Over the last decade, several metropolitan cities have been forced to think critically about their long-term financial solvency. This paper considers the tangible impacts of long-term financial planning in Detroit, Michigan. In July of 2013, Detroit became the largest municipality to file...

What would happen if the City of Chicago, the Chicago Public Schools, and Cook County all became insolvent at the same time? How should policy-makers and courts respond? This Article argues that the pension and budget crises that have left so many local governments deeply in debt have generated...

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....

The 2019 keynote address offers an important opportunity for economic historians and policy makers to better understand the nuances associated with Detroit’s recent financial problems, ultimate bankruptcy, and its broader implications for state and local governments in general. This episode is...

The crisis phenomena in the global and Russian economy directly related to the introduction of quarantine measures in 2020, led to the deficit of the consolidated regional budget. At end-2020, the consolidated regional budget and the budgets of territorial state extra-budgetary funds ran a...

Municipal bond markets experienced a significant amount of strain in response to the COVID-19 crisis, creating liquidity and credit concerns among market participants. During the economic shutdown resulting from the pandemic, income tax revenues were deferred and sales tax revenues decreased...

This research paper presents and discusses the main results generated and obtained with the proprietary computer platform CIDIUS®, developed by the authors of this work, which aims to support the decision-making process of Portuguese mayors. Thus, keeping in mind the theoretical models and...