LOCAL FISCAL-POLICIES, DEFAULT RISK, AND MUNICIPAL BORROWING COSTS
成果类型：
Article
署名作者：
CAPECI, J
刊物名称：
JOURNAL OF PUBLIC ECONOMICS
ISSN/ISSBN：
0047-2727
DOI：
10.1016/0047-2727(94)90014-0
发表日期：
1994
页码：
73-89
关键词：
摘要：
This paper provides an empirical study of the effects that a local government's fiscal decisions exert on its cost of borrowing, using a sample of New Jersey municipalities. The results are consistent with the view that current period fiscal decisions do impact the cost of borrowing. A one standard deviation increase in the amount borrowed is associated with a 66 basis point increase in the annual yield. Furthermore, that the standard approach of treating current period policy variables as exogenous regressors leads to a downward bias in the effect of additional borrowing on the interest rate.
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