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State and local financial instruments : policy changes and management

State and local financial instruments : policy changes and management / Craig L. Johnson, Ph.D. (O'Neill School of Public and Environmental Affairs, Indiana University, Bloomington), Martin J. Luby, Ph.D. (Lyndon B. Johnson School of Public Affairs, University of Texas at Austin) and Tima T. Moldogaziev (Ph.D., School of Public Policy, The Pennsylvania State University, US).
9781800370937 (e-book)
Second edition.
Northampton : Edward Elgar Publishing, 2021.
Physical Description
1 online resource (320 pages).
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"The ability of a nation to finance its basic infrastructure is essential to its economic well-being in the 21st century. This second edition of State and Local Financial Instruments covers the municipal securities market in the United States from the perspective of its primary capital financing role in a fiscal federalist system, where subnational governments are responsible for financing the nation's essential physical infrastructure. Using the latest financial research, the authors use data-driven analysis to inform current public policy debates regarding the future of subnational government debt finance. The theories, research and practical examples in the book illustrate the policies and practices that helped governments navigate through the COVID-19 pandemic, the financial crisis and great recession, and that contributed to government shipwrecks. The book is designed to help officials make good, sound fiscal choices in a fast changing, complex financial world entwined in a network of intermediaries, and within the constraints imposed by fiscal rules and institutions. This updated edition will be of interest to academics, students and researchers interested in economics, finance, international studies and public administration and policy. It is also an excellent reference tool for government officials, public policymakers and professionals working in finance"-- Provided by publisher.
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Books / Online
Added to Catalog
December 06, 2021
Studies in fiscal federalism and state-local finance.
Studies in fiscal federalism and state-local finance series
Includes bibliographical references and index.
Contents: 1. Introduction to state and local financial instruments
Part I: What makes the "muni" market different?
2. The tax-exemption of municipal debt
3. States as fiscal "sovereigns": Implications for ability and willingness to pay in full and on time
4. The federalist framework: Fiscal sovereignty, federal regulation, and disclosure
Part II: Creating debt instruments for the municipal market
5. Subnational government debt financial management i: Financing principles and policies
6. Subnational government debt financial management ii: Bringing an issue to market: Networks and practices
7. The serial debt issue structure
8. Secondary market disclosure
Part III: Financial structure and the risk/reward trade-off
9. Financial engineering
10. Reducing debt service by refunding debt
11. Lessons learned from the birth, growth, and collapse of the municipal auction rate securities (mars) market
12. Enhancing municipal credit
13. "non-traditional" capital financing mechanisms and strategies
14. Conclusion to state and local financial instruments appendix a review of time value of money appendix b basic principles of valuing debt instruments references
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