The Munk School's Institute for Municipal Finance and Governance has released a new paper, authored by Kyle Hanniman, which explores municipal credit and borrowing in the wake of the 2008 financial collapse. Specifically the paper seeks to understand why subnational governments in Canada, including those at the local level, were able to borrow so easily following Lehman Brothers bankruptcy. The paper argues that Canada's municipal government's, and the country's tightly-regulated system for municipal borrowing, is highly resilient, even in the face of large shocks and tectonic international events. Read the full paper here.