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Responses to local governmental fiscal distress: An analysis of municipal utilization of bankruptcy, asset monetization and debt financing

机译：对地方政府财政困境的应对：对市政利用破产，资产货币化和债务融资的分析

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摘要

The overarching goal of this exploratory research is to better understand fiscal distress and three particular responses utilized by local governments to improve fiscal health. This dissertation utilizes a convergent mixed method design to analyze qualitative and quantitative data in order to investigate the primary research question concerning the impact of local government responses to fiscal distress on fiscal condition.;The specific research question guiding this exploratory study is: how do the methods utilized by particular municipalities to address fiscal distress, including bankruptcy, asset monetization and the issuance of debt, impact fiscal health. To answer the principal research question, six municipalities are selected for case study research in order to review and consider the circumstances surrounding such responses and the results thereof, and the relevant fiscal indicators and conditions that contribute to fiscal distress in each instance.;To carry out the case studies, first, public documents are collected to provide substance in regards to each local government's fiscal context. Second, municipal officials are surveyed to offer insight into the qualitative conditions that influence fiscal distress. In addition, quantitative data is collected from the audited financial statements of each case in order to operationalize fiscal distress and provide meaningful indicators for the measurement thereof.;By examining the context, circumstances and criteria of each case, this study offers an understanding of the variables and indicators that are present during times of local government fiscal distress, which has resulted in the adoption of one of the three strategies undertaken by the local governments studied in their attempts to eliminate such fiscal distress. This study acknowledges that one-size-fits-all measures of local government financial condition do not exist due to the contextual diversity between local governments; however, quantitative models can offer the identification of more similarities than differences.;Despite the lack of normative standards and empirical evidence, and perceived ambiguities regarding the efficacy of various approaches in existing literature, context-specific models can be developed to routinely monitor, assess, and identify potential issues early enough to avoid and mitigate fiscal vulnerabilities. Maintaining a healthier fiscal position prior to utilizing any response, showing initiative to improve fiscal condition and developing and following fiscal policies allow for fewer missteps or oversights with finances.;The findings indicate that many municipal administrators may not feel that they have immediate control of their finances, but also do not necessarily feel constrained by other levels of government, external officials or the public. The contextual factors discovered are more internal and managerial in nature rather than economic. However, political and economic variable category factors may seem more prevalent to administrators in more dire fiscal situations.;There is less variation in significant indicators before and after a successful response is utilized as opposed to an unsuccessful one. Successful cases may have experienced more specific problems that affected their fiscal position, which their response addressed. Alternatively, it is unclear whether the responses had any impact on significant indicators in unsuccessful cases. Unsuccessful cases may have had wider systemic financial issues that the response did not address.;Among and between bankruptcy, asset monetization and debt financing cases, the significant indicators appear to be consistent as to respective indicators and indicator categories, but do not appear to behave similarly across local governments before or after each respective case response is utilized. Accordingly, by response utilized, each case experienced both similar and unique fiscal distress indicators, but the differences in the unique indicators do not appear to be remarkable.;Finally, this research finds that many types of responses or lack thereof can be compared, contrasted and studied through similar indicators. This study recognizes that developing such a framework requires intimate contextual and domain knowledge, as well as awareness of the multi-causal relationships that exist between a jurisdiction's external environment, its internal finances, and its management practices.
机译：这项探索性研究的总体目标是更好地了解财政困境以及地方政府用于改善财政状况的三种特殊对策。本论文采用收敛混合方法设计来分析定性和定量数据，以调查有关地方政府对财政困境的反应对财政状况的影响的主要研究问题。指导该探索性研究的具体研究问题是：特定市政当局用来解决财政危机的方法（包括破产，资产货币化和债务发行）会影响财政健康。为了回答主要研究问题，选择了六个市镇进行案例研究，以审查和考虑围绕此类应对措施的情况及其结果，以及在每种情况下都会造成财政困境的相关财政指标和条件。在案例研究中，首先，收集公共文件以提供有关每个地方政府的财政背景的实质内容。其次，对市政官员进行了调查，以了解影响财政困境的定性条件。此外，还从每个案例的经审计财务报表中收集了定量数据，以便实施财务困境并提供有意义的衡量指标。通过研究每个案例的背景，情况和标准，本研究可以使我们对财务状况有所了解。地方政府财政困境时期存在的变量和指标，导致采用了研究的地方政府为消除这种财政困境而采取的三种策略之一。这项研究承认，由于地方政府之间的背景差异，不存在适用于所有地方政府财务状况的一刀切的衡量标准。然而，定量模型可以提供更多的相似性，而不是差异。尽管缺乏规范性标准和经验证据，并且在现有文献中对各种方法的有效性均存在歧义，但可以开发针对具体情况的模型来进行常规监测，评估，并尽早发现潜在问题，以避免和减轻财政漏洞。在采取任何应对措施之前保持健康的财政状况，显示出改善财政状况的主动性，并制定和遵循财政政策可以减少对财务的失误或监督。研究结果表明，许多市政管理者可能不会感到自己对自己的财政拥有直接控制权财务，但也不一定会受到其他政府部门，外部官员或公众的约束。发现的上下文因素本质上更多是内部和管理方面的因素，而不是经济方面的因素。但是，在财务状况更为严峻的情况下，政治和经济变量类别因素在管理人员中似乎更为普遍。；与成功响应相比，在成功响应前后，重要指标的变化较小。成功的案例可能遇到了更具体的问题，从而影响了他们的财务状况，他们的回应得以解决。另外，目前尚不清楚在不成功的情况下，应对措施是否会对重要指标产生任何影响。不成功的案件可能有未解决的更广泛的系统财务问题;在破产，资产货币化和债务融资案件之间以及之间，重要指标似乎在各自指标和指标类别上是一致的，但似乎没有表现出来类似地，在使用各个案件响应之前或之后，地方政府之间也是如此。因此，通过利用响应，每种情况都经历了相似且独特的财政困境指标，但独特指标中的差异似乎并不明显。最后，本研究发现可以比较，对比许多响应类型或缺乏响应类型并通过类似的指标进行了研究。这项研究认识到，开发这样一个框架需要有深入的上下文和领域知识，以及对辖区外部环境，内部财务及其管理实践之间存在的多因果关系的认识。

著录项

  • 作者

    Kurtz, Laura Beth.;

  • 作者单位

    The Pennsylvania State University.;

  • 授予单位 The Pennsylvania State University.;
  • 学科 Public administration.;Public policy.
  • 学位 Ph.D.
  • 年度 2016
  • 页码 219 p.
  • 总页数 219
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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