The Impact of Tax and Expenditure Limits on Municipal Credit Ratings

The Impact of Tax and Expenditure Limits on Municipal Credit Ratings

The research focuses on the impact of the restrictiveness of tax and expenditure limitations (TELs) on the credit ratings of 566 U.S. municipalities over the 2007-2010 time period. The credit ratings used are by Moody’s rating agency, and municipal fiscal data are drawn from the Government Financial...

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Veröffentlicht in:American review of public administration 2016-09, Vol.46 (5), p.592-613
Hauptverfasser: Maher, Craig S., Deller, Steven C., Stallmann, Judith I., Park, Sungho
Format: Artikel
Sprache:eng
Schlagworte:
Costs
Credit
Credit ratings
Expenditures
Government spending
Governments
Interest costs
Local government
Municipal taxation
Municipalities
Public administration
Public finance
Ratings
Ratings & rankings
Reporting
Restrictions
State government
Studies
Taxation
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Beschreibung
Zusammenfassung:The research focuses on the impact of the restrictiveness of tax and expenditure limitations (TELs) on the credit ratings of 566 U.S. municipalities over the 2007-2010 time period. The credit ratings used are by Moody’s rating agency, and municipal fiscal data are drawn from the Government Financial Officers Association’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting program. Results suggest that more restrictive TELs imposed on municipalities by the states have a weak negative impact on credit ratings which will likely force municipalities to face higher interest costs.
ISSN:0275-0740
1552-3357
DOI:10.1177/0275074016657180