Overview

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.

Full Product Details

Author:   Craig L. Johnson ,  Martin J. Luby ,  Tima T. Moldogaziev
Publisher:   Edward Elgar Publishing Ltd
Imprint:   Edward Elgar Publishing Ltd
Edition:   2nd edition
ISBN:  

9781800370920

ISBN 10:   180037092
Pages:   320
Publication Date:   09 November 2021
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   To order  
Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us.

Table of Contents

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 Index

Reviews

'Three of the sharpest analysts of municipal financing update their cutting-edge book that helps to demystify the complexities of the financial markets and instruments employed to achieve public purposes. This edition adds insights from recent changes in laws, markets, and scholarly research up to and including the COVID-19 pandemic. This book is for professionals engaged in the practice of municipal securities as well as students and researchers devoted to learning market practice.' - W. Bartley Hildreth, Georgia State University, US

'Three of the sharpest analysts of municipal financing update their cutting-edge book that helps to demystify the complexities of the financial markets and instruments employed to achieve public purposes. This edition adds insights from recent changes in laws, markets, and scholarly research up to and including the COVID-19 pandemic. This book is for professionals engaged in the practice of municipal securities as well as students and researchers devoted to learning market practice.' -- W. Bartley Hildreth, Georgia State University, US

Author Information

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

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