Memorial Union Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Reports, Financial Statements, June 30, 2005

State University Audit Report

Telecommunication Facilities Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Utility System Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Regulated Materials Facility Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Reports, Financial Statements, June 30, 2005

State University Audit Report

Parking System Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Recreational Facility Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Indoor Multipurpose Use and Training Facility Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Hilton Coliseum Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Ice Arena Facility Revenue Note Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Academic Building Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Dormitory and Dining Services Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Reports, Financial Statements and Supplemental Information, June 30, 2005

State University Audit Report

Academic Building Revenue Bond Funds - Parity Bond Letter, Iowa State University of Science and Technology, November 8, 2005

State University Audit Report

Sovereign Risk, Anonymous Markets, and the Effects of Globalization

The goal of this paper is to study the e¤ects of globalization on the workings of financial markets. We adopt a "technological" view of globalization, which consists of an exogenous reduction in the cost of shipping goods across di¤erent regions of the world. We model financial markets where agents anonymously trade securities issued by every other agent in the world. In the absence of frictions, we show how globalization creates trade opportunities among residents of different regions of the world, thereby raising welfare. In the presence of sovereign risk, however, there emerge two crucial interactions between trade among residents within a region and trade among residents of di¤erent regions. First, the more residents within a region trade with each other, the more they can trade with residents of other regions. Second, the possibility of trade with residents of other regions sometimes leads a government to not enforce payments by its residents, destroying trade opportunities among residents within the region. The net effect on welfare of this process of creation and destruction of trade opportunities is ambiguous. We argue that there are no policies governments can take to avoid the negative effects of globalization on trade among domestic residents. In a dynamic extension, we analyze how our results are a¤ected by reputational considerations.

Academic Building Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Basic Financial Statements and Supplementary Information, June 30, 2006

State University Audit Report

Dormitory and Dining Services Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Basic Financial Statements and Supplementary Information, June 30, 2006

State University Audit Report