Studies the determinants of shifts in debt composition among EM non-financial corporates, showing that institutions and macro fundamentals create an enabling environment for bond market development. During the recent boom episode, however, global cyclical factors accounted for most of the variation of bond shares in total corporate debt.

Examines the effect of Treasury's elimination of paper U.S. savings bonds on the program and bond purchases; the extent to which the Tax Time Savings Bond program has promoted savings by lower-income households and Treasury's future plans for the program; and the extent to which lower-income households are saving and programs developed by federal agencies and others. Also includes information about municipal bonds and sate and local government debt.

By borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity.