| Autor: |
Andersen, Asger Lau, Lassen, David Dreyer, Nielsen, Lasse Holbøll Westh |
| Jazyk: |
angličtina |
| Rok vydání: |
2010 |
| Předmět: |
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| Zdroj: |
Andersen, A L, Lassen, D D & Nielsen, L H W 2010 ' The Impact of Fiscal Governance on Bond Markets : Evidence from Late Budgets and State Government Borrowing Costs ' Department of Economics, University of Copenhagen . |
| Popis: |
Does fiscal governance affect government borrowing costs? We operationalize fiscal governance as the ability of governments to pass a budget on time and, using a unique data set on budget enactment dates, analyze the effect of such late budgets on government bond yield spreads. Based on a sample of 36 US states in the period 1988-1997, we estimate that a budget delay of 30 days has a long run impact on the yield spread between 2 and 10 basis points. States with sufficient liquidity in the form of large reserves face small or no costs from late budgets. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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