The purpose of the course is to deepen students’ understanding of the way in which public policy and political realities interact in American government at the national, state, and local levels: how political pressures limit policy choices, how policy choices in turn reshape politics, and how policymakers can function in the interplay of competing forces. The theme explored is how public officials balance concerns for substantive policy objectives, institutional politics and elective politics in order to achieve change.

This course will focus on the issuance and management of debt by state and local governments as well as nonprofit institutions. The course will serve as an overview of how municipal and nonprofit borrowers access the capital markets, primarily through the issuance of tax-exempt bonds. Students will understand the role of the various participants in the capital markets, including but not limited to the issuer, underwriter, financial advisor, legal counsel, rating agency, insurer and investor.