State and local financial instruments : policy changes and management / Craig L. Johnson, Martin J. Luby, Tima T. Moldogaziev.

Format:

Book

Author/Creator:

Johnson, Craig L. (Craig Lawrence), author.

Moldogaziev, Temirlan Tilekovich, author.

Luby, Martin J., author.

Series:

Studies in Fiscal Federalism and State-Local Finance

Language:

English

Subjects (All):

Municipal bonds--United States.

Municipal bonds.

United States.

United States. Securities and Exchange Commission.

Physical Description:

1 online resource (308 pages)

Edition:

2nd ed.

Place of Publication:

Cheltenham, England ; Northampton, Massachusetts : Edward Elgar Publishing Limited, [2021]

Summary:

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.

Contents:

Front Matter

Copyright

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 municipalauction 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.

Notes:

Description based on print version record.

Includes bibliographical references and index.

Other Format:

Print version: Johnson, Craig L. State and Local Financial Instruments

ISBN:

1-80037-093-8