The structure of county government debt from 2002 to 2020: the financial crisis, the Great Recession, and the COVID-19 pandemic

Craig L. Johnson, Andrey Yushkov and Luis Navarro

Chapter 17 in Research Handbook on City and Municipal Finance, 2023, pp 319-334 from Edward Elgar Publishing

Abstract: The COVID-19 pandemic has highlighted the importance of the physical infrastructure that facilitates the essential services provided by county governments in the United States of America. Most of the physical infrastructure is financed by debt sold in the municipal securities market. County governments issue large amounts of debt on a regular basis to support essential county services like health care, transportation, education, and general government facilities. We analyze the county debt market from 2002-2020 across sales, tax status, type of security, method of sale, insurance, maturity, and uses of proceeds. Overall, the county debt market has demonstrated much greater resiliency to the pandemic shock of 2020 than it did to the financial crisis and the Great Recession of 2007-2009.

Keywords: Economics and Finance; Politics and Public Policy Urban and Regional Studies (search for similar items in EconPapers)
Date: 2023
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