Arbeitspapier
The Impact of Fiscal Governance on Bond Markets: Evidence from Late Budgets and State Government Borrowing Costs
Does fiscal governance affect government borrowing costs? We operationalize fiscal governance as the ability of governments to pass a budget on time and, using a unique data set on budget enactment dates, analyze the effect of such late budgets on government bond yield spreads. Based on a sample of 36 US states in the period 1988-1997, we estimate that a budget delay of 30 days has a long run impact on the yield spread between 2 and 10 basis points. States with sufficient liquidity in the form of large reserves face small or no costs from late budgets.
- Sprache
-
Englisch
- Erschienen in
-
Series: EPRU Working Paper Series ; No. 2010-11
- Klassifikation
-
Wirtschaft
State and Local Budget and Expenditures
National Budget; Budget Systems
National Debt; Debt Management; Sovereign Debt
- Thema
-
fiscal governance
political deadlock
late budgets
fiscal stalemate
Chubb relative value survey
debt cost
bond spreads
Finanzpolitik
Öffentliche Schulden
Kapitalkosten
Länderfinanzen
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Andersen, Asger Lau
Dreyer Lassen, David
Holbøll Westh Nielsen, Lasse
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Copenhagen, Economic Policy Research Unit (EPRU)
- (wo)
-
Copenhagen
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Andersen, Asger Lau
- Dreyer Lassen, David
- Holbøll Westh Nielsen, Lasse
- University of Copenhagen, Economic Policy Research Unit (EPRU)
Entstanden
- 2010
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