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Faculté et Recherche

The Impact of Bank Financing on Municipalities’ Bond Issuance and the Real Economy

14 mar
2019
14H00
Jouy-en-Josas
Anglais

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2019-03-14T14:00:00 2019-03-14T15:15:00 The Impact of Bank Financing on Municipalities’ Bond Issuance and the Real Economy Finance Speaker : Ramona Dagostino HEC Campus - Buil. T - Room T104 Jouy-en-Josas

Finance

Intervenant : Ramona Dagostino

HEC Campus - Bât. T - SalleT104

Abstract

I document the role of bank financing in the municipal bond market. Using a unique institutional feature of the municipal market – the bank qualification – I show that a significant mass of local governments are willing to downsize their bond issuance to be able to place their debt with a bank. To meet the bank qualification threshold, the affected municipalities reduce the size of their municipal bond issuance by up to 28 percent. I then show that a dollar of bank-financed debt is not equivalent to a dollar of publicly placed debt. Exploiting a regulatory change in the municipal tax code, I estimate a cost per job of around $44,500 when government spending is financed by a bank. My results contribute to the current debate on open economy fiscal multipliers.

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2019-03-14T14:00:00 2019-03-14T15:15:00 The Impact of Bank Financing on Municipalities’ Bond Issuance and the Real Economy Finance Speaker : Ramona Dagostino HEC Campus - Buil. T - Room T104 Jouy-en-Josas