State and Local Governments as Borrowers: Strategic Choices and the Capital Market
研究了州和地方政府在资本市场发行证券融资时，如何通过战略选择实现最低资本成本，对政府首席财务官在变化的市场条件下设计债务策略有参考价值。
State and local governments issue securities to obtain financing for publicly desired projects or activities. A borrower's optimum economic goal is to obtain the lowest cost of capital over the desired repayment schedule. The role of the government's chief financial officer is to design appropriate strategies to achieve this goal within a context of changing market conditions, debt structures, and influences on borrowing choices.