The world turns to hedging

Introduction

The world of municipal, agency and sovereign finance is changing rapidly. In this debut edition of our Governments and agencies supplement, we look at the risk management ramifications of some of the changes taking place in the public finance markets.

In the US, municipalities such as school districts, regional transportation authorities, even towns and cities, are faced with ballooning budget deficits caused by theeconomic downturn’s effects on tax revenues. Some canny municipal treasurers a

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