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

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 v6. 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, Associate Professor of Public Finance and Policy Analysis, Paul H. 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, O’Neill School of Public and Environmental Affairs, Indiana University, US

Edition details

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