公共养老金义务会影响国家资金成本吗?

PSN: Pensions & Retirement (Topic) Pub Date : 2014-05-10 DOI:10.26509/frbc-wp-201301

J. Burson, J. Carlson, O. Ergungor, Patricia Waiwood

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引用次数: 5

摘要

近年来，各州对在职和退休雇员的无基金养老金义务激增，估计在7500亿至4.4万亿美元之间。从理论上讲，这笔巨额债务应该会对各州履行财政义务的能力产生影响，并对融资成本产生可衡量的影响。然而，我们没有发现任何证据表明，市政债券市场正在为这些巨额债务给各州财政健康带来的风险定价。

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Do Public Pension Obligations Affect State Funding Costs?

States’ unfunded pension obligations to their current and retired employees have exploded in recent years to levels that are estimated to be between $750 billion and $4.4 trillion. In theory, this massive debt should have implications for states’ ability to meet their financial obligations and a measurable impact on funding costs. Yet, we find no evidence that municipal bond markets are pricing the risks to states’ fiscal health arising from these large obligations.

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PSN: Pensions & Retirement (Topic)

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