to analyse the individual companies in each sector to know the financing pattern.

MAP-21 to FAST Act: Did the Transportation Infrastructure Finance and Innovation Act Program Better Support High-Risk Transportation Infrastructure Projects?

The Transportation Infrastructure Finance and Innovation Act (TIFIA) program acts as the U.S. federal government’s largest direct financing program for domestic transportation infrastructure development. Employing a direct credit support mechanism, the program aims to leverage municipal and private investments to deliver higher-risk transportation projects that nevertheless offer important benefits for the public. Recent policy changes under the 2015 FAST Act may have altered the market-leveraging function, but existing literature has not evaluated this possibility. As a result, this research evaluated the program’s market-leveraging outcomes by investigating whether and how the beneficiary projects’ risk profiles, as measured by project credit ratings, changed between the MAP-21 and FAST Act policy periods. The program will produce higher leveraging effects when supporting lower-rated projects since the riskier projects tend to suffer from higher interest rates in financial markets. After constructing a project-level dataset, the authors employed Linear Probability Model and Treatment Effect regressions to assess the possible relationship between the FAST Act amendment and changes to the TIFIA program’s risk profile. The study also employed a Binary Logit regression for sensitivity analysis. The empirical findings suggest that the proportion of TIFIA-selected projects with AAA/AA/A versus BBB ratings did not differ significantly between the MAP-21 and FAST Act periods. However, the program allocated a larger proportion of its lending capacity to AAA/AA/A projects during the FAST Act period. Given these findings, policymakers may wish to rebalance the program’s objectives if the market-leveraging function remains a priority.

Infrastructure finance, late development, and China’s reshaping of international credit governance

How is the rise of China affecting international governance? This paper examines the domain of infrastructure finance by focusing on China’s two policy banks, which are the main creditors of China’s overseas infrastructure projects. While the incumbent international credit regimes led by the Organisation for Economic Co-operation and Development (OECD) distinguish development-oriented aid from commercially oriented export credits, emerging late-developed economies blur this dichotomy by largely funding development projects with state-backed export credits. The way China alters the OECD’s credit governance, this paper argues, demonstrates both the generality of late development and the peculiarity of “Chinese” development. Rather than directly subsidizing firms’ international business with the state’s fiscal revenue, policy banks financialized host country’s state-owned and state-coordinated assets using various market instruments. By doing so, they gave Chinese firms a comparative advantage in the markets of less developed regions, allowing them to undertake projects that firms from advanced industrial countries cannot. This financing mechanism has reshaped the international development regime by transforming the dominant means of credit allocation from state-led aid-giving to market-based exchange, and rewritten the liberal rules of the international export credit regime by financing the developing world in a both statist and liberalist manner. As a result, China has built a paralleled regime in regions insufficiently covered by the existing financial schemes of incumbent credit regimes.