无担保:市政债券保险的衰落

IF 0.9 Q4 PUBLIC ADMINISTRATION

Public Budgeting and Finance Pub Date : 2012-03-01 DOI:10.1111/J.1540-5850.2011.01004.X

Todd L. Ely

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引用次数: 14

摘要

2007年末和2008年初，信贷危机搅乱了金融和房地产市场，导致各州和地方政府面临众所周知的预算挑战。不太明显的是债券保险市场的巨大变化，它改变了政府发行长期债券的方式。来自德克萨斯州的债务发行数据被用于建立债券保险费模型，并检查危机后的债券使用情况。研究结果证明，即使在控制信贷息差扩大和发行人潜在信贷质量变化的情况下，财政危机后保费也大幅上升。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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No Guaranties: The Decline of Municipal Bond Insurance

The credit crisis that roiled the financial and housing markets in late 2007 and early 2008 resulted in well-publicized budget challenges for state and local governments. Less visible has been a dramatic change in the bond insurance market, which alters how governments issue long-term debt. Debt issuance data from Texas are used to model bond insurance premiums and examine utilization following the crisis. The results provide evidence that insurance premiums rose dramatically following the fiscal crisis, even when controlling for widening credit spreads and changes in the underlying credit quality of issuers.

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来源期刊

Public Budgeting and Finance PUBLIC ADMINISTRATION-

CiteScore

2.10

自引率

14.30%

发文量

期刊介绍： Public Budgeting & Finance serves as a forum for the communication of research and experiences on all facets of government finance and provides meaningful exchange between research from universities, private and nonprofit research institutes, practitioners in public financial markets, government agencies, and the experience of those who practice government budgeting and finance. Researchers, practitioners, and teachers of applied government finance turn to Public Budgeting & Finance to find understandable, reliable, and thoughtful analysis of issues important in the field. The content of the journal spans the spectrum of budget process and policy and financial management, is never limited to one level of government or even to one country, and always even-handedly crosses disciplines and approaches in applied government finance.