Lofton, Michelle L.
The use of short-term debt by general-purpose governments / Michelle L. Lofton, Sharon N. Kioko .-- , 2021
Resumen.
Bibliografía.
This paper analyzes local government use of short-term debt. Though long-term debt, largely used for capital projects, is relatively well-researched, predictors for the use of short-term debt need to be further developed. We hypothesize that governments with limited cash reserves and expenditure flexibility are more likely to use short-term debt. Further, we expect that governments use short-term debt as an instrument to manage market timing for long-term debt. Using a heterogeneous sample of New York local governments, our analysis finds more illiquidity, declining prior year surplus, more salary expenditures, larger capital spending, and the timing of long-term debt increase the likelihood of using short-term debt.
DEUDA PUBLICA LOCAL
ESTADOS UNIDOS
Kioko, Sharon N.
Public Budgeting and Finance0275-1100v. 41, n. 4, Winter 2021, p. 71-93
The use of short-term debt by general-purpose governments / Michelle L. Lofton, Sharon N. Kioko .-- , 2021
Resumen.
Bibliografía.
This paper analyzes local government use of short-term debt. Though long-term debt, largely used for capital projects, is relatively well-researched, predictors for the use of short-term debt need to be further developed. We hypothesize that governments with limited cash reserves and expenditure flexibility are more likely to use short-term debt. Further, we expect that governments use short-term debt as an instrument to manage market timing for long-term debt. Using a heterogeneous sample of New York local governments, our analysis finds more illiquidity, declining prior year surplus, more salary expenditures, larger capital spending, and the timing of long-term debt increase the likelihood of using short-term debt.
DEUDA PUBLICA LOCAL
ESTADOS UNIDOS
Kioko, Sharon N.
Public Budgeting and Finance0275-1100v. 41, n. 4, Winter 2021, p. 71-93