Within the framework of increasing decentralization, the need for local governments to access financial markets is growing. As urbanization expands, local authorities need to provide more services with fewer resources from the central government. Subnational borrowing, leveraging reliable cash flows and prudent fiscal management, can be alternatives to fund such investments, especially when the useful life of the service is long and an adequate legal framework is in place to ensure fiscal and financial stability.

From the earliest times when commodities such as tobacco and beaver pelts were used as money, to the present when credit and debit cards are commonplace, money has always played a central role in the American experience.

The United States confronts a global competitive landscape that has radically transformed in the past decade. Fueled by global deployment of advanced telecommunications, trade liberalization, and economic reforms in many countries, globalization and integration of the world’s national economies have accelerated, and emerging economies represent a growing share of global business commerce. While these changes spread increased growth and economic opportunity around the world, the competitive arena is more crowed than ever before.