Local Governments’ Adoption of Innovative Infrastructure Finance Tool: Evidence From Pennsylvania Municipalities

IF 0.5 Q4 ECONOMICS

PUBLIC FINANCE REVIEW Pub Date : 2023-02-28 DOI:10.1177/10911421231153787

Laiyang Ke, Shiqin Liu

引用次数: 0

Abstract

State Infrastructure Banks (SIBs) are established to provide low-interest loans and credit enhancements to assist local governments in financing transportation projects. SIB loans, one of their core products, are low-cost and low-risk when compared to traditional capital finance tools. However, SIB loans are still rarely used by local communities. This study investigates the determinants of local government adoption of SIB loans among Pennsylvania municipalities from 2008 to 2015. Using limited dependent variable models, we discover that infrastructure demands, prior experiences, and neighboring adoptions are all positively associated with municipalities’ likelihood of applying for SIB loans as well as the intensity of loan usage, whereas fund balance reduces the probability of applying for SIB loans. We also find that as fund balance increases, the positive impact of infrastructure demands diminishes.

查看原文本刊更多论文

地方政府采用创新的基础设施融资工具：来自宾夕法尼亚州市政当局的证据

国家基础设施银行（SIBs）旨在提供低息贷款和信贷增强，以协助地方政府为交通项目融资。SIB贷款是其核心产品之一，与传统资本金融工具相比，成本低、风险低。然而，当地社区仍然很少使用SIB贷款。本研究调查了2008年至2015年宾夕法尼亚州各城市地方政府采用SIB贷款的决定因素。使用有限因变量模型，我们发现基础设施需求、先前经验和邻近地区的采用都与市政当局申请系统重要性银行贷款的可能性以及贷款使用强度呈正相关，而资金余额降低了申请系统重要性银行贷款的概率。我们还发现，随着资金余额的增加，基础设施需求的积极影响会减弱。

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.