This paper studies a municipal credit agency, which is a specialized financial institution facilitating municipalities' access to international capital markets. I document that gaining access to the agency's credit facility decreases municipal borrowing costs compared to commercial bank loans....

This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...