Information Resolution and Subnational Capital Markets

George M. Guess, George Mason University, Public Administration and Development The book is a must read for city officials, academics and of course, students planning careers in the international local public finance area.

Christine R. Martell is a nationally-recognized scholar of public finance and budgeting with expertise in subnational government and municipal capital markets, fiscal institutions and fiscal decentralization, debt and financial instrument design, and citizens and governance. Dr. Martell is a professor at the University of Colorado Denver. She has consulted with the Inter-American Development Bank and the International Food Policy Research Institute, and has instructed courses across the globe for the U.S. Treasury, Columbia University, and Lincoln Institute of Land Policy. Tima T. Moldogaziev is an associate professor in the School of Public Policy at the Pennsylvania State University. His primary research interests are in public sector management and organizational behavior, regional and local policy and governance, and capital infrastructure financing and fiscal policy. Salvador Espinosa is a public finance and public policy scholar with expertise in local government finances, subnational capital market development, and the application of behavioral insights to public policy and regulatory design. He is the founder of the Public Affairs Behavioral Lab at the School of Public Affairs in San Diego State University, where he conducts research combining cognitive, behavioral, and economic sciences to study financial decision-making.

Dedication Preface Acknowledgments Abbreviations and Acronyms Chapter 1: Subnational Capital Finance Chapter 2: A Theory of Subnational Government Capital Market Information Chapter 3: Review of Literature on Subnational Government Borrowing Chapter 4: System-level Information Resolution and Contractibility Chapter 5: Information Resolution, Information Content, and City Debt Chapter 6: Understanding, Managing, and Communicating Credit Fundamentals Chapter 7: Three Contexts of Information Resolution Reforms Chapter 8: Subnational Government Capital Financing: Lessons for Policy and Practice References Index