Do fiscal rules of local debt affect municipal off-budget activities? Analysis of various types of municipalities

IF 3.5 Q1 BUSINESS, FINANCE
Anna Białek-Jaworska, A. Kopańska
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引用次数: 0

Abstract

Purpose This paper aims to determine whether local governments (LGs) use non-consolidated municipally owned companies (MOCs), excluded from public sector entities and, consequently, from sub-national debt to avoid fiscal debt limits. This paper contributes to the literature by analysing the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units. Design/methodology/approach This paper uses difference-in-differences and the system general method of moments model with the Blundell–Bond estimator for dynamic panel data analysis of MOCs owned by 866 Polish municipalities in 2010–2018. Findings This paper shows that the MOCs’ revenues support limited local public debt capacity by indebtedness restrictions imposed on municipalities in 2014. As a result, less indebted municipalities have higher off-budget revenues. The tightening of fiscal rules related to sub-sovereign indebtedness increased off-budget activities, but that effect is much stronger in rural and rural–urban municipalities than in urban municipalities and big cities. Originality/value This paper contributes to the literature by exploring the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units. In this paper, the authors combine theories relating to private and public finance; this is a novel approach and one that is also necessary – as, in fact, the worlds of public and private actors intersect – as exemplified by the existence of MOC.
地方债务的财政规则会影响市政预算外活动吗?各类直辖市分析
本文旨在确定地方政府(lgg)是否使用非合并的市政所有公司(moc),这些公司被排除在公共部门实体之外,因此也被排除在地方债务之外,以避免财政债务限制。本文通过分析财政债务规则对不同类型地方政府单位预算外活动总量和单项的影响,为文献贡献力量。设计/方法/方法本文使用差中差和系统一般矩模型方法与Blundell-Bond估计器对2010-2018年波兰866个城市拥有的moc进行动态面板数据分析。研究发现:2014年,地方政府对地方政府实施了债务限制,从而使得地方政府的收入支持了有限的地方公共债务能力。因此,负债较少的市政当局有更高的预算外收入。与次主权债务有关的财政规则的收紧增加了预算外活动,但这种影响在农村和城乡自治市比在城市自治市和大城市强得多。本文通过探讨财政债务规则对不同类型地方政府单位总量和单项预算外活动的影响,为文献做出贡献。在本文中,作者结合了私人财政和公共财政的相关理论;这是一种新颖的方法,也是必要的,因为事实上,公共和私人行为者的世界是交叉的,MOC的存在就是一个例子。
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来源期刊
Meditari Accountancy Research
Meditari Accountancy Research BUSINESS, FINANCE-
CiteScore
7.80
自引率
14.30%
发文量
66
期刊介绍: Meditari Accountancy Research (MEDAR). MEDAR takes its name from the Latin for constantly pondering, suggesting a journey towards a better understanding of accountancy related matters through research. Innovative and interdisciplinary approaches are encouraged. The journal is a double blind refereed publication that welcomes manuscripts using diverse research methods that address a wide range of accountancy related topics, where the terms accountancy and accounting are interpreted broadly. Manuscripts should be theoretically underpinned. Topics may include, but are not limited to: Auditing, Financial reporting, Impact of accounting on organizations, Impact of accounting on capital markets, Impact of accounting on individuals, Management accounting, Public sector accounting, Regulation of the profession, Risk management, Social and environmental disclosure, Impact of taxation on society, Accounting education, Accounting ethics.
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