Pension Obligation Bonds and Government Spending

Thad D. Calabrese, Todd L. Ely
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引用次数: 3

Abstract

We examine the use of pension obligation bonds (POBs) as a financing strategy to address the effects of unfunded pension liabilities on government operating budgets. POBs are publicly marketed as money‐saving mechanisms that reduce pension system payments while allowing for increased spending on other government priorities. We review general POB usage and examine whether POBs altered school district spending patterns in Oregon and Indiana. Our results indicate that districts issuing POBs have not increased educational spending relative to other districts. Because POBs cost money to issue and manage, decision makers are encouraged to consider annual budgetary effects prior to issuance.
养老金义务债券和政府支出
我们研究了养老金义务债券(pob)作为一种融资策略的使用,以解决无资金准备的养老金负债对政府运营预算的影响。pob被公开宣传为节省资金的机制,可以减少养老金系统的支付,同时增加政府在其他优先事项上的支出。我们回顾了POB的一般使用情况,并检查POB是否改变了俄勒冈州和印第安纳州的学区支出模式。我们的研究结果表明,与其他地区相比,发放pob的地区并没有增加教育支出。由于发行和管理pob需要资金,因此鼓励决策者在发行之前考虑年度预算影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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