Public Pension Reform and Credit Quality of State Governments

IF 0.5 Q4 ECONOMICS

PUBLIC FINANCE REVIEW Pub Date : 2023-01-09 DOI:10.1177/10911421221143569

T. Hoang

引用次数: 0

Abstract

The growth of unfunded pension liabilities has raised concern over states’ fiscal sustainability and threatens their ability to access the capital market. Over the past decade, many states have implemented different types of pension reforms to reduce pension costs, improve funding levels, and mitigate the risks of default on unfunded pension obligations. However, have these reforms enabled states to enhance their credit quality? This study uses state-level data from 2004 to 2018 to examine the relationship between state pension reforms and assigned credit ratings and outlooks. The findings show that the impact of pension reforms on a state's credit quality is tangible and differs by reform type and the government's financial capacity and debt level.

查看原文本刊更多论文

公共养老金改革与国家政府信贷质量

无资金准备的养老金负债的增长引发了人们对各州财政可持续性的担忧，并威胁到它们进入资本市场的能力。在过去十年中，许多州实施了不同类型的养老金改革，以降低养老金成本，提高资金水平，并减轻无资金准备养老金义务的违约风险。然而，这些改革是否使各州提高了信贷质量?本研究使用2004年至2018年的州级数据来研究州养老金改革与分配的信用评级和前景之间的关系。研究结果表明，养老金改革对国家信用质量的影响是有形的，且因改革类型、政府财政能力和债务水平的不同而不同。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

PUBLIC FINANCE REVIEW ECONOMICS-

CiteScore

1.30

自引率

0.00%

发文量

期刊介绍： Public Finance Review is a professional forum devoted to US policy-oriented economic research and theory, which focuses on a variety of allocation, distribution and stabilization functions within the public-sector economy. Economists, policy makers, political scientists, and researchers all rely on Public Finance Review, to bring them the most up-to-date information on the ever changing US public finance system, and to help them put policies and research into action. Public Finance Review not only presents rigorous empirical and theoretical papers on public economic policies, but also examines and critiques their impact and consequences. The journal analyzes the nature and function of evolving US governmental fiscal policies at the national, state and local levels.