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Public Corruption in the U.S. States and Its Impact on Public Debt Pricing

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  • Tima T. Moldogaziev
  • Cheol Liu
  • Martin J. Luby

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  • Tima T. Moldogaziev & Cheol Liu & Martin J. Luby, 2017. "Public Corruption in the U.S. States and Its Impact on Public Debt Pricing," Kyklos, Wiley Blackwell, vol. 70(2), pages 306-329, May.
    • Handle: RePEc:bla:kyklos:v:70:y:2017:i:2:p:306-329
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    File URL: http://hdl.handle.net/10.1111/kykl.12139
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    1. Andreas Buehn & Friedrich Schneider, 2012. "Corruption and the shadow economy: like oil and vinegar, like water and fire?," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(1), pages 172-194, February.
    2. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54, National Bureau of Economic Research, Inc.
    3. Lorenzo Pellegrini & Reyer Gerlagh, 2004. "Corruption's Effect on Growth and its Transmission Channels," Kyklos, Wiley Blackwell, vol. 57(3), pages 429-456, August.
    4. Bayoumi, Tamim & Goldstein, Morris & Woglom, Geoffrey, 1995. "Do Credit Markets Discipline Sovereign Borrowers? Evidence from the U.S. States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1046-1059, November.
    5. James E. Alt & David Dreyer Lassen, 2003. "The Political Economy of Institutions and Corruption in American States," Journal of Theoretical Politics, , vol. 15(3), pages 341-365, July.
    6. Roberto Burguet & Yeon-Koo Che, 2004. "Competitive Procurement with Corruption," RAND Journal of Economics, The RAND Corporation, vol. 35(1), pages 50-68, Spring.
    7. James E. Alt & David D. Lassen, 2008. "Political And Judicial Checks On Corruption: Evidence From American State Governments," Economics and Politics, Wiley Blackwell, vol. 20(1), pages 33-61, March.
    8. Kjetil Bjorvatn & Tina Søreide, 2014. "Corruption and competition for resources," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 21(6), pages 997-1011, December.
    9. Mushfiq us Swaleheen, 2007. "Corruption and Investment Choices: A Panel Data Study," Kyklos, Wiley Blackwell, vol. 60(4), pages 601-616, November.
    10. Heckman, James J, 1978. "Dummy Endogenous Variables in a Simultaneous Equation System," Econometrica, Econometric Society, vol. 46(4), pages 931-959, July.
    11. Edward L. Glaeser & Claudia Goldin, 2006. "Corruption and Reform: Lessons from America's Economic History," NBER Books, National Bureau of Economic Research, Inc, number glae06-1, June.
    12. Kriz, Kenneth A., 2003. "Comparative costs of negotiated versus competitive bond sales: new evidence from state general obligation bonds," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 191-211.
    13. Glaeser, Edward L. & Saks, Raven E., 2006. "Corruption in America," Journal of Public Economics, Elsevier, vol. 90(6-7), pages 1053-1072, August.
    14. Johann Graf Lambsdorff, 2003. "How Corruption Affects Productivity," Kyklos, Wiley Blackwell, vol. 56(4), pages 457-474, November.
    15. Michael Breen & Robert Gillanders, 2012. "Corruption, institutions and regulation," Economics of Governance, Springer, vol. 13(3), pages 263-285, September.
    16. Giovanni Cerulli, 2014. "ivtreatreg: A command for fitting binary treatment models with heterogeneous response to treatment and unobservable selection," Stata Journal, StataCorp LP, vol. 14(3), pages 453-480, September.
    17. Christopher Ellis & John Fender, 2006. "Corruption and Transparency in a Growth Model," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 13(2), pages 115-149, May.
    18. Paolo Mauro, 1995. "Corruption and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(3), pages 681-712.
    19. Green, Richard C. & Hollifield, Burton & Schurhoff, Norman, 2007. "Dealer intermediation and price behavior in the aftermarket for new bond issues," Journal of Financial Economics, Elsevier, vol. 86(3), pages 643-682, December.
    20. Kwabena Gyimah-Brempong & Samaria de Gyimah-Brempong, 2006. "Corruption, Growth, and Income Distribution: Are there Regional Differences?," Economics of Governance, Springer, vol. 7(3), pages 245-269, August.
    21. Rajeev Goel & Michael Nelson, 2011. "Measures of corruption and determinants of US corruption," Economics of Governance, Springer, vol. 12(2), pages 155-176, June.
    22. Lawrence E. Harris & Michael S. Piwowar, 2006. "Secondary Trading Costs in the Municipal Bond Market," Journal of Finance, American Finance Association, vol. 61(3), pages 1361-1397, June.
    23. Jun Peng & Peter Brucato, 2004. "An empirical analysis of market and institutional mechanisms for alleviating information asymmetry in the municipal bond market," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(2), pages 226-238, June.
    24. Craig Depken & Courtney Lafountain, 2006. "Fiscal consequences of public corruption: Empirical evidence from state bond ratings," Public Choice, Springer, vol. 126(1), pages 75-85, January.
    25. Goel, Rajeev K & Nelson, Michael A, 1998. "Corruption and Government Size: A Disaggregated Analysis," Public Choice, Springer, vol. 97(1-2), pages 107-120, October.
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    Cited by:

    1. Roy Cerqueti & Fabio Sabatini & Marco Ventura, 2019. "Civic capital and support for the welfare state," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 53(2), pages 313-336, August.
    2. Junghack Kim & Bruce D McDonald & Jongmin Shon, 2022. "Does the charter form lead to lower borrowing costs? Examining the case of California local governments," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 93(1), pages 85-102, March.
    3. Qian, Ningyu, 2018. "Anti-corruption effects on the credit risk of local financing vehicles and the pricing of Chengtou bonds: Evidence from a quasi-natural experiment in China," Finance Research Letters, Elsevier, vol. 26(C), pages 162-168.

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