Les déterminants de la prime de risque des emprunts obligataires des collectivités locales: une étude empirique sur la France et l'Espagne en 1998

Stéphanie Serve

Revue d'économie régionale et urbaine, 2003, vol. février, issue 1, 59-82

Abstract: This paper attempts to analyze the determining factors of the risk premium of French and Spanish municipal bonds. The results show the impact of a subset of variables derived from published accounts and statistics on the risk premium : indebteness, current receipts structure and socio-economic variables. Two bonds characteristics (low rating and call provision) are also significant. JEL Classification : G15, G33, H74.

Keywords: local government; municipal bonds; default risk; rating (search for similar items in EconPapers)
JEL-codes: G15 G33 H74 (search for similar items in EconPapers)
Date: 2003
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