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The security, structure, and market of municipal debt: Recent trends, research, and developments
Hildreth, W. Bartley
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Hildreth, W.B. & Jose, J. (2023). The security, structure, and market of municipal debt: Recent trends, research, and developments. In C.L. Johnson, T.M. Moldogaziev, & J.M. Ross (Eds.), Research Handbook on City and Municipal Finance (pp. 271-300). Edward Elgar Publishing Ltd. https://doi.org/10.4337/9781800372962
The American municipal securities market is a significant feature of subnational financing as around 50 percent of subnational governments issue debt to finance their public projects. Over the years, this market has evolved to deal with threats to the security undergirding debt instruments, disruptions to alternative debt structures, and material changes in the regulatory environment facing issuers as they seek to access the capital markets. For each of these three sections - security, structure and market - this chapter traces recent developments and related literature, and pinpoints significant research findings. These developments range from those caused as a result of the Great Recession to relatively recent events that significantly affect the market. The chapter closes with research and policy opportunities.
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