-central governments can expect to be bailed out by the central government and therefore tend to accumulate higher levels of debt. We test …

constitutional and/or statutory fiscal restraints in order to prevent excessive public debt. In this paper, the effects of these … constitutional clauses on public deficit and debt are investigated. Using a panel of the 26 Swiss cantons from 1980 to 1998, we … lower public debt. …

-central governments can expect to be bailed out by the central government and therefore tend to accumulate higher levels of debt. We test …

-budget effect is substantial, on average; a local government increases its debt by 20 percent of going from a hard to a soft budget …

investigating how procedural safeguards and outright prohibitions on debt accumulation, along with hard budget constraints, and tax …. Overall, the results suggest that outright prohibitions on debt accumulation and hard budget constraints actually reduced the …

The current paper explores the municipal debt crisis that resulted from the panic of 1873, which caused a significant … number of local governments in the U.S. to default on their debt obligations. The aftermath of that episode was one of … creditor guarantees regarding the issuing and repayment of debt, hard budget constraints, and also strict debt limits, while …

. Logit regression analysis confirms that when deficit rules or, to a lesser extent, debt thresholds tend to become more …