Das Mitte Januar 2015 von der Schweizerischen Nationalbank verkündete Ende der Wechselkursuntergrenze des Frankens an den Euro führte zu erheblichen Verlusten bei deutschen Kommunen. Diese hatten in den vergangenen Jahren in nicht unerheblichem Umfang Kredite in Fremdwährungen, oftmals in...

Die Gemeinden und Gemeindeverbände erzielen zurzeit und voraussichtlich in den kommenden Jahren einen Finanzierungsüberschuss. Dies verdeckt indes erhebliche regionale Disparitäten. Der Finanzierungsüberschuss ändert auch nichts an dem notwendigen Abbau der strukturellen Defizite und der...

Затронуты вопросы эффективного управления долгом. Представлен долг субъектов РФ и муниципальных образований, в том числе долг муниципального образования...

This article explores the effects of credit enhancement, and downgrades to credit enhancement providers, on the costs to municipal issuers for holding variable rate debt during the 2008—09 market crisis. Although municipal issuers were potentially subject to pressure on their debt issues...

This paper deals with Russia’s market for municipal and sub-federal borrowings.

We find that mean municipal debt costs are greater following financial restatement disclosures. Comparisons of the relative use of municipal debt, and of the use of unsecured versus secured debt, corroborate that financial restatements increase the cost of municipal debt financing. Additional...

This paper presents key findings of the Ex Post Assessment of Longer-Term Program Engagement for Bolivia. Bolivia is a country that is perceived as having one of the best structural reform records in Latin America but experienced sluggish per capita growth, and made virtually no progress in...

The objective of this article is to discuss alternatives to finance investments by municipalities. In general, current revenues are insufficient to finance large investments, what brings about the necessity of municipal indebtedness. These could assume different manners, according to the nature...

This study provides an empirical analysis of the impact of Wisconsin and Ohio pension cut legislation on values of banks operating in Wisconsin and Ohio, banks operating in other states in which pension cut legislation was being considered as Wisconsin and Ohio went through its legislative...

Everyone is talking about public debt. Europe's economic and financial crisis is, not least, a crisis of sovereign and local government debt. In Germany, along with national and regional government debt, local authorities' obligations are also coming under the spotlight again. Using...