Date of Submission

Fall 2016

Academic Programs and Concentrations


Project Advisor 1

L. Randall Wray

Project Advisor 2

Olivier Giovannoni

Abstract/Artist's Statement

Unlike the Federal Government, which has the unique legal power to issue a national currency, state and local governments (SLGs) depend on their revenue capacity for spending. Thus, the quality of public services provided by SLGs depends on adequate, stable funding and long-term commitments. This paper begins with an evaluation of the general fiscal condition of SLGs, meanwhile discerning specific budget areas that have become particularly distressed, such as education, healthcare, and infrastructure. Chapter 3 deals with how SLGs engage in municipal finance with private financial institutions. Finally, the fourth chapter presents how arranging a system of public banks across the United States can help alleviate fiscal distress for SLGs and redirect credit to promote public welfare.

Open Access Agreement

Open Access

Creative Commons License

Creative Commons License
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