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Actuarial Inputs and the Valuation of Public Pension Liabilities and Contribution Requirements: A Simulation Approach 精算输入和公共养老金负债和缴款要求的估值:模拟方法
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2017-03-01 DOI: 10.1111/pbaf.12154
Gang Chen, D. Matkin
{"title":"Actuarial Inputs and the Valuation of Public Pension Liabilities and Contribution Requirements: A Simulation Approach","authors":"Gang Chen, D. Matkin","doi":"10.1111/pbaf.12154","DOIUrl":"https://doi.org/10.1111/pbaf.12154","url":null,"abstract":"This paper uses a simulated public pension system to examine the sensitivity of actuarial input changes on funding ratios and contribution requirements. We examine instantaneous and lagged effects, marginal and interactive effects, and effects under different funding conditions and demographic profiles. The findings emphasize the difficulty of conducting cross-sectional analyses of public pension systems and point to several important considerations for future research.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116827429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
Virtual versus Physical Government Decentralization: Effects on Corruption and the Shadow Economy 虚拟与实体政府分权:对腐败和影子经济的影响
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2016-12-01 DOI: 10.1111/pbaf.12105
R. Goel, James W. Saunoris
{"title":"Virtual versus Physical Government Decentralization: Effects on Corruption and the Shadow Economy","authors":"R. Goel, James W. Saunoris","doi":"10.1111/pbaf.12105","DOIUrl":"https://doi.org/10.1111/pbaf.12105","url":null,"abstract":"This paper examines the relative effectiveness of cross‐national virtual decentralization and physical decentralization of government functions on corruption and the shadow economy. Results show that while virtual decentralization reduces both corruption and the shadow economy, physical decentralization reduces only the shadow economy. The e‐government results are robust to alternate measures and specifications, while those of government tiers are not.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115813776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
Judicial Independence and US State Bond Ratings: An Empirical Investigation 司法独立与美国国债评级:一个实证研究
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2016-11-01 DOI: 10.1111/pbaf.12153
John A. Dove
{"title":"Judicial Independence and US State Bond Ratings: An Empirical Investigation","authors":"John A. Dove","doi":"10.1111/pbaf.12153","DOIUrl":"https://doi.org/10.1111/pbaf.12153","url":null,"abstract":"Significant research has assessed how judicial independence influences a number of economic outcomes, however less has been done to evaluate how financial institutions perceive an independent judiciary. Therefore, this paper considers how greater judicial independence across US states may affect government bond ratings. Overall, the results would suggest that states with relatively more independent judiciaries do in fact have higher bond ratings, which translates into lower borrowing costs. The results are robust to a number of specifications and suggest the role that an independent judiciary plays in contract enforcement along with several other important implications for future research.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"44 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115552557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
A Day Late and a Dollar Short? A Study of Budget Passage in New York State 晚了一天，少了一美元?纽约州预算通过研究
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2016-07-01 DOI: 10.1111/pbaf.12097
Yi (Elaine) Lu, Gang Chen
{"title":"A Day Late and a Dollar Short? A Study of Budget Passage in New York State","authors":"Yi (Elaine) Lu, Gang Chen","doi":"10.1111/pbaf.12097","DOIUrl":"https://doi.org/10.1111/pbaf.12097","url":null,"abstract":"Passing a budget is an attribute of sovereignty. This research highlights the fusion of multiple forces in the broader context — economic factors, political factors, budget rules, and leadership stability — in which budget negotiation takes place. Through an in‐depth case study of New York State from 1970 to 2012 and extensive interviews with prior and current key participants in the budgeting process, this research found that a divided government contributes to a late budget only when budget rules are not controlled. In addition, legal clarity of authorities among the key budget negotiators, their willingness to compromise, as well as effective executive leadership in bringing people to budget negotiation, hold the potential to reduce the extent of budget delays in an increasingly contentious and turbulent budgeting environment.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132209820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Local Government Risk Assessment: The Effect of Government Type on Credit Rating Decisions in Texas 地方政府风险评估:政府类型对德州信用评级决策的影响
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2016-06-01 DOI: 10.1111/pbaf.12082
R. Greer
{"title":"Local Government Risk Assessment: The Effect of Government Type on Credit Rating Decisions in Texas","authors":"R. Greer","doi":"10.1111/pbaf.12082","DOIUrl":"https://doi.org/10.1111/pbaf.12082","url":null,"abstract":"In consideration of increased levels of debt issued by special purpose local governments, this study explores the relationship between local government type and credit rating decisions. Investors use credit ratings as a signal for default risk, and risk level is a function of local economic base including service responsibilities and revenue sources. Governmental functions and economic bases vary across local government types which affect credit rating decisions. Specifically, special purpose governments have more limited responsibilities and revenue sources compared to general purpose governments. To model the decision of agency selection a multivariate probit model is estimated using bond deals from six different types of local governments in Texas. Findings suggest differences among general purpose and special purpose local governments. This supports the hypothesis that economic base affects credit rating decisions. Results indicate that credit rating agencies evaluate and weight information differently, and that local governments chose rating agencies in response.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"49 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132851466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 15
Forms of Appropriation: A Typology 挪用的形式:类型学
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2016-06-01 DOI: 10.1111/pbaf.12096
Anthony McCann
{"title":"Forms of Appropriation: A Typology","authors":"Anthony McCann","doi":"10.1111/pbaf.12096","DOIUrl":"https://doi.org/10.1111/pbaf.12096","url":null,"abstract":"Since the enactment of the Congressional Budget and Impoundment Control Act, spending has been categorized as either “discretionary” or “mandatory.” However, over the last 40 years Congress has created and utilized many forms within each category and many agencies are funded via several forms, some of which are better understood than others. Consequently, budget and financial management officials must deal with differing levels of congressional control in obligating funds, variations in the length of time to expend obligated funds and varying levels of transparency. This article identifies 13 different forms of appropriations and develops a categorization of forms — “Discretionary,” “Transitional,” “Mandatory/Entitlement,” and “other.” For each form the article provides a description and examples. In each case the article also identifies issues of congressional control and budget execution raised by the form. The article concludes by advancing research questions raised by the analysis and categorizations.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124871946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
(Re)Defining the Disarticulated Municipality: Budget Accountability for Networked Governance (重新)定义分离的市政当局:网络化治理的预算问责制
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2016-02-01 DOI: 10.1111/pbaf.12087
D. Mitchell, K. Thurmaier
{"title":"(Re)Defining the Disarticulated Municipality: Budget Accountability for Networked Governance","authors":"D. Mitchell, K. Thurmaier","doi":"10.1111/pbaf.12087","DOIUrl":"https://doi.org/10.1111/pbaf.12087","url":null,"abstract":"This study investigates the degree to which municipalities engaged in public management networks use their budget documents to report their contributions, whether the network provides the member municipalities with performance data, and how budgetary decisions regarding the network are made within the member organizations and the network administrative organization itself. An analysis of network and member budget documents and a survey of network members shed light on the complex accountability issues and the role of budget documents and the budgeting process to support and enhance democratic accountability in a network context — which contribute to building collaborative governance regime theory.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125173996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Practical Imagination: A Possible Future for Federal Budgeting 实用的想象力:联邦预算的可能未来
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2015-12-01 DOI: 10.1111/pbaf.12085
F. Redburn
{"title":"Practical Imagination: A Possible Future for Federal Budgeting","authors":"F. Redburn","doi":"10.1111/pbaf.12085","DOIUrl":"https://doi.org/10.1111/pbaf.12085","url":null,"abstract":"To develop a federal budget process that delivers better fiscal outcomes for the nation consistently over an extended period would require new information and analysis, applying these to decisions through properly designed procedures, and strengthening the institutions that support wise fiscal choices. Changes in each of these process components intended to contribute to good fiscal outcomes are described, and obstacles to their adoption and use are noted. Such reforms could yield budgets that deploy public resources today to carry out strategies promising to increase the nation's ability to survive inevitable social and fiscal shocks and to take advantage of expected and unexpected opportunities for its citizens to thrive, grow, and fulfill their dreams.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"349 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113998428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Does Financial Slack Reduce Municipal Short‐Term Borrowing? 金融宽松会减少市政短期借贷吗?
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2015-11-13 DOI: 10.1111/pbaf.12189
Min Su, W. Hildreth
{"title":"Does Financial Slack Reduce Municipal Short‐Term Borrowing?","authors":"Min Su, W. Hildreth","doi":"10.1111/pbaf.12189","DOIUrl":"https://doi.org/10.1111/pbaf.12189","url":null,"abstract":"Many municipal governments face the challenge of temporary cash deficits due to the mismatched schedules of cash flow†ins and flow†outs. To smooth the temporary deficits, they can use either internal financial resources such as financial slack or external financial resources such as short†term borrowing. This paper applies the pecking order theory to examine municipal governments' financial preference when they experience cash flow problems. Results show that municipal governments prefer accumulated financial slack to short†term borrowing when both options are available. This finding demonstrates financial slack's role as a convenient cash management tool in municipal financial management. It also suggests the applicability of the pecking order theory in future public financial management research.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133126253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
From the Field: It's Always Something: Maryland's Path Through the 'Great Recession' 实地考察:总有事情发生:马里兰州走出“大衰退”的道路
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2015-06-01 DOI: 10.1111/pbaf.12067
Warren G. Deschenaux, David B. Juppe
{"title":"From the Field: It's Always Something: Maryland's Path Through the 'Great Recession'","authors":"Warren G. Deschenaux, David B. Juppe","doi":"10.1111/pbaf.12067","DOIUrl":"https://doi.org/10.1111/pbaf.12067","url":null,"abstract":"Like most states, Maryland experienced a significant revenue decline following the “Great Recession” of 2008. The State balanced its annual budgets using a combination of spending cuts, new revenues, use of general fund balance and reserves, modifications to State–local government revenue and spending relationships, and transfers from various dedicated special fund balances. During this period, states also received generous federal support via the American Recovery and Reinvestment Act of 2009. This case study differs in two ways from previous analyses of state budget balancing actions during times of fiscal distress. First, it demonstrates how elected officials established and implemented action to preserve spending priorities; chiefly relating to the social safety net and primary/secondary education. Secondly, it documents the combination of budget balancing actions adopted over a multi‐year period and shows the extent to which each type of action was relied upon. Future study can build upon this research, to show to what extent other states relied upon similar or divergent measures when balancing their budgets in post‐recessionary periods. Along with other states, Maryland was substantially affected by the so called “Great Recession.” But unlike many other places, Maryland did not substantially curtail employment or services. In particular, Maryland resisted substantial reductions in spending on health and education even after federal American Recovery and Reinvestment Act of 2009 support was exhausted, while maintaining a 5 percent balance in its Rainy Day Fund. This entailed a combination of spending restraint, balance transfers, rededication of revenues, health provider taxes, gambling, and higher taxes. This paper describes the actions taken each year, and illustrates how spending priorities were protected to the extent possible.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126319668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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