Fiscal governance, information capacity and subnational capital finance Tima T. Moldogaziev, Salvador Espinosa and Christine R. Martell
By: Moldogaziev, Tima T
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Contributor(s): Espinosa de los Monteros, Salvador | Martell, Christine R.
Material type: 
ArticlePublisher: 2018Subject(s): DEUDA PUBLICA | FINANCIACION | INFORMACIONES FINANCIERAS | MERCADOS FINANCIEROS | POLITICA FISCAL | MODELOS ECONOMETRICOSOnline resources: Click here to access online
In:
Public Finance Review v. 46, n. 6, November 2018, p. 974-1001Summary: This study posits a theory that a country’s capacity to resolve information problems directly relates to the development of subnational government (SNG) capital markets. Based on a sample of fifty-two countries with various degrees of market-based approaches to public debt finance, we evaluate
how the capacity to resolve information problems covaries with
alternative measures of SNG debt in 2007 to 2014. Empirical findings show that transparency and depth of credit information resolution and extent of disclosure in the private sector positively relate to SNG debt levels, other institutional capacities held constant.
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| OP 581/2018/6-1 Tax incidence | OP 581/2018/6-2 National versus local production | OP 581/2018/6-3 Compensating changes to the property tax levy? | OP 581/2018/6-4 Fiscal governance, information capacity and subnational capital finance | OP 581/2018/6-5 The growth of local education transfers | OP 581/2018/6-6 The short-term effects of the Kansas income tax cut on employment growth | OP 581/2019/1 Public Finance Review |
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Resumen.
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This study posits a theory that a country’s capacity to resolve information problems directly relates to the development of subnational government (SNG) capital markets. Based on a sample of fifty-two countries with various degrees of market-based approaches to public debt finance, we evaluate
how the capacity to resolve information problems covaries with
alternative measures of SNG debt in 2007 to 2014. Empirical findings show that transparency and depth of credit information resolution and extent of disclosure in the private sector positively relate to SNG debt levels, other institutional capacities held constant.
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