State and Local Financial Instruments
Policy Changes and Management
Published on 26. September 2014
Book
Hardback
288 pages
978-1-78347-616-9 (ISBN)
Description
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
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
Reviews / Votes
'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
More details
Series
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
College/higher education
Dimensions
Height: 234 mm
Width: 156 mm
ISBN-13
978-1-78347-616-9 (9781783476169)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
New editions
Craig L. Johnson | Martin J. Luby | Tima T. Moldogaziev
State and Local Financial Instruments
Policy Changes and Management
Book
11/2021
2nd Edition
Edward Elgar Publishing
€166.38
Shipment within 10-20 days
Persons
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
Content
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