Introduction to State and Local Financial Instruments

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Chapter 1 in State and Local Financial Instruments, 2021, pp 1-22 from Edward Elgar Publishing

Abstract: This chapter provides an overview of the municipal securities market and describes how the authors use the book to answer the basic question: Why understanding the financial instruments sold by state and local governments in the United States of America is important? The aim of the book is to assist scholars and students, policymakers and practitioners, develop policies and implement practices that help the municipal securities market serve its vital role in society in the post-COVID-19 pandemic world, and inform current public policy debates on the future of municipal issuers, intermediaries, and regulation. The authors stress the importance of understanding how the role and function of the municipal market operates alongside the unique structure of American fiscal federalism. The authors combine modern financial economics and the ideas and methodologies described as the 'second-generation theory of fiscal federalism'. The first chapter covers the basic characteristics of municipal financial instruments, including term-to-maturity, interest rate structures, repayment pledges, and intermediaries and regulators.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2021
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