A newer version of this project is available. See below for other available versions.
Replication Package for Public Goods Under Financial Distress
Principal Investigator(s): View help for Principal Investigator(s) Pawel Janas, Caltech
Version: View help for Version V1
Version Title: View help for Version Title September 2025 version
| Name | File Type | Size | Last Modified |
|---|---|---|---|
|
|
text/plain | 40.6 KB | 09/29/2025 10:21:AM |
|
|
text/plain | 10.5 KB | 09/29/2025 11:39:AM |
|
|
text/html | 29.6 MB | 09/29/2025 11:40:AM |
|
|
text/html | 408.3 MB | 09/29/2025 02:04:PM |
Project Citation:
Project Description
I examine the effects of public debt on municipal services and real outcomes during financial crises using a unique archival dataset of U.S. cities from 1924 to 1943. Unlike today’s countercyclical fiscal policies, the Great Depression provides a rare setting to observe fiscal shocks without substantial intergovernmental or Federal Reserve support. My findings show that financial market frictions – especially the need to refinance debt – led cities to sharply cut expenditures, particularly on capital projects and police services. As urban development halted during the Depression, cities with high pre-crisis debt levels faced significant austerity pressures, a decline in population growth, a rise in crime, and a departure of skilled public servants from municipal governments.
Related Publications
Published Versions
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.