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008			201214b ||||| |||| 00| 0 eng d
100			_aKass, Amanda _934279
245			_aTaking a Risk: Explaining the Use of Complex Debt Finance by the Chicago Public Schools
300			_aVol 55, Issue 4, 2019 : (1035- 1069 p.)
520			_aIn the decade leading up to the global crisis of 2007-2008, local governments in the United States used increasingly complex financial structures to underwrite major capital projects. These structures offered potentially lower borrowing costs while also carrying greater financial risk, and in most cases, the bond structures imploded when the crisis hit. Why did some local governments gravitate toward this part of the risk spectrum while others did not? This article develops several explanations for local government risk-taking with a case study of the Chicago Public Schools’ use of auction rate securities and interest rate swaps. We argue that the school district’s exceptional use of these instruments was due to administrators’ familiarity with these instruments, Chicago’s long history of using creative techniques to defer tax increases and service cuts, and lack of knowledge about the extent to which investment banks were propping up these securities markets.
650			_a fiscal policy _934280
650			_aurban education _934281
650			_arisk management, _934282
650			_afinancial innovation _934283
650			_amunicipal bonds _933287
700			_aLuby, Martin J. _934186
700			_aWeber, Rachel _930805
773	0		_010947 _915473 _dSage, 2019. _tUrban affairs review
856			_uhttps://doi.org/10.1177/1078087417748782
942			_2ddc _cART