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Political Will and Fiscal Federalism in Municipal Bankruptcy

Gillette, Clayton P. - 2011

Municipalities in fiscal distress may seek to adjust debts under Chapter 9 of the Bankruptcy Code either because they are truly destitute or because they lack the political will to adopt affordable tax increases. Local officials of municipalities that enter bankruptcy proceedings nevertheless...

Persistent link: https://www.econbiz.de/10013128065

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

Pensions and Property Rights in Municipal Bankruptcy

Hynes, Richard M. - 2014

Recent large municipal bankruptcies raise legal and moral questions of the priority in payment of the municipality's pension obligations. Focusing on existing law, we describe the bases on which pension obligations might have priority in bankruptcy. Priority under existing bankruptcy law...

Persistent link: https://www.econbiz.de/10013058050

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

What is a Lien? Lessons from Municipal Bankruptcy

Skeel, David A. - 2015

From the outset of Detroit's bankruptcy, an unlikely set of issues kept coming up: What exactly is a lien? Who has a property interest or its equivalent in bankruptcy? Did general obligation bondholders have special status, due to Detroit's promise to use its “full faith and credit” for...

Persistent link: https://www.econbiz.de/10013032859

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

How well do subnational borrowing regulations work?

Martinez-Vazquez, Jorge; Vulovic, Violeta - 2016

There are many positive aspects associated with subnational borrowing, including additional funding and promoting intergenerational equity. However, it may also endanger fiscal sustainability and macro stability due to moral hazard and soft budget constraints, making borrowing controls justified...

Persistent link: https://www.econbiz.de/10011441169

China's Local Government Bond Market

Lam, W. Raphael - 2018

Local governments play a significant role in China's public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development compare to other countries and what policies can foster...

Persistent link: https://www.econbiz.de/10012909404

Underwriting of Municipal Debt and Placement Risk Premiums in Broker-Dealer Market Transaction Prices

Moldogaziev, Tima T. - 2018

This study examines the relationship between underwriter placement risk and market transaction prices using a sample of state general obligation bonds. We proxy underwriter placement risk using three variables: “when-issued” trades, underwriter syndicate size, and bond sale method....

Persistent link: https://www.econbiz.de/10012929506

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