Sustainability of local government debt: a case study of Austrian municipalities
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| 024 | 7 | 0 | |a 10.1007/s10663-014-9261-3 |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s10663-014-9261-3 | ||
| 245 | 0 | 0 | |a Sustainability of local government debt: a case study of Austrian municipalities |h [Elektronische Daten] |c [Johann Bröthaler, Michael Getzner, Gottfried Haber] |
| 520 | 3 | |a Austrian municipalities face manifold challenges with respect the sustainability of their budgetary policies, especially concerning public (municipal) debt. On the one hand, municipalities are closely monitored and supervised by upper-level governments. Local borrowing is confined to pre-defined cases with respect to extra-ordinary expenditure. Both dimensions come close to constitute an at least soft debt limit (budget constraint) for municipalities. On the other hand, municipal discretion over expenditure and revenue is limited. In the current paper, we test whether municipalities' budgetary policies were sustainable by means of an adapted version of Bohn's (Q J Econ 113:949-963, 1998) sustainability test. We find that municipal debt limits were quite effective and resulted in stationary debt levels, and in significant and sufficient reactions of the municipal primary surplus to increasing public debt. However, in order to achieve such sustainable policies, municipalities have widely cut investments in local infrastructure. From a long-term perspective, such development is problematic with respect to the quality of available infrastructure. | |
| 540 | |a Springer Science+Business Media New York, 2014 | ||
| 690 | 7 | |a Municipal public debt |2 nationallicence | |
| 690 | 7 | |a Local governments |2 nationallicence | |
| 690 | 7 | |a Sustainability of fiscal policies |2 nationallicence | |
| 690 | 7 | |a Political economy of fiscal policies |2 nationallicence | |
| 690 | 7 | |a Off-budget debt |2 nationallicence | |
| 700 | 1 | |a Bröthaler |D Johann |u Center of Public Finance and Infrastructure Policy, Vienna University of Technology, Resselgasse 5, 1040, Vienna, Austria |4 aut | |
| 700 | 1 | |a Getzner |D Michael |u Center of Public Finance and Infrastructure Policy, Vienna University of Technology, Resselgasse 5, 1040, Vienna, Austria |4 aut | |
| 700 | 1 | |a Haber |D Gottfried |u Economic and Fiscal Policy Research Unit, Danube University Krems, Dr.-Karl-Dorrek-Strasse 30, 3500, Krems, Austria |4 aut | |
| 773 | 0 | |t Empirica |d Springer US; http://www.springer-ny.com |g 42/3(2015-08-01), 521-546 |x 0340-8744 |q 42:3<521 |1 2015 |2 42 |o 10663 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s10663-014-9261-3 |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s10663-014-9261-3 |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Bröthaler |D Johann |u Center of Public Finance and Infrastructure Policy, Vienna University of Technology, Resselgasse 5, 1040, Vienna, Austria |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Getzner |D Michael |u Center of Public Finance and Infrastructure Policy, Vienna University of Technology, Resselgasse 5, 1040, Vienna, Austria |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Haber |D Gottfried |u Economic and Fiscal Policy Research Unit, Danube University Krems, Dr.-Karl-Dorrek-Strasse 30, 3500, Krems, Austria |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Empirica |d Springer US; http://www.springer-ny.com |g 42/3(2015-08-01), 521-546 |x 0340-8744 |q 42:3<521 |1 2015 |2 42 |o 10663 | ||