Lahore School of Economics

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Municipal Bond Financing: An untapped financing source for Infrastructural Projects

Dr Bushra Naqvi, LUMS

This study has been conducted to give readers a brief idea about municipal bond financing in Pakistan and also its application and performance in comparison to its neighboring countries. At the beginning, author discusses the context and circumstantial realities that justify the need of municipal bond financing in Pakistan, given the continuously increasing requirements of urban infrastructure project financing coupled with the significant changes that happened to the overall governance structure, including different tiers of governments, in Pakistan. It also gives the reader a quick view of the bond market in general and discusses its different components including but not limited to municipal bonds. Finally, this study discusses in detail the major frictions creating hurdles for Pakistan in its way to a developed municipal bond market, conjugated with probable solutions and policy recommendations.


Dr. Bushra Naqvi is working as Assistant Professor at SulemanDawood School of Business (SDSB), Lahore University of Management Sciences where she teaches in the area of Money, Banking and Finance. Dr. Naqvi has worked as research associate and teaching assistant at the laboratory of CES Axe Finance, University of Paris 1– Panthéon Sorbonne from 2007 to 2011. During her stay at Sorbonne, she worked under the supervision of Prof. Christian Bordes (Member ECB Shadow Council); and her PhD dissertation surrounds the policy choices of Asian central banks and assesses the impact of those policies on the behavior of financial markets. Dr. Naqvi has presented her research work at several International peer reviewed conferences and her articles have been published in Quantitative Finance, Applied Financial Economics and Economic Research. Besides her research and academic concentrations, Dr. Naqvi also owns the charter of Financial Risk Manager (FRM) from Global Association of Risk Professionals (GARP), USA; which is a globally recognized benchmark and professional designation in the area of financial risk management.

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posted by S A J Shirazi @ 5/30/2014 12:00:00 PM,

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