Financial Markets, Fiscal Constraints, and Municipal Debt - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Financial Markets, Fiscal Constraints, and Municipal Debt write by John A. Dove. This book was released on 2013. Financial Markets, Fiscal Constraints, and Municipal Debt available in PDF, EPUB and Kindle. The current paper explores the municipal debt crisis that resulted from the panic of 1873, which caused a significant number of local governments in the U.S. to default on their debt obligations. The aftermath of that episode was one of constitutional change meant to constrain municipal governments from pursuing similar activities in the future. This paper empirically investigates the impact that these restrictions had on municipal borrowing costs, analyzed from bond yield data taken from several major U.S. financial markets, so as to evaluate how binding and significant markets actually perceived these constraints to be. Overall, the results suggest that borrowing costs were lower for municipal governments that faced more stringent creditor guarantees regarding the issuing and repayment of debt, hard budget constraints, and also strict debt limits, while tax limits generally increased borrowing costs. These results not only conform to much of the current literature regarding the political economy of institutional constraints on public finance, they also add several important insights, especially when comparing defaulting to non-defaulting municipalities.
Market-Based Fiscal Discipline in Monetary Unions
Market-Based Fiscal Discipline in Monetary Unions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Market-Based Fiscal Discipline in Monetary Unions write by Mr.Morris Goldstein. This book was released on 1991-09-01. Market-Based Fiscal Discipline in Monetary Unions available in PDF, EPUB and Kindle. The concept of market-based fiscal discipline posits that a government which runs persistent, excessive fiscal deficits will face an increased cost of borrowing and eventually, a reduced availability of credit, and that these market actions will provide an incentive to correct irresponsible fiscal behavior. This paper presents new empirical evidence on market-based fiscal discipline by estimating the relationship between the cost of borrowing and fiscal policy behavior across U.S. states. We find that U.S. states which have followed more prudent fiscal policies are perceived by the market as having lower default risk and are therefore able to reap the benefit of lower borrowing costs.
State and Local Financial Instruments
State and Local Financial Instruments - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook State and Local Financial Instruments write by Craig L. Johnson. This book was released on 2014-09-26. State and Local Financial Instruments available in PDF, EPUB and Kindle. The ability of a nation to finance its basic infrastructure is essential to its economic well-being in the 21st century. This book covers the municipal securities market in the United States from the perspective of its primary capital financing role in
Understanding the Market for State and Local Debt
Understanding the Market for State and Local Debt - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Understanding the Market for State and Local Debt write by United States. Advisory Commission on Intergovernmental Relations. This book was released on 1976. Understanding the Market for State and Local Debt available in PDF, EPUB and Kindle.
Guide to Municipal Finance
Guide to Municipal Finance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Guide to Municipal Finance write by Naomi Enid Slack. This book was released on 2009. Guide to Municipal Finance available in PDF, EPUB and Kindle.
