Financial / Capital Market

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

Edited by Peter Conti-Brown · David Skeel
Cambridge University Press May 2012

Specifications

ISBN-13
9781107023178
Publisher
Cambridge University Press
Publication
May 2012
Format
Hardback , 340 pages
Jurisdiction
U.S. ? Countri(es) for reference only

Details

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

Table of Contents

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

About the Author

Peter Conti-Brown
Stanford Law School

David Skeel
University of Pennsylvania Law School

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