Stress Tests as a Tool to Assess the Risk of Public Expenditure on Debt Servicing Increasing at Local Government Entities
National and local government's public debt is of special interest to economic sciences. With interest rates in the EU countries now at historically low levels, there is risk of a trend change causing development expenditure to be crowded out from budgets in favour of debt servicing costs. The...
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| Veröffentlicht in: | Lex localis-journal of local self-government 2019-04, Vol.17 (2), p.205-224 |
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| container_title | Lex localis-journal of local self-government |
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| creator | Postuła, Marta Czekaj, Miroslaw Klepacki, Jaroslaw |
| description | National and local government's public debt is of special interest to economic sciences. With interest rates in the EU countries now at historically low levels, there is risk of a trend change causing development expenditure to be crowded out from budgets in favour of debt servicing costs. The analysis (stress test) of the sensitivity of debt servicing costs in the local government sector in Poland to an unexpected growth of market interest rates above the values forecasted by the MoF confirms that local governments are exposed to interest rate growth risk, and consequently to the risk of their budgets incurring unplanned expenditure. |
| doi_str_mv | 10.4335/17.2.205-224(2019) |
| format | Article |
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| identifier | ISSN: 1581-5374 |
| ispartof | Lex localis-journal of local self-government, 2019-04, Vol.17 (2), p.205-224 |
| issn | 1581-5374 1581-5374 |
| language | eng |
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| source | PAIS Index; Worldwide Political Science Abstracts; EBSCOhost Political Science Complete |
| subjects | Accountability Budgets Costs Crowding stress Currency Debt management Economic conditions Economic growth Economic models Economic policy Expenditures Foreign exchange rates Government spending Interest rates Local government Public debt Public sector Qualitative research Risk Risk assessment Values |
| title | Stress Tests as a Tool to Assess the Risk of Public Expenditure on Debt Servicing Increasing at Local Government Entities |
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