Coverart for item
The Resource Sub-national government's risk premia : does fiscal performance matter?, prepared by Sergio Sola and Geremia Palomba

Sub-national government's risk premia : does fiscal performance matter?, prepared by Sergio Sola and Geremia Palomba

Label
Sub-national government's risk premia : does fiscal performance matter?
Title
Sub-national government's risk premia
Title remainder
does fiscal performance matter?
Statement of responsibility
prepared by Sergio Sola and Geremia Palomba
Creator
Contributor
Author
Subject
Genre
Language
eng
Summary
This paper examines the determinants of sub-national governments risk premia using secondary market data for U.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matter in the pricing of risk premia, and sub-national governments with higher public debt and larger deficits pay higher premia. However, this relationship is not uniform across countries. Market pricing mechanisms are less effective in presence of explicit or implicit guarantees from the central government. Specifically, we show that in pricing risk premia of sub-national governments, markets are less responsive to fiscal fundamental when sub-national governments depend on high transfers from the central government, i.e., when there is some form of implicit guarantee from the center. Using primary market data, the paper also looks at whether transfer dependency from the central government influences sub-national governments' incentive to access markets. We show that high transfer dependency lowers the probability of sub-national governments to borrow on capital markets. --Abstract
Member of
Cataloging source
DJB
http://bibfra.me/vocab/lite/collectionName
IMF eLibrary
http://library.link/vocab/creatorName
Sola, Sergio
Government publication
international or intergovernmental publication
Illustrations
illustrations
Index
no index present
LC call number
HG3881.5.I58
LC item number
W67 No. 15/117 ONLINE
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorDate
1966-
http://library.link/vocab/relatedWorkOrContributorName
  • Palomba, Geremia
  • International Monetary Fund
Series statement
IMF Working Paper
Series volume
WP/15/117
http://library.link/vocab/subjectName
  • Debts, Public
  • Debts, Public
  • Debts, Public
  • Fiscal policy
  • Fiscal policy
  • Fiscal policy
  • Debts, Public
  • Fiscal policy
  • Debts, Public
  • Fiscal policy
  • Australia
  • Canada
  • Germany
  • United States
Label
Sub-national government's risk premia : does fiscal performance matter?, prepared by Sergio Sola and Geremia Palomba
Instantiates
Publication
Copyright
Note
  • "Fiscal Affairs Department."
  • "May 2015."
Bibliography note
Includes bibliographical references (pages 23-24)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
910686377
Extent
1 online resource (39 pages)
Form of item
online
Isbn
9781513511061
Issn
1018-5941
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781513511061.001
Other physical details
color illustrations
Specific material designation
remote
System control number
  • imfWPIEA2015117
  • (IMF)WPIEA2015117
  • (OCoLC)910686377
Label
Sub-national government's risk premia : does fiscal performance matter?, prepared by Sergio Sola and Geremia Palomba
Publication
Copyright
Note
  • "Fiscal Affairs Department."
  • "May 2015."
Bibliography note
Includes bibliographical references (pages 23-24)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
910686377
Extent
1 online resource (39 pages)
Form of item
online
Isbn
9781513511061
Issn
1018-5941
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781513511061.001
Other physical details
color illustrations
Specific material designation
remote
System control number
  • imfWPIEA2015117
  • (IMF)WPIEA2015117
  • (OCoLC)910686377

Library Locations

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      32.771471 -117.187496
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