After achieving peak revenue of $1.5 billion in 2007, the municipal bond insurance business collapsed in the wake of the financial crisis. More recently, the industry has started to recover, with three market participants seeking to write new policies. Our study asks whether municipal bond...

Puerto Rico s heavy public-sector debt burden is the unintended consequence of a series of policy decisions extending back to the US takeover of the island in 1898. Rather than placing Puerto Rico on a path to statehood, Congress imposed a series of unique governing structures on the island....

La deuda excesiva que enfrenta el sector público de Puerto Rico es el resultado involuntario de una serie de decisiones de política pública hechas a partir del 1898 cuando los Estados Unidos tomó posesión de la isla. En lugar de encaminar a Puerto Rico hacia la estadidad, el Congreso de los...

After remaining relatively stable between 2004 and 2010, Medicaid spending as a proportion of overall state expenditure has been rising in the current decade. This trend may be expected to continue in the states participating in Medicaid expansion as the federal share of spending on newly...