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Local Government Funding Agencies: Lessons from Success and Failure

In: Innovations in Financing Public Services

Author

Listed:
  • Nicholas Anderson
  • Stephen J. Bailey
  • Hartwig Pautz

Abstract

Governments have traditionally used bond markets to finance their huge infrastructure investments. These markets are the largest branch of the global financial markets. Institutional investors invest substantial amounts of pension funds and other longterm savings in these markets. Financial intermediaries and companies also use these markets to take and hedge risks. Bond markets are a cornerstone of the financial markets because government bonds: Generally have the highest credit ratings in their respective countries, so investors can be sure that their savings are securely invested; • Normally provide a reasonable real return to investors over the long term; • Are the most liquid forms of investments, allowing investors and financial intermediaries to buy and sell them with very low trading costs.

Suggested Citation

  • Nicholas Anderson & Stephen J. Bailey & Hartwig Pautz, 2010. "Local Government Funding Agencies: Lessons from Success and Failure," Palgrave Macmillan Books, in: Stephen J. Bailey & Pekka Valkama & Ari-Veikko Anttiroiko (ed.), Innovations in Financing Public Services, chapter 6, pages 114-134, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28206-3_6
    DOI: 10.1057/9780230282063_6
    as

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