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Orange County

In: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice

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  • Laurent L Jacque

Abstract

Municipal finance conjures up images of cautious and conservative investment in safe low-yielding tax-free bonds. When Orange County declared bankruptcy in December 1994 after announcing a loss of $1.65 billion it sent shock waves through capital markets: the $1 trillion municipal bond market lost one percent of its value while other California municipal bonds (exclusive of Orange County) lost as much as 3–4% in value…

Suggested Citation

  • Laurent L Jacque, 2015. "Orange County," World Scientific Book Chapters, in: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice, chapter 14, pages 221-244, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814663267_0014
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