Democracy and Debt Yale Law Journal民主与债务耶鲁大学法学报.pdfVIP

SCHRAGGER.WEB.DOC 1/5/2012 2:40:30 PM Richard C. Schragger Democracy and Debt abstract. Recent state and municipal budget crises have generated a great deal of consternation among market participants and policymakers; they have also led scholars to debate the merits of bailouts or other forms of debt relief. This Essay considers why the mechanisms that were supposed to control state and local fiscal behavior ex ante have not worked. In the aftermath of the state and munic