Fiscal Governance, Information Capacity, and Subnational Capital Finance

Tima T. Moldogaziev, Salvador Espinosa and Christine R. Martell

Public Finance Review, 2018, vol. 46, issue 6, 974-1001

Abstract: This study posits a theory that a country’s capacity to resolve information problems directly relates to the development of subnational government (SNG) capital markets. Based on a sample of fifty-two countries with various degrees of market-based approaches to public debt finance, we evaluate how the capacity to resolve information problems covaries with alternative measures of SNG debt in 2007 to 2014. Empirical findings show that transparency and depth of credit information resolution and extent of disclosure in the private sector positively relate to SNG debt levels, other institutional capacities held constant.

Keywords: subnational capital finance; information capacity; fiscal governance; market development (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:46:y:2018:i:6:p:974-1001

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