Fiscal Governance, Information Capacity, and Subnational Capital Finance

Tima T. Moldogaziev, Salvador Espinosa, Christine R. Martell

Research output: Contribution to journalArticle

1 Scopus citations

Abstract

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.

Original languageEnglish (US)
Pages (from-to)974-1001
Number of pages28
JournalPublic Finance Review
Volume46
Issue number6
DOIs
StatePublished - Nov 1 2018

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics
  • Public Administration

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