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Municipal Borrowing: Some Empirical Results

Author

Listed:
  • Sally A. Asefa

    (Brescia College)

  • Roy D. Adams

    (Iowa State University)

  • Dennis R. Starleaf

    (Iowa State University)

Abstract

This article reviews the theory of individual preferences between tax and bond finance of municipal expenditures and tests the hypotheres that cities' borrowing will vary in relation to the cities' capital expenditures, median income, bond rating, and the population level, growth, mobility, and age composition. Differences in bond ratings, population, and population growth did not prove significant, but median income, capital expenditures, and population mobility were found to have statistically significant effects on the percentage of city expenditures financed by borrowing.

Suggested Citation

  • Sally A. Asefa & Roy D. Adams & Dennis R. Starleaf, 1981. "Municipal Borrowing: Some Empirical Results," Public Finance Review, , vol. 9(3), pages 271-280, July.
    • Handle: RePEc:sae:pubfin:v:9:y:1981:i:3:p:271-280
    DOI: 10.1177/109114218100900302
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    References listed on IDEAS

    as
    1. Bailey, Martin J, 1972. "The Optimal Full-Employment Surplus," Journal of Political Economy, University of Chicago Press, vol. 80(4), pages 649-661, July-Aug..
    2. Buchanan, James M, 1978. "Markets, States, and the Extent of Morals," American Economic Review, American Economic Association, vol. 68(2), pages 364-368, May.
    3. E. J. Mishan, 1963. "How to Make a Burden of the Public Debt," Journal of Political Economy, University of Chicago Press, vol. 71(6), pages 529-529.
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    Cited by:

    1. Myungsoon Hur, 2001. "The Impact of Debt Financing on the Level of Capital Spending," International Review of Public Administration, Taylor & Francis Journals, vol. 6(2), pages 91-101, December.
    2. Roger H. Gordon & Joel B. Slemrod, 1986. "An Empirical Examination of Municipal Financial Policy," NBER Chapters, in: Studies in State and Local Public Finance, pages 53-82, National Bureau of Economic Research, Inc.
    3. Metcalf, Gilbert E., 1993. "Federal taxation and the supply of state debt," Journal of Public Economics, Elsevier, vol. 51(3), pages 269-285, July.
    4. Robert A. Greer & Dwight V. Denison, 2016. "Determinants of Debt Concentration at the State Level," Public Budgeting & Finance, Wiley Blackwell, vol. 36(4), pages 111-130, December.

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