State and Local Financial Instruments: Policy Changes and Management (Studies in Fiscal Federalism and State-local Finance series) - Hardcover

Johnson, Craig L.; Luby, Martin J.; Moldogaziev, Tima T.

Hardcover

ISBN 10: 1783476168 ISBN 13: 9781783476169

Publisher: Edward Elgar Publishing, 2014

Synopsis

'Three of the sharpest analysts of municipal financing have produced a cutting-edge book that helps to demystify the complexities of the financial markets and instruments employed to achieve public purposes. This book is for professionals engaged in the practice of municipal securities as well as students and researchers devoted to learning market practices.'
- W. Bartley Hildreth, Georgia State University, US

'Johnson, Luby, and Moldogaziev provide an important addition to the often-convoluted literature on state and local debt. Beyond examining the financial mechanisms of structuring and selling these offerings, they provide an analysis of how and why this debt market is different. Students, academics, and practitioners can all learn from this thoughtful volume and avoid financial market mistakes that have haunted these governments in recent years.'
- John L. Mikesell, Indiana University, US

The ability of a nation to finance its basic infrastructure is essential to its economic well-being in the 21st century. This book 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 and theory, Johnson, Luby and Moldogaziev use data-driven analysis to inform current public policy debates regarding the future of subnational government debt finance, including the regulation of professional financial service providers. The theories, research and practical examples in the book illustrate the policies and practices that helped governments navigate through the recent financial crisis and great recession, and those policies and practices that contributed to government shipwrecks. The book is designed to help officials make good, sound fiscal choices in a fast changing, complex financial world, and within the constraints imposed by fiscal rules and institutions.

State and Local Financial Instruments will be of interest to academics, students and researchers interested in economics, finance, international studies and public policy. It is also an excellent reference tool for government officials, public policymakers and professionals working in finance.

Contents: 1. Introduction 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 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 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 14. Conclusion Index

About this title

About the Author:

Craig L. Johnson, Indiana University, Bloomington, US, Martin J. Luby, DePaul University, US and Tima T. Moldogaziev, University of Georgia, US

About this edition

• Publisher: Edward Elgar Publishing
• Publication date: 2014
• ISBN 10: 1783476168
• ISBN 13: 9781783476169
• Binding: Hardcover
• Number of pages: 288