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Faculty: Shelby Chodos
Provides an introduction to issues of financial management in state and local government. Explores three interrelated areas: (1) raising revenues, including the trade-offs associated with establishing a sustainable tax base; (2) raising capital by borrowing in the capital markets; and (3) investing funds, in the context of both cash management and funding pension systems. Specific topics include: state and local tax policy, transit finance, school finance, privatization, economic development, debt management, and the roles of rating agencies, investment bankers, and investors. This course is policy focused and is not a substitute for courses in corporate finance, project finance, or the capital markets. The course is an introduction to finance and is probably not suitable for students whose work experience or prior course work in finance has already given them an exposure to basic issues of financial management and the capital markets or whose primary interest is outside the United States.