Estimates are presented for the impact of debt accumulation by the central and subcentral governments of a federation on the creditworthiness of other federation member governments. The estimates, calculated using an ordered probit model and Canadian provincial data, indicate that debt...

The average return on long-term bonds exceeds the return on short-term bills by a large amount over short investment horizons. A riding-the-yield-curve investment strategy takes advantage of the higher returns on longer term bonds. This strategy involves the purchase of bonds with maturities...

Alberta government needs a revamped resource revenue stabilization fund to overcome the effects of wild swings in resource revenue and spending. Energy prices change substantially and unpredictably, causing revenue planning trouble for the Alberta government. Adjusting to these movements...