The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration
| dc.contributor.author | IGOR FELIZATTI CARNEIRO DA CUNHA | |
| dc.contributor.author | Adelino, Manuel | |
| dc.contributor.author | Ferreira, Miguel Almeida | |
| dc.coverage.pais | Não Informado | pt_BR |
| dc.creator | Adelino, Manuel | |
| dc.creator | Ferreira, Miguel Almeida | |
| dc.date.accessioned | 2022-11-11T12:38:20Z | |
| dc.date.available | 2022-11-11T12:38:20Z | |
| dc.date.issued | 2017 | |
| dc.description.notes | Texto completo | pt_BR |
| dc.description.other | 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. | pt_BR |
| dc.format.extent | p. 3223–3268 | pt_BR |
| dc.format.medium | Digital | pt_BR |
| dc.identifier.doi | https://doi.org/10.1093/rfs/hhx049 | pt_BR |
| dc.identifier.issn | 1465-7368 | pt_BR |
| dc.identifier.issn | 0893-9454 | pt_BR |
| dc.identifier.issue | 9 | pt_BR |
| dc.identifier.uri | https://repositorio.insper.edu.br/handle/11224/4703 | |
| dc.identifier.volume | 30 | pt_BR |
| dc.language.iso | Inglês | pt_BR |
| dc.publisher | Oxford Academic | pt_BR |
| dc.relation.ispartof | The Review of Financial Studies | pt_BR |
| dc.rights.license | O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR. | pt_BR |
| dc.title | The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration | pt_BR |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| local.identifier.sourceUri | https://academic.oup.com/rfs/article-abstract/30/9/3223/3855257?redirectedFrom=fulltext | |
| local.subject.cnpq | Ciências Exatas e da Terra | pt_BR |
| local.subject.cnpq | Ciências Sociais Aplicadas | pt_BR |
| local.type | Artigo Científico | pt_BR |
| relation.isAuthorOfPublication | 35542cb3-1b48-4e3a-b0f2-9dc3869e71fe | |
| relation.isAuthorOfPublication.latestForDiscovery | 35542cb3-1b48-4e3a-b0f2-9dc3869e71fe |
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