Market-Based Fiscal Discipline in Monetary Unions : Evidence From the U.S. Municipal Bond Market

Evidence From the U.S. Municipal Bond Market

Market-Based Fiscal Discipline in Monetary Unions : Evidence From the U.S. Municipal Bond Market
The concept of market-based fiscal discipline posits that a government which runs persistent, excessive fiscal deficits will face an increased cost of borrowing and eventually, a reduced availability of credit, and that these market actions will provide an incentive to correct irresponsible fiscal behavior. This paper presents new empirical... READ MORE...

Publication date: September 1991
ISBN 9781451851205
$15.00

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