| The purpose of the research in this dissertation was to examine different key factors essential to the development of subnational bond market in three selected countries---Germany, South Africa, and China. The studies employed a mixed methodology of multiple case studies and panel data analysis (when the data were available). The research shows that there are various key determining factors that influence the development of subnational bond market in a country. This includes fiscal decentralization, the country's level of economic development, the development of financial institutions and market, regulatory framework and market regulations, and perceptions of creditworthiness. Each factor has a varying degree of effects on the subnational bond market development in each country. Fiscal decentralization is the most critical factor that affects the development of subnational bond markets in all three countries. In addition, the perceptions of creditworthiness are another important determining factor that affects the subnational bond market development in Germany and China, whereas regulatory framework and market regulations have a considerable effect on the development in South Africa. |
