Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/82112 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
EPRU Working Paper Series No. 2010-11
Verlag: 
University of Copenhagen, Economic Policy Research Unit (EPRU), Copenhagen
Zusammenfassung: 
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.
Schlagwörter: 
fiscal governance
political deadlock
late budgets
fiscal stalemate
Chubb relative value survey
debt cost
bond spreads
JEL: 
H72
H61
H63
Dokumentart: 
Working Paper

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