Imunization of French municipalities budget against interest rate risk

Immunisation du budget des communes françaises au risque de taux d'intérêt

Muriel Michel ()
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Muriel Michel: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: French local communities run an interest rate risk, affecting their daily acts. However, actual management only concern debt hedging. The object of this paper is to suggest a really global approach from local budget. Effect of interest rate variations is estimated on expenses and receipts by econometrics of panel data. Empirical studies are based on 859 towns, during a 1993-1996 period. A fixed and indexed sharing out allows to immunize French local communities budget against interest rate risk.

Keywords: Interest rate risk; municipalities budget; econometrics of panel data; fixed rate/indexed rate; Risque de taux d'intérêt; budget communal; économétrie des données de panel; taux fixe / taux indexé (search for similar items in EconPapers)
Date: 2002-07
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Published in Revue d'économie régionale et urbaine, 2002, 3, pp.377-396. ⟨10.3917/reru.023.037⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03021951

DOI: 10.3917/reru.023.037

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