Conclusion to State and Local Financial Instruments

This chapter concludes the book by describing the theories and methodologies that make up the analytical framework used throughout the book. It describes that the book provided an overview of the municipal securities market, highlighting what makes the muni market special, the technicalities of bringing a debt issue to market, the basic structure of financial instruments, and the risks and rewards of sophisticated debt financing instruments, products and strategies. It also covers the appropriate amount and type of state-local and federal regulation, including the major changes wrought by the major recessions, financial crises and the COVID-19 pandemic. The authors conclude with the hope that the book will substantively contribute to future discussions on improving subnational government capital raising, by assisting scholars, practitioners and policy makers utilize securities markets to meet the increasing capital financing and infrastructure needs of people in the United States and around the world.