The economic effects of public financing

Detalhes bibliográficos
Autor(a) principal: Adelino, Manuel
Data de Publicação: 2017
Outros Autores: Cunha, Igor, Ferreira, Miguel A.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://doi.org/10.1093/rfs/hhx049
Resumo: Funding agency: European Research Council (ERC), Fundação para a Ciência e Tecnologia (FCT)
id RCAP_da102c2b7538fa86adb58a8de996c50c
oai_identifier_str oai:run.unl.pt:10362/34177
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling The economic effects of public financingevidence from municipal bond ratings recalibrationMunicipal bondsCredit ratingsLocal demandGovernment employmentPrivate employmentIncomeFunding agency: European Research Council (ERC), Fundação para a Ciência e Tecnologia (FCT)We show that municipalities’ financial constraints can have a significant impact on local employment and growth. We identify these effects by exploiting exogenous upgrades in U.S. municipal bond ratings caused by Moody’s recalibration of its ratings scale in 2010. We find that local governments increase expenditures because their debt capacity expands following a rating upgrade. These expenditures have an estimated local income multiplier of 1.9 and a cost per job of $20,000 per year. Our findings suggest that debt-financed increases in government spending can improve economic conditions during recessions.NOVA School of Business and Economics (NOVA SBE)RUNAdelino, ManuelCunha, IgorFerreira, Miguel A.2022-03-27T01:01:18Z2017-092017-09-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.1093/rfs/hhx049eng0893-9454PURE: 2581918https://www.scopus.com/record/display.uri?eid=2-s2.0-85031766920&origin=resultslist&sort=plf-f&src=s&st1https://doi.org/10.1093/rfs/hhx049info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:18:43Zoai:run.unl.pt:10362/34177Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:30:07.712571Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The economic effects of public financing
evidence from municipal bond ratings recalibration
title The economic effects of public financing
spellingShingle The economic effects of public financing
Adelino, Manuel
Municipal bonds
Credit ratings
Local demand
Government employment
Private employment
Income
title_short The economic effects of public financing
title_full The economic effects of public financing
title_fullStr The economic effects of public financing
title_full_unstemmed The economic effects of public financing
title_sort The economic effects of public financing
author Adelino, Manuel
author_facet Adelino, Manuel
Cunha, Igor
Ferreira, Miguel A.
author_role author
author2 Cunha, Igor
Ferreira, Miguel A.
author2_role author
author
dc.contributor.none.fl_str_mv NOVA School of Business and Economics (NOVA SBE)
RUN
dc.contributor.author.fl_str_mv Adelino, Manuel
Cunha, Igor
Ferreira, Miguel A.
dc.subject.por.fl_str_mv Municipal bonds
Credit ratings
Local demand
Government employment
Private employment
Income
topic Municipal bonds
Credit ratings
Local demand
Government employment
Private employment
Income
description Funding agency: European Research Council (ERC), Fundação para a Ciência e Tecnologia (FCT)
publishDate 2017
dc.date.none.fl_str_mv 2017-09
2017-09-01T00:00:00Z
2022-03-27T01:01:18Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://doi.org/10.1093/rfs/hhx049
url https://doi.org/10.1093/rfs/hhx049
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0893-9454
PURE: 2581918
https://www.scopus.com/record/display.uri?eid=2-s2.0-85031766920&origin=resultslist&sort=plf-f&src=s&st1
https://doi.org/10.1093/rfs/hhx049
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799137925280038912

Registros relacionados