IMPLICIT DEBT CAPITALIZATION IN LOCAL HOUSING PRICES: AN EXAMPLE OF UNFUNDED PENSION LIABILITIES
I analyze the response of individual housing sales prices to negative information or "news" about local public debt levels and their underlying impact on the provision of public goods and services. In February 2004, it was announced that rising levels of unfunded liabilities for the San Di...
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| Veröffentlicht in: | National tax journal 2014-03, Vol.67 (1), p.77-112 |
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| creator | MacKay, Robert C. |
| description | I analyze the response of individual housing sales prices to negative information or "news" about local public debt levels and their underlying impact on the provision of public goods and services. In February 2004, it was announced that rising levels of unfunded liabilities for the San Diego City Employees' Retirement System (SDCERS) were higher than previously perceived. Comparing the sales of homes on both sides of the city boundary before and after the shock occurred, I find the "news" led to a 2.5–3.7 percent decrease in housing sales prices in San Diego City over the four years following the announcement. This result implies overcapitalization of the unfunded pension liabilities, where the impact on home values is greater than the residents' financial burden from the unfunded liabilities. |
| doi_str_mv | 10.17310/ntj.2014.1.03 |
| format | Article |
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In February 2004, it was announced that rising levels of unfunded liabilities for the San Diego City Employees' Retirement System (SDCERS) were higher than previously perceived. Comparing the sales of homes on both sides of the city boundary before and after the shock occurred, I find the "news" led to a 2.5–3.7 percent decrease in housing sales prices in San Diego City over the four years following the announcement. This result implies overcapitalization of the unfunded pension liabilities, where the impact on home values is greater than the residents' financial burden from the unfunded liabilities.</description><identifier>ISSN: 0028-0283</identifier><identifier>EISSN: 1944-7477</identifier><identifier>DOI: 10.17310/ntj.2014.1.03</identifier><identifier>CODEN: NTXJAC</identifier><language>eng</language><publisher>Chicago: National Tax Association</publisher><subject>Borderlands ; Cities ; Employee pension plans ; Finance ; Financial liabilities ; Geographic regions ; Housing ; Housing prices ; International borders ; Liabilities ; Pension funds ; Pension liabilities ; Pension plan funding ; Prices and rates ; Property taxes ; Public finance ; Public pensions ; Real estate sales ; Residential real estate ; Studies</subject><ispartof>National tax journal, 2014-03, Vol.67 (1), p.77-112</ispartof><rights>2014 National Tax Association-Tax Institute of America</rights><rights>This article is in the public domain.</rights><rights>COPYRIGHT 2014 National Tax Association</rights><rights>Copyright National Tax Association Mar 2014</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c531t-df294a7feca8984152a9212d3457efde01ed8eaa8318d6631e3dababcb3754843</citedby><cites>FETCH-LOGICAL-c531t-df294a7feca8984152a9212d3457efde01ed8eaa8318d6631e3dababcb3754843</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/24370437$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/24370437$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,776,780,799,27901,27902,57992,58225</link.rule.ids></links><search><creatorcontrib>MacKay, Robert C.</creatorcontrib><title>IMPLICIT DEBT CAPITALIZATION IN LOCAL HOUSING PRICES: AN EXAMPLE OF UNFUNDED PENSION LIABILITIES</title><title>National tax journal</title><description>I analyze the response of individual housing sales prices to negative information or "news" about local public debt levels and their underlying impact on the provision of public goods and services. 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In February 2004, it was announced that rising levels of unfunded liabilities for the San Diego City Employees' Retirement System (SDCERS) were higher than previously perceived. Comparing the sales of homes on both sides of the city boundary before and after the shock occurred, I find the "news" led to a 2.5–3.7 percent decrease in housing sales prices in San Diego City over the four years following the announcement. This result implies overcapitalization of the unfunded pension liabilities, where the impact on home values is greater than the residents' financial burden from the unfunded liabilities.</abstract><cop>Chicago</cop><pub>National Tax Association</pub><doi>10.17310/ntj.2014.1.03</doi><tpages>36</tpages></addata></record> |
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| ispartof | National tax journal, 2014-03, Vol.67 (1), p.77-112 |
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| source | Jstor Complete Legacy; Education Source; Business Source Complete; Alma/SFX Local Collection |
| subjects | Borderlands Cities Employee pension plans Finance Financial liabilities Geographic regions Housing Housing prices International borders Liabilities Pension funds Pension liabilities Pension plan funding Prices and rates Property taxes Public finance Public pensions Real estate sales Residential real estate Studies |
| title | IMPLICIT DEBT CAPITALIZATION IN LOCAL HOUSING PRICES: AN EXAMPLE OF UNFUNDED PENSION LIABILITIES |
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