Name File Type Size Last Modified
  NMR_AEJPol-2010-0177_Files 10/13/2019 07:08:AM
LICENSE.txt text/plain 14.6 KB 10/13/2019 03:08:AM

Project Citation: 

Novy-Marx, Robert, and Rauh, Joshua D. Replication data for: Fiscal Imbalances and Borrowing Costs: Evidence from State Investment Losses. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-13.

Project Description

Summary:  View help for Summary During the last quarter of 2008, financial losses in state pension funds varied from 12 percent to 68 percent of the revenue generated by the state government. We quantify a sovereign default channel in the state municipal market by examining how changes in bond spreads vary with state pension fund losses, controlling for credit ratings and various measures of the state's fiscal strength. Municipal bond spreads rose by 7-15 basis points for each 10 percent of state-generated revenue lost by states in the lower half of the credit quality spectrum. (JEL H71, H72, H74, H75)

Scope of Project

JEL Classification:  View help for JEL Classification
      H71 State and Local Taxation, Subsidies, and Revenue
      H72 State and Local Budget and Expenditures
      H74 State and Local Borrowing
      H75 State and Local Government: Health; Education; Welfare; Public Pensions

Related Publications

Published Versions

Export Metadata

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.