Divided Government, Political Turnover, and State Bond Ratings

Credit markets face an inherent risk that derives from future policy changes when considering the purchase of debt issued by state governments. An enacting government coalition issuing long-term debt cannot make a credible commitment to maintain the existing debt repayment policy into the future. In...

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Veröffentlicht in:	Public finance review 2008-05, Vol.36 (3), p.259-286
Hauptverfasser:	Krueger, Skip, Walker, Robert W.
Format:	Artikel
Sprache:	eng
Schlagworte:	Bond markets Bond ratings Bonds Coalitions Credit Credit market Data analysis Debt Debts Deficit financing Divided Government Economic models Economic policy Federal states Fiscal Policy Government Local Government Political Change Politics Public Finance Rating Repayments Studies U.S.A
Online-Zugang:	Volltext
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