When States Go Broke The Origins, Context, and Solutions for the American States in Fiscal Crisis

Author: Peter Conti-Brown; David Skeel
Publisher: Cambridge University Press
ISBN: 9781107023178
Published In: May 2012
Format: Hardback , 340 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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When States Go Broke collects insights and analysis from leading academics and practitioners that discuss the ongoing fiscal crisis among the American states. No one disagrees with the idea that the states face enormous political and fiscal challenges. There is, however, little consensus on how to fix the perennial problems associated with these challenges. This volume fills an important gap in the dialogue by offering an academic analysis of the many issues broached by these debates. Leading scholars in bankruptcy, constitutional law, labor law, history, political science and economics have individually contributed their assessments of the origins, context and potential solutions for the states in crisis. It presents readers – academics, policy makers and concerned citizens alike – with the resources to begin and continue that important, solution-oriented conversation.

• Features contributions from leading scholars in several disciplines

• Contains a full debate on the advantages and disadvantages of a state bankruptcy regime

• It presents readers – academics, policy makers and concerned citizens alike – with the resources to begin and continue that important, solution-oriented conversation

List of figures	vii
List of tables	ix
List of contributors	xi
Acknowledgments	xiii
Introduction:The Perennial Crisis for the American States Peter Conti-Brown	1
Part I. The Origins of the States in Fiscal Crisis	7
1 Fiscal Institutions and Fiscal Crises Isabel Rodriguez-Tejedo and John Joseph Wallis	9
2 Obligations Without the Power to Fund Them Damon A. Silvers	40
3 Public Pension Pressures in the United States Olivia S. Mitchell	57
4 Structural Challenges in State Budgeting Josh Barro	77
Part II. The Legal and Political Context of Public Debt	97
5 What States Can Learn From Municipal Insolvency Clayton P. Gillette	99
6 Market Discipline and U.S. Federalism Jonathan Rodden	123
7 American States and Sovereign Debt Restructuring Adam Feibelman	146
Part III. Evaluating Solutions	189
8 State Bankruptcy from the Ground Up David A. Skeel, Jr.	191
9 Fiscal Federalism and the Limits of Bankruptcy Adam J. Levitin	214
10 Extending Bankruptcy Law to States Michael W. McConnell	229
11 Bankruptcy For the States and By the States George Triantis	237
12 Labor and the States’ Fiscal Problems Catherine Fisk and Brian Olney	253
Epilogue David A. Skeel, Jr.	315
Index	317