This article explores the question of whether bond insurers are able to sufficiently evaluate the credit risk of insured bonds, the answer to which would determine the future of municipal bond insurance. A sample of insured municipal bonds is investigated to determine whether bond insurance...

Using a panel dataset of 206 non-U.S. subnational governments from 31 countries between 2004 and 2010, this study investigates the relationship between economic openness and sub-sovereign borrowings. We find that financial openness generates a positive impact on the size of subnational...