DC Field | Value | Language |
---|---|---|
dc.contributor.author | Gao, Pengjie | ko |
dc.contributor.author | Lee, Chang Joo | ko |
dc.contributor.author | Murphy, Dermot | ko |
dc.date.accessioned | 2019-08-22T09:20:02Z | - |
dc.date.available | 2019-08-22T09:20:02Z | - |
dc.date.created | 2019-08-22 | - |
dc.date.created | 2019-08-22 | - |
dc.date.created | 2019-08-22 | - |
dc.date.issued | 2019-05 | - |
dc.identifier.citation | JOURNAL OF FINANCIAL ECONOMICS, v.132, no.2, pp.404 - 426 | - |
dc.identifier.issn | 0304-405X | - |
dc.identifier.uri | http://hdl.handle.net/10203/264903 | - |
dc.description.abstract | Policies on financially distressed municipalities differ across US states, with some allowing unconditional access to Chapter 9 bankruptcy (Chapter 9 states) and others having proactive policies to assist distressed municipalities (Proactive states). These differences significantly affect borrowing costs. In Chapter 9 states, local municipal bond yields are higher, more cyclical, and more sensitive to default events than Proactive states. Default events have a contagion effect in Chapter 9 states, but not Proactive states. Lower local borrowing costs in Proactive states come at the expense of the state via higher intergovernmental revenue transfers in times of weak economic conditions. | - |
dc.language | English | - |
dc.publisher | ELSEVIER SCIENCE SA | - |
dc.title | Municipal borrowing costs and state policies for distressed municipalities | - |
dc.type | Article | - |
dc.identifier.wosid | 000469165300007 | - |
dc.identifier.scopusid | 2-s2.0-85055579934 | - |
dc.type.rims | ART | - |
dc.citation.volume | 132 | - |
dc.citation.issue | 2 | - |
dc.citation.beginningpage | 404 | - |
dc.citation.endingpage | 426 | - |
dc.citation.publicationname | JOURNAL OF FINANCIAL ECONOMICS | - |
dc.identifier.doi | 10.1016/j.jfineco.2018.10.009 | - |
dc.contributor.localauthor | Lee, Chang Joo | - |
dc.contributor.nonIdAuthor | Gao, Pengjie | - |
dc.contributor.nonIdAuthor | Murphy, Dermot | - |
dc.description.isOpenAccess | N | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | Default risk | - |
dc.subject.keywordAuthor | Government policy | - |
dc.subject.keywordAuthor | Municipal bonds | - |
dc.subject.keywordAuthor | Creditor protections | - |
dc.subject.keywordPlus | DEFAULT RISK | - |
dc.subject.keywordPlus | LIQUIDITY | - |
dc.subject.keywordPlus | CONTAGION | - |
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