TY - JOUR
T1 - Fiscal Governance, Information Capacity, and Subnational Capital Finance
AU - Moldogaziev, Tima T.
AU - Espinosa, Salvador
AU - Martell, Christine R.
N1 - Publisher Copyright:
© The Author(s) 2017.
PY - 2018/11/1
Y1 - 2018/11/1
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=85041603806&partnerID=8YFLogxK
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U2 - 10.1177/1091142117711018
DO - 10.1177/1091142117711018
M3 - Article
AN - SCOPUS:85041603806
VL - 46
SP - 974
EP - 1001
JO - Public Finance Review
JF - Public Finance Review
SN - 1091-1421
IS - 6
ER -