Immunisation du budget des communes françaises au risque de taux d'intérêt

Muriel Michel

Revue d'économie régionale et urbaine, 2002, vol. juillet, issue 3, 377-396

Abstract: French local communities run an interest rate risk, affecting their daily acts. However, actual management only concern debt hedging. The object of this paper is to suggest a really global approach from local budget. Effect of interest rate variations is estimated on expenses and receipts by econometrics of panel data. Empirical studies are based on 859 towns, during a 1993-1996 period. A fixed and indexed sharing out allows to immunize French local communities budget against interest rate risk. Classification JEL : C23, G19, H72, H74.

Keywords: interest rate risk; municipalities budget; econometrics of panel data; fixed rate / indexed rate (search for similar items in EconPapers)
JEL-codes: C23 G19 H72 H74 (search for similar items in EconPapers)
Date: 2002
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