The Determinants of State Government Debt Financing

Michael Ellis () and D. Eric Schansberg
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D. Eric Schansberg: Indiana University-New Albany

Public Finance Review, 1999, vol. 27, issue 6, 571-587

Abstract: This article analyzes the determinants of state debt financing-including the composition of government spending and the desire to make intergenerational transfers, as well as a variety of economic, political, and institutional factors. The authors find that a greater proportion of younger voters is correlated with increased debt at the state level, but a greater proportion of elderly voters is correlated with decreased debt, probably because of the composition of state government spending. Moreover, the authors find that political variables are largely irrelevant to the accumulation of debt at the state level and that some types of institutional restraints are effective in limiting the size of state debt.

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:27:y:1999:i:6:p:571-587

DOI: 10.1177/109114219902700601

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