期刊
PUBLIC ADMINISTRATION REVIEW
卷 61, 期 6, 页码 709-717出版社
BLACKWELL PUBLISHERS
DOI: 10.1111/0033-3352.00141
关键词
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The authors use data on municipal bond soles in Oregon from 1994 to 1997 to explore whether population (as a proxy for financial-management capacity) and sale type (competitive or negotiated sale) influence interest rates. They find that smaller jurisdictions pay an interest cost penalty in the municipal bond market, and that competitive sales result in significantly lower interest rates compared to negotiated soles. The authors suggest that measures to enhance the financial-management capacity of small governments are warranted and that state laws requiring justification for negotiated sales are appropriate.
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