Local Debt Financing in the Shadow of Storms: Disrupted and Destructed?

IF 2.2 3区管理学 Q2 PUBLIC ADMINISTRATION

Public Performance & Management Review Pub Date : 2023-04-05 DOI:10.1080/15309576.2023.2192943

Jinhai Yu, Zhao Zhang

引用次数: 0

Abstract

Abstract Natural disasters often pose sudden and drastic organizational environmental shocks for local governments, leading to administrative disruptions and public finance risks. In the short term, disasters may disrupt debt financing. The disaster shocks may increase the costs of debt if they hurt revenue bases or decrease the costs of debt if generating “constructive destruction” to the local economy. Using a panel of U.S. County governments between 1999 and 2019, we find that weather-related disasters decrease the likelihood of issuing general obligation bonds and increase the probability of issuing revenue bonds and short-term bonds in the subsequent 6 months. Conditional on borrowing, disasters increase the bond yields for short-term bonds. Thus, natural disasters may disrupt the timing of local government long-term borrowing but do not necessarily destroy public finances.

查看原文本刊更多论文

风暴阴影下的地方债务融资：是被破坏还是被破坏？

自然灾害往往给地方政府带来突发性和剧烈的组织环境冲击，导致行政管理中断和公共财政风险。在短期内，灾难可能会扰乱债务融资。如果灾害冲击损害了收入基础，则可能增加债务成本;如果对当地经济造成“建设性破坏”，则可能降低债务成本。利用1999年至2019年期间美国县政府的一个小组，我们发现与天气有关的灾害降低了发行一般义务债券的可能性，并增加了在随后的6个月内发行收入债券和短期债券的可能性。灾难以借贷为条件，提高了短期债券的收益率。因此，自然灾害可能会扰乱地方政府长期借款的时机，但不一定会破坏公共财政。

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 Performance & Management Review PUBLIC ADMINISTRATION-

CiteScore

5.50

自引率

16.10%

发文量

期刊介绍： Public Performance & Management Review (PPMR) is a leading peer-reviewed academic journal that addresses a broad array of influential factors on the performance of public and nonprofit organizations. Its objectives are to: Advance theories on public governance, public management, and public performance; Facilitate the development of innovative techniques and to encourage a wider application of those already established; Stimulate research and critical thinking about the relationship between public and private management theories; Present integrated analyses of theories, concepts, strategies, and techniques dealing with performance, measurement, and related questions of organizational efficacy; and Provide a forum for practitioner-academic exchange. Continuing themes include, but are not limited to: managing for results, measuring and evaluating performance, designing accountability systems, improving budget strategies, managing human resources, building partnerships, facilitating citizen participation, applying new technologies, and improving public sector services and outcomes. Published since 1975, Public Performance & Management Review is a highly respected journal, receiving international ranking. Scholars and practitioners recognize it as a leading journal in the field of public administration.