Rainy day fund adoption in U.S. states: a case of learning or emulation

Cleopatra Grizzle, LaShonda Stewart and Jeremy Phillips

International Review of Public Administration, 2015, vol. 20, issue 1, 17-33

Abstract: What factors influenced a state’s timeline in its adoption of a rainy day fund (RDF)? This paper utilizes event history analysis to determine the characteristics associated with the probability of state adoption of a rainy day fund between 1970 through 1995. We find that a state was more likely to adopt a RDF when its nearest largest neighbor had already adopted one. However, contrary to earlier studies, we found no association between the presence of a TEL or the amount of long-term outstanding debt on RDF adoption. As expected, states experiencing high revenue volatility were more likely to adopt a RDF.

Date: 2015
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DOI: 10.1080/12294659.2014.1001110

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