养老金值得一搏吗?三个城市使用养老金义务债券的案例研究

Mark Davidson
{"title":"养老金值得一搏吗?三个城市使用养老金义务债券的案例研究","authors":"Mark Davidson","doi":"10.1177/23996544241230961","DOIUrl":null,"url":null,"abstract":"Cities now commonly engage with financial actors, tools, and markets to manage their budgets and associated activities. The growing significance of finance within urban governance is connected by some scholars to the latter’s increasingly speculative character. One area of urban governance where financial tools are now commonly used for speculative ends are public pensions. Across the United States, many state and local governments face large unfunded pension liabilities. In some cases, this has led them to issue pension obligation bonds to reduce their unfunded liabilities. This paper examines the extent of recent pension obligation bond issuance and develops a comparative case study of three Massachusetts municipalities. The research results show that the speculative content of pension obligation bonds varies, even across three Massachusetts municipalities. By using pension obligation bonds, all three case study cities have exposed themselves to different levels of financial risk and have given themselves a long-term governance challenge by installing a speculative financial tool within their budgeting.","PeriodicalId":507957,"journal":{"name":"Environment and Planning C: Politics and Space","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Is it worth a punt on pensions? A case study of three municipalities’ use of pension obligation bonds\",\"authors\":\"Mark Davidson\",\"doi\":\"10.1177/23996544241230961\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Cities now commonly engage with financial actors, tools, and markets to manage their budgets and associated activities. The growing significance of finance within urban governance is connected by some scholars to the latter’s increasingly speculative character. One area of urban governance where financial tools are now commonly used for speculative ends are public pensions. Across the United States, many state and local governments face large unfunded pension liabilities. In some cases, this has led them to issue pension obligation bonds to reduce their unfunded liabilities. This paper examines the extent of recent pension obligation bond issuance and develops a comparative case study of three Massachusetts municipalities. The research results show that the speculative content of pension obligation bonds varies, even across three Massachusetts municipalities. By using pension obligation bonds, all three case study cities have exposed themselves to different levels of financial risk and have given themselves a long-term governance challenge by installing a speculative financial tool within their budgeting.\",\"PeriodicalId\":507957,\"journal\":{\"name\":\"Environment and Planning C: Politics and Space\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-02-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Environment and Planning C: Politics and Space\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1177/23996544241230961\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Environment and Planning C: Politics and Space","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/23996544241230961","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

摘要

现在,城市通常会利用金融参与者、工具和市场来管理其预算和相关活动。一些学者认为,金融在城市治理中日益重要的地位与后者日益投机的特点有关。在城市治理中,公共养老金就是金融工具被普遍用于投机目的的一个领域。在美国,许多州和地方政府都面临着巨额的养老金负债。在某些情况下,这导致他们发行养老金义务债券,以减少资金无着落的负债。本文研究了近期养老金义务债券的发行情况,并对马萨诸塞州的三个城市进行了比较案例研究。研究结果表明,即使是马萨诸塞州的三个城市,养老金义务债券的投机内容也各不相同。通过使用养老金义务债券,所有三个案例研究城市都面临着不同程度的财务风险,并通过在预算编制中安装投机性财务工具,给自己带来了长期治理挑战。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Is it worth a punt on pensions? A case study of three municipalities’ use of pension obligation bonds
Cities now commonly engage with financial actors, tools, and markets to manage their budgets and associated activities. The growing significance of finance within urban governance is connected by some scholars to the latter’s increasingly speculative character. One area of urban governance where financial tools are now commonly used for speculative ends are public pensions. Across the United States, many state and local governments face large unfunded pension liabilities. In some cases, this has led them to issue pension obligation bonds to reduce their unfunded liabilities. This paper examines the extent of recent pension obligation bond issuance and develops a comparative case study of three Massachusetts municipalities. The research results show that the speculative content of pension obligation bonds varies, even across three Massachusetts municipalities. By using pension obligation bonds, all three case study cities have exposed themselves to different levels of financial risk and have given themselves a long-term governance challenge by installing a speculative financial tool within their budgeting.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信