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Drivers of Municipal Bond Defaults during the Great Depression

Joffe, Marc D. - 2012

Approximately 4800 municipal bond issuers defaulted on interest or principal payments during the Great Depression. Although municipal bond defaults have been quite rare over the last 70 years, some commentators have suggested that another large wave of municipal bond defaults will occur in the...

Persistent link: https://www.econbiz.de/10013096454

Assessing Municipal Bond Default Probabilities

Holian, Matthew John - 2013

In response to a request from the California Debt and Investment Advisory Commission, we propose a model to estimate default probabilities for bonds issued by cities. The model can be used with financial data available in Comprehensive Annual Financial Reports that cities are required to...

Persistent link: https://www.econbiz.de/10013082584

Determinants of fiscal distress in Italian municipalities

Gregori, Wildmer Daniel; Marattin, Luigi - 2015

Fiscal distress of local governments and municipalities is a non-negligible component of the public finance turmoil after the Great Recession. In this paper we consider a dataset of Italian municipalities over the period 2000-2012 and look for the main budget determinants of local default....

Persistent link: https://www.econbiz.de/10011714264

Using Fiscal Ratios to Predict Local Fiscal Distress

Gorina, Evgenia - 2018

We will collect audited financial and socioeconomic data for a large sample of local governments between 2008 and 2016 to create a fiscal scoring system for cities and counties based on our previous work, work done by Pew and the leading academics. City and county scores will be reported on a...

Persistent link: https://www.econbiz.de/10012917466

The Ricardian Equivalence Versus Debt Capitalization in Local Public Finance

Stadelmann, David; Eichenberger, Reiner - 2008

Rational and forward-looking individuals know that government debts today mean higher taxes in the future. The Ricardian equivalence at the national level implies that the burden of the debt cannot be shifted between generations as intergenerational transfers allow the future generation to pay...

Persistent link: https://www.econbiz.de/10014220662

Consumption smoothing in a balanced budget regim

Persson, Lovisa - 2013

I investigate consumption smoothing (sensitivity) under a balanced budget rule in Swedish municipalities. In general, I find Swedish municipalities to be highly consumption sensitive during the time period 2001-2011 when the BBR was in place. A one percentage increase in predicted current...

Persistent link: https://www.econbiz.de/10010200110

Impact of the Accumulation Rule of Fiscal Slack and Mimicking Behavior on Local Public Finance

Maeda, Izuru; Tsukamoto, Takahiro - 2022

Given the reluctance in the extant fiscal literature to apply the intergovernmental competition concept to fiscal slack, this study empirically analyzes how local governments’ fund holdings are determined, focusing on interactions among local governments. It constructs a panel dataset of all...

Persistent link: https://www.econbiz.de/10014237779

Crypto-exchanges and Credit Risk : Modelling and Forecasting the Probability of Closure

Fantazzini, Dean; Calabrese, Raffaella - 2021

While there is an increasing interest in crypto-assets, the credit risk of these exchanges is still relatively unexplored. To fill this gap, we consider a unique data set on 144 exchanges active from the first quarter of 2018 to the first quarter of 2021. We analyze the determinants of the...

Persistent link: https://www.econbiz.de/10013314480

Political Competition and Fiscal Status : Evidence from Municipalities in Israel

Reingewertz, Yaniv - 2010

This paper analyzes the link between fiscal balance and political competition. Two conflicting hypotheses are formulated and tested in the literature, with no consensus as to which is correct. The first hypothesis states that political competition increases the accountability of politicians and...

Persistent link: https://www.econbiz.de/10013139384

Junk Cities : Resolving Insolvency Crises in Overlapping Municipalities

Chaudhury, Aurelia - 2018

the same territory. These crises will be worse than prior local insolvency crises, as conflicts among overlapping … insolvency crises and how courts and legislatures would respond. This Article explains how collective action problems among … overlapping local governments will make addressing simultaneous insolvency crises difficult, as jurisdictions will hold out …

Persistent link: https://www.econbiz.de/10012922009

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