Municipal Finance Journal

The fallout of the sub prime mortgage crisis extends beyond corporate financial markets and will have both direct and indirect impacts on the financing of state and local governments. This journal symposium seeks to clarify the state and local fiscal impacts of the current financial crisis.

Governments rely on taxes and debt to finance public services and assets. While it is still early to empirically examine the impact of the financial crisis, there are clear issues that are emerging to challenge state and local government finance. The symposium seeks papers that address one or more of the challenges that local governments will face in coping with the fiscal crisis.

Possible questions to be addressed through the symposium include but are not limited to:
   • To what extent will rising interest costs and tightening credit markets impact municipal borrowing costs?
   • Which governments were substantially invested in sub prime mortgage securities?
   • What impact will the current financial crisis have on tax revenue collections and issuers’
      ability to meet debt service obligations?
   • Are there monetary and/or fiscal actions that will particularly benefit (or harm) the financing of
      local governments. Will the proposed economic stimulus plan help local governments?
   • What are the long-term effects of the current crisis on state pension obligations?

A submitted paper should be between 3,000 to 9,000 words in length with key points supported by documented facts, sound theory and judgment. Papers may focus on market wide issues or provide a case study approach. We seek to include in the symposium the perspective of all participants in the municipal bond market: financial officers, underwriters, credit rating agents, policymakers etc.

Detailed proposals should be sent to Dwight Denison at the following email address: dvdenison@gmail.com.

The due date for submission of completed papers is December 5, 2008. Given the nature of the symposium, papers will not be peer reviewed, but a quick peer review may be arranged if appropriate. This expedited publication plan is needed to get this timely information to bond investors, public officials and other interested parties.

The Municipal Finance Journal is the only professional journal devoted to the municipal securities market, and thus it focuses on state and local finance generally. For information on the Municipal Finance Journal, please visit their website.