Economic theory suggests that bond issuers of lower credit quality or higher opacity should be more likely to issue bonds with premium coupons (higher coupon rates relative to yields at issuance). Using a comprehensive data set of municipal bonds issued between 1992 and 2012 by more than 21,000...

In 2017, the budgets of subjects of the Russian Federation ran a deficit of RUB 15.5 billion, urban districts' budgets ran a deficit of RUB 29.5 billion, federal-status cities' inner-city municipalities' budgets ran a surplus of RUB 0.5 billion, municipal areas' budgets ran a deficit of RUB 5.4...

According to the 2016 year-end data, the regional consolidated budget and local government off-budget funds' budget ran a deficit of Rb 303.5m and thereby reached an almost deficit-free level.By comparison, the regional consolidated budget and local government off-budget funds' budget amounted...

At year-end 2019, the regional consolidated budgets and local government off-budget funds' budgets ran a surplus of RUB 17.4 billion or 0.02 percent of GDP (contraction by around 30-fold over the year). To compare, in 2018 the regional consolidated budgets and local government off-budget funds'...

Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility (MLF). Meanwhile, Congress enacted extensive fiscal...

The crisis phenomena in the global and Russian economy directly related to the introduction of quarantine measures in 2020, led to the deficit of the consolidated regional budget. At end-2020, the consolidated regional budget and the budgets of territorial state extra-budgetary funds ran a...