General-Purpose Local Government Defaults: Type, Trend, and Impact

Yang Lang (Kate); Abbas Yulianti

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General-Purpose Local Government Defaults: Type, Trend, and Impact

机译：通用地方政府违约：类型，趋势和影响

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Local governments default on bonds when they fail to comply with the monetary and nonmonetary aspects of the debt contracts. Analyses of defaults have relied on reports from credit rating agencies, which include only rated bonds undergoing monetary defaults. Using a unique and comprehensive dataset of defaults, we examine all general-purpose government defaults from 2009 to 2015 and find defaults to be more common than previously reported. We present a typology of defaults and characteristics of defaulted bonds. Most defaults occur among nongeneral obligation bonds and did not affect the yield of future, unrelated credits of the same issuer, providing support to the credit segmentation hypothesis.

机译：当地方政府在债券上违约时，他们未能遵守债务合同的货币和非金属方面。违约的分析依赖于信用评级机构的报告，其中包括待货币违约的额定债券。使用默认唯一和全面的数据集，我们从2009年到2015年检查所有通用政府默认值，发现默认值比以前报告更常见。我们介绍了默认债券的默认值和特征的类型。大多数违约者发生在不收纳债券中，并不影响同一发行人的未来不相关信贷，为信贷分割假设提供支持。

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来源
《Public Budgeting & Finance》 |2020年第4期|62-85|共24页
作者
Yang Lang (Kate); Abbas Yulianti;
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作者单位

George Washington Univ Trachtenberg Sch Publ Policy & Publ Adm 805 21st St NW 601 G Washington DC 20052 USA;

George Washington Univ Trachtenberg Sch Publ Policy & Publ Adm 805 21st St NW 601 G Washington DC 20052 USA;

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原文格式 PDF
正文语种 eng
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关键词
municipal bond; disclosure; default; fiscal stress;

机译：市政债券;披露;违约;财政压力;

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General-Purpose Local Government Defaults: Type, Trend, and Impact

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