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Instituciones fiscales, prestamistas y desarrollo local: Un análisis de la deuda de los municipios de Jalisco
[Fiscal institutions, lenders and local development: An analysis of the debt of the municipalities in Jalisco]

Author

Listed:
  • Ruiz-Porras, Antonio
  • Garcia-Vazquez, Nancy

Abstract

This study examines the debts of the municipalities of the Mexican state of Jalisco from an institutional and economic perspective. We find that fiscal institutions and institutional processes are often incomplete and inadequate. We also find that: 1) The municipalities that borrow the most are the most developed ones; 2) most municipalities borrow debt from development banks; 3) the most developed municipalities borrow from commercial banks; and 4) underdeveloped municipalities borrow debt rapidly in spite of having little access to commercial banks. The study uses annual panel-data of the 125 municipalities of Jalisco for the period 2005-2012.

Suggested Citation

  • Ruiz-Porras, Antonio & Garcia-Vazquez, Nancy, 2013. "Instituciones fiscales, prestamistas y desarrollo local: Un análisis de la deuda de los municipios de Jalisco [Fiscal institutions, lenders and local development: An analysis of the debt of the mun," MPRA Paper 47875, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:47875
    as

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    References listed on IDEAS

    as
    1. Patrick Bolton & Xavier Freixas, 2000. "Equity, Bonds, and Bank Debt: Capital Structure and Financial Market Equilibrium under Asymmetric Information," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 324-351, April.
    2. Alesina, Alberto & Hausmann, Ricardo & Hommes, Rudolf & Stein, Ernesto, 1999. "Budget institutions and fiscal performance in Latin America," Journal of Development Economics, Elsevier, vol. 59(2), pages 253-273, August.
    3. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
    4. Ruiz-Porras, Antonio, 2010. "Globalización, ciclos económicos y crisis global, 2007-2010 [Globalization, business cycles and global crisis, 2007-2010]," MPRA Paper 23183, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Debt; Municipalities; Fiscal Institutions; Lenders; Local Development; Jalisco;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • R50 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - General

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