A fundamental flaw of debt limitations for state and local governments

Do fiscal rules of local debt affect municipal off-budget activities? Analysis of various types of municipalities

“…Our results are in line with the conclusions raised by Granof (1984), Lorenzo et al (2009) and Brusca et al (2012), which suggest that the creation of corporations aims to transfer part of municipalities’ activity to these independent companies to comply with the restrictions imposed on their debt. However, our research represents the first analysis of Poland’s fiscal debt rules’ effects on the off-budget municipal activity by non-consolidated MOCs.…”

“…It also relates to the problem of legal vs economic analysis of public debt. As Granof (1984) noticed in US practice, judicial interpretation of different forms of public debt was to permit form to take precedence over economic substance. Moreover, the boundaries of what constitutes the public sector are not particularly well-defined, ranging from statistical-based definitions designed to monitor government activities for fiscal stability, to reflecting the diverging needs of a disparate group of users.…”

Do fiscal rules of local debt affect municipal off-budget activities? Analysis of various types of municipalities

“…Our results are in line with the conclusions raised by Granof (1984), Lorenzo et al (2009) and Brusca et al (2012), which suggest that the creation of corporations aims to transfer part of municipalities’ activity to these independent companies to comply with the restrictions imposed on their debt. However, our research represents the first analysis of Poland’s fiscal debt rules’ effects on the off-budget municipal activity by non-consolidated MOCs.…”

“…It also relates to the problem of legal vs economic analysis of public debt. As Granof (1984) noticed in US practice, judicial interpretation of different forms of public debt was to permit form to take precedence over economic substance. Moreover, the boundaries of what constitutes the public sector are not particularly well-defined, ranging from statistical-based definitions designed to monitor government activities for fiscal stability, to reflecting the diverging needs of a disparate group of users.…”

Türki̇ye’de Beledi̇yeleri̇n Mali̇ Sürdürülebi̇li̇rli̇ği̇: Bi̇ri̇nci̇l Denge Yaklaşimi

“…Belediyelerin borç sürdürülebilirliğine ilişkin çalışmalardan Ganof (1984) ve Epple ve Spatt (1986), borç sınırları ve dengeli bütçe kuralları gibi belediye borçlanmalarına getirilen kısıtlamalara odaklanarak bu düzenlemelerin uygulanmasında ortaya çıkan sorunları ve uygulamaların etkilerini tartışmışlardır.…”

The Dutch Local Government Bailout Puzzle

“…Apart from that, many studies document that fiscal rules are often dodged in practice (e.g. Granof 1984;Craig 1997;Ter-Minassian 1997;Von Hagen et al 2000;Jørgen and Pedersen 2002;Ahmad et al 2004).…”

Do fiscal rules of local debt affect municipal off-budget activities? Analysis of various types of municipalities

“…Our results are in line with the conclusions raised by Granof (1984), Lorenzo et al (2009) and Brusca et al (2012), which suggest that the creation of corporations aims to transfer part of municipalities’ activity to these independent companies to comply with the restrictions imposed on their debt. However, our research represents the first analysis of Poland’s fiscal debt rules’ effects on the off-budget municipal activity by non-consolidated MOCs.…”

“…It also relates to the problem of legal vs economic analysis of public debt. As Granof (1984) noticed in US practice, judicial interpretation of different forms of public debt was to permit form to take precedence over economic substance. Moreover, the boundaries of what constitutes the public sector are not particularly well-defined, ranging from statistical-based definitions designed to monitor government activities for fiscal stability, to reflecting the diverging needs of a disparate group of users.…”

Türki̇ye’de Beledi̇yeleri̇n Mali̇ Sürdürülebi̇li̇rli̇ği̇: Bi̇ri̇nci̇l Denge Yaklaşimi

“…Belediyelerin borç sürdürülebilirliğine ilişkin çalışmalardan Ganof (1984) ve Epple ve Spatt (1986), borç sınırları ve dengeli bütçe kuralları gibi belediye borçlanmalarına getirilen kısıtlamalara odaklanarak bu düzenlemelerin uygulanmasında ortaya çıkan sorunları ve uygulamaların etkilerini tartışmışlardır.…”

The Dutch Local Government Bailout Puzzle

“…Apart from that, many studies document that fiscal rules are often dodged in practice (e.g. Granof 1984;Craig 1997;Ter-Minassian 1997;Von Hagen et al 2000;Jørgen and Pedersen 2002;Ahmad et al 2004).…”

Do fiscal rules of local debt affect municipal off-budget activities? Analysis of various types of municipalities

“…Our results are in line with the conclusions raised by Granof (1984), Lorenzo et al (2009) and Brusca et al (2012), which suggest that the creation of corporations aims to transfer part of municipalities’ activity to these independent companies to comply with the restrictions imposed on their debt. However, our research represents the first analysis of Poland’s fiscal debt rules’ effects on the off-budget municipal activity by non-consolidated MOCs.…”

“…It also relates to the problem of legal vs economic analysis of public debt. As Granof (1984) noticed in US practice, judicial interpretation of different forms of public debt was to permit form to take precedence over economic substance. Moreover, the boundaries of what constitutes the public sector are not particularly well-defined, ranging from statistical-based definitions designed to monitor government activities for fiscal stability, to reflecting the diverging needs of a disparate group of users.…”

Türki̇ye’de Beledi̇yeleri̇n Mali̇ Sürdürülebi̇li̇rli̇ği̇: Bi̇ri̇nci̇l Denge Yaklaşimi

“…Belediyelerin borç sürdürülebilirliğine ilişkin çalışmalardan Ganof (1984) ve Epple ve Spatt (1986), borç sınırları ve dengeli bütçe kuralları gibi belediye borçlanmalarına getirilen kısıtlamalara odaklanarak bu düzenlemelerin uygulanmasında ortaya çıkan sorunları ve uygulamaların etkilerini tartışmışlardır.…”

The Dutch Local Government Bailout Puzzle

“…Apart from that, many studies document that fiscal rules are often dodged in practice (e.g. Granof 1984;Craig 1997;Ter-Minassian 1997;Von Hagen et al 2000;Jørgen and Pedersen 2002;Ahmad et al 2004).…”