This World Bank Discussion Paper brings together two contributions on external debt issues. The first paper discusses the insurability of sovereign debt against default. The second paper reviews numerous studies that have been conducted over the years to identify the variables that could predict...

Diversification of the financial sector has been one of the central features of China's recent and rapid economic growth. This book traces the development of China's Trust and Investment Companies (TICs), the most numerous non-bank financial institutions to emerge in China, and their link to the...

The present report draws on experience from industrialized and developing countries in terms of capital market financing of domestic infrastructure projects, and discusses the applicaiblity of these lessons in the Chinese context. It also describes the strategies these economies have adopted to...