On the Determinants of Local Government Debt: Does One Size Fit All?

REFERENCES

• Abdelsalam, O., M. D. Fethi, J. C. Matallín, and E. Tortosa-Ausina. 2014. “On the Comparative Performance of Socially Responsible and Islamic Mutual Funds.” Journal of Economic Behavior & Organization 103: S108–S128.
   Web of Science ®Google Scholar
• Abizadeh, S. and J. A. Gray. 1993. “Provincial Government Expenditures in Canada: An Empirical Analysis.” International Review of Applied Economics 7(1): 69–90.
   Google Scholar
• Adams, R. D. 1977. “Individual Preferences as Supply Determinants in the Municipal and Federal Bond Markets.” Public Finance Quarterly 5(2): 175–202.
   Web of Science ®Google Scholar
• Alamá, L. and E. Tortosa-Ausina. 2012. “Financial Exclusion and Bank Branch Geographic Location Patterns in Spain: 1988–2008.” Growth and Change 43(3): 505–543.
   Web of Science ®Google Scholar
• Anselin, L. and N. Lozano-Gracia. 2008. “Errors in Variables and Spatial Effects in Hedonic House Price Models of Ambient Air Quality.” Empirical Economics 34: 5–34.
   Web of Science ®Google Scholar
• Ashworth, J., B. Geys, and B. Heyndels. 2005. “Government Weakness and Local Public Debt Development in Flemish Municipalities.” International Tax and Public Finance 12(4): 395–422.
   Web of Science ®Google Scholar
• Baber, W. R. and A. K. Gore. 2008. “Consequences of GAAP Disclosure Regulation: Evidence from Municipal Debt Issues.” Accounting Review 83(3): 565–591.
   Web of Science ®Google Scholar
• Balaguer-Coll, M. T., D. Prior, and E. Tortosa-Ausina. 2013. “Output Complexity, Environmental Conditions, and the Efficiency of Municipalities.” Journal of Productivity Analysis 39(3): 303–324.
   Web of Science ®Google Scholar
• Baltagi, B. 2001. Econometric Analysis of Panel Data. Chichester, UK: Wiley and Sons.
   Google Scholar
• Baltagi, B. H., P. Egger, and M. Pfaffermayr. 2008. “Estimating Regional Trade Agreement Effects on FDI in an Interdependent World.” Journal of Econometrics 145: 194–208.
   Web of Science ®Google Scholar
• Bassett Jr., G. W. and H. L. Chen. 2001. “Portfolio Style: Return-Based Attribution Using Quantile Regression.” Empirical Economics 26(1): 293–305.
   Google Scholar
• Bastiaens, E., B. De Borger, and J. Vanneste. 2001. “Expenditure and Taxation Effects of Local Public Debt and Unconditional Grants: Evidence from Flemish Municipalities.” Brussels Economic Review 17: 71–89.
   Google Scholar
• Benito, B., F. Bastida, and M. D. Guillamón. 2010. “Urban Sprawl and the Cost of Public Services: An Evaluation of Spanish Local Governments.” Lex Localis: Journal of Local Self-Government 8(3): 245–264.
   Web of Science ®Google Scholar
• Benito, B. and F. J. Bastida. 2004. “The Determinants of the Municipal Debt Policy in Spain.” Journal of Public Budgeting, Accounting and Financial Management 16(4): 525–558.
   Google Scholar
• Benito, B. and F. J. Bastida. 2005. “Análisis del Endeudamiento en los Ayuntamientos: Un Estudio Empírico.” Revista Española de Financiación y Contabilidad 126: 613–635.
   Google Scholar
• Blais, A. and R. Nadeau. 1992. “The Electoral Budget Cycle.” Public Choice 74(4): 389–403.
   Web of Science ®Google Scholar
• Bridges, D. 2005. “Public Authorities and Determinants of Aggregate Debt: Kentucky's Municipal Governments.” Unpublished, 1–65.
   Google Scholar
• Brown, S. G. and R. A. Ebenstein. 1970. “Municipal Debt Limitations in Pennsylvania.” Vill. L. Rev. 15: 612.
   Google Scholar
• Brusca, I. and M. Labrador. 1998. “Análisis del Endeudamiento en las Corporaciones Locales: Un Estudio Empírico.” Revista de Hacienda Local 84: 581–597.
   Google Scholar
• Brusca Alijalde, I., L. Mora Agudo, and V. Montesinos Julve. 2012. “La Descentralización de Servicios en el Sector Local: Factores Explicativos e Implicaciones Contables.” Revista Española de Financiación y Contabilidad 61(153): 143–162.
   Google Scholar
• Buchinsky, M. 1998. “Recent Advances in Quantile Regression Models: A Practical Guideline for Empirical Research.” Journal of Human Resources 33(1): 88–126.
   Web of Science ®Google Scholar
• Cabasés, F., P. Pascual, and J. Vallés. 2007. “The Effectiveness of Institutional Borrowing Restrictions: Empirical Evidence from Spanish Municipalities.” Public Choice 131(3): 293–313.
   Web of Science ®Google Scholar
• Cade, B. S. and B. R. Noon. 2003. “A Gentle Introduction to Quantile Regression for Ecologists.” Frontiers in Ecology and the Environment 1(8): 412–420.
   Web of Science ®Google Scholar
• Campos, C. F. S., D. Jaimovich, and U. Panizza. 2006. “The Unexplained Part of Public Debt.” Emerging Markets Review 7(3): 228–243.
   Google Scholar
• Chen, C. R. and Y. Huang. 2011. “Mutual Fund Governance and Performance: A Quantile Regression Analysis of Morningstar's Stewardship Grade.” Corporate Governance: An International Review 19(4): 311–333.
   Web of Science ®Google Scholar
• Clingermayer, J. C. and B. D. Wood. 1995. “Disentangling Patterns of State Debt Financing.” American Political Science Review 89(1): 108–120.
   Web of Science ®Google Scholar
• Coad, A. and R. Rao. 2008. “Innovation and Firm Growth in High-Tech Sectors: A Quantile Regression Approach.” Research Policy 37(4): 633–648.
   Web of Science ®Google Scholar
• Cropf, R. A. and G. D. Wendel. 1998. “The Determinants of Municipal Debt Policy: A Pooled Time-Series Analysis.” Environment and Planning C 16: 211–224.
   Web of Science ®Google Scholar
• Cunningham, B. M. 2003. “The Distributional Heterogeneity of Growth Effects: Some Evidence.” The Manchester School 71(4): 417–447.
   Web of Science ®Google Scholar
• Dickson, V. A. and W. Yu. 1997. “Spending by Canadian Provincial Governments: An Empirical Analysis.” Public Finance/Finances Publiques 52(2): 145–60.
   Google Scholar
• Eide, E. and M. H. Showalter. 1998. “The Effect of School Quality on Student Performance: A Quantile Regression Approach.” Economics Letters 58(3): 345–350.
   Web of Science ®Google Scholar
• Escudero, P. 2002. Endeudamiento, Descentralización de los Servicios y Ciclos Políticos Presupuestarios: El Caso de los Ayuntamientos Catalanes. PhD thesis, Universitat Autònoma de Barcelona, Barcelona.
   Google Scholar
• Farnham, P. G. 1985. “Re-Examining Local Debt Limits: A Disaggregated Analysis.” Southern Economic Journal 51(4): 1186–1201.
   Web of Science ®Google Scholar
• Fernández Llera, R., M. A. García Valiñas, D. Cantarero Prieto, and M. Pascual Sáez. 2004. “El Endeudamiento de los Gobiernos Locales en España: Aspectos Generales y Resultados Empíricos.” Pp. 171–187 in L. Caramés ed., Situación Actual de la Hacienda Local en España. Santiago de Compostela: Asociación Galega de Estudios de Economía do Sector Público (AGEESP).
   Google Scholar
• Fitzenberger, B., R. Koenker, and J. A. F. Machado. 2002. Economic Applications of Quantile Regression. Heidelberg, Germany: Physica-Verlag.
   Google Scholar
• Füss, R., D. G. Kaiser, and A. Strittmatter. 2009. “Measuring Funds of Hedge Funds Performance Using Quantile Regressions: Do Experience and Size Matter?” Journal of Alternative Investments 12(2): 41–53.
   Google Scholar
• Galli, E. and S. P. S. Rossi. 2002. “Political Budget Cycles: The Case of the Western German Länder.” Public Choice 110(3): 283–303.
   Web of Science ®Google Scholar
• González-Gómez, F., A. J. Picazo-Tadeo, and J. Guardiola. 2011. “Why Do Local Governments Privatize the Provision of Water Services? Empirical Evidence from Spain.” Public Administration 89(2): 471–492.
   Web of Science ®Google Scholar
• Gras, E., J. Hernández, and M. Palacios. 2014. “An Explanation of Local Government Debt in Spain Based on Internal Control System.” Lex Localis–Journal of Local Self-Government 12(4): 775–792.
   Web of Science ®Google Scholar
• Guillamón, M. D., B. Benito, and F. Bastida. 2011. “Evaluación de la Deuda Pública Local en España.” Revista Española de Financiación y Contabilidad 150(150): 251–285.
   Google Scholar
• Hortas-Rico, M. and A. Solé-Ollé. 2010. “Does Urban Sprawl Increase the Costs of Providing Local Public Services? Evidence from Spanish Municipalities.” Urban Studies 47(7): 1513.
   Web of Science ®Google Scholar
• Hsiao, C. 2003. Analysis of Panel Data. Cambridge: Cambridge University Press.
   Google Scholar
• Inman, R. P. and M. A. Fitts. 1990. “Political Institutions and Fiscal Policy: Evidence from the US Historical Record.” Journal of Law, Economics, and Organization 6: 79–132.
   Web of Science ®Google Scholar
• Kiewiet, D. R. and K. Szakaty. 1996. “Constitutional Limitations on Borrowing: An Analysis of State Bonded Indebtedness.” Journal of Law, Economics, and Organization 12(1): 62–97.
   Web of Science ®Google Scholar
• Klomp, J. 2013. “Government Interventions and Default Risk: Does One Size Fit All?” Journal of Financial Stability 9(4): 641–653.
   Web of Science ®Google Scholar
• Klomp, J. and J. de Haan. 2012. “Banking Risk and Regulation: Does One Size Fit All?” Journal of Banking & Finance 36(12): 3197–3212.
   Web of Science ®Google Scholar
• Koenker, R. 2001. “Quantile Regression.” Journal of Economic Perspectives 15(4): 143–156.
   Web of Science ®Google Scholar
• Koenker, R. 2005. Quantile Regression. Cambridge University Press.
   Google Scholar
• Lane, P. R. and G. M. Milesi-Ferretti. 2009. “Where Did All the Borrowing Go? A Forensic Analysis of the US External Position.” Journal of the Japanese and International Economies 23(2): 177–199.
   Web of Science ®Google Scholar
• López-Hernández, A. M., J. L. Zafra-Gómez, and D. Ortiz-Rodríguez. 2012. “Effects of the Crisis in Spanish Municipalities’ Financial Condition: An Empirical Evidence (2005–2008).” International Journal of Critical Accounting 4(5): 631–645.
   Google Scholar
• Luo, J. S. and C. A. Li. 2008. “Futures Market Sentiment and Institutional Investor Behavior in the Spot Market: The Emerging Market in Taiwan.” Emerging Markets Finance and Trade 44(2): 70–86.
   Web of Science ®Google Scholar
• Meligkotsidou, L., I. D. Vrontos, and S. D. Vrontos. 2009. “Quantile Regression Analysis of Hedge Fund Strategies.” Journal of Empirical Finance 16: 264–279.
   Web of Science ®Google Scholar
• Monasterio Escudero, C. 1996. “Los Límites al Endeudamiento de los Gobiernos Subcentrales: Teoría y Evidencia para el Caso Español.” Papeles de Economía Española (67): 275–285.
   Google Scholar
• Mueller, R. E. 1998. “Public–Private Sector Wage Differentials in Canada: Evidence from Quantile Regressions.” Economics Letters 60(2): 229–235.
   Web of Science ®Google Scholar
• Musgrave, R. A. 1989. Public Finance in Theory and Practice. New York: McGraw-Hill.
   Google Scholar
• Peiró-Palomino, J. and E. Tortosa-Ausina. 2013. “Can Trust Effects on Development be Generalized? A Response by Quantile.” European Journal of Political Economy 32: 377–390.
   Web of Science ®Google Scholar
• Pettersson-Lidbom, P. 2001. “An Empirical Investigation of the Strategic Use of Debt.” Journal of Political Economy 109(3): 570–583.
   Web of Science ®Google Scholar
• Plümper, T. and V. E. Troeger. 2007. “Efficient Estimation of Time-Invariant and Rarely Changing Variables in Finite Sample Panel Analyses with Unit Fixed Effects.” Political Analysis 15(2): 124–139.
   Web of Science ®Google Scholar
• Poterba, J. M. 1997. “Do Budget Rules Work?” Pp. 53–86 in A. Auerbach ed., Fiscal Policy: Lessons from Empirical Research. Cambridge: MIT Press.
   Google Scholar
• Poterba, J. M. and K. S. Rueben. 1994. “The Distribution of Public Sector Wage Premia: New Evidence Using Quantile Regression Methods.” Working Paper 4734, National Bureau of Economic Research, Cambridge, MA.
   Google Scholar
• Vallés, J., P. Pascual, and F. Cabasés. 2003. “Endeudamiento Municipal y Efectividad de Las Restricciones Institucionales de Disciplina Crediticia.” Hacienda Pública Española 166(3): 9–47.
   Google Scholar
• Zafra-Gómez, J. L., D. Prior, A. M. Plata-Díaz, and A. M. López-Hernández. 2013. “Reducing Costs in Times of Crisis: Delivery Forms in Small and Medium Sized Local Governments’ Waste Management Services.” Public Administration 91: 51–68.
   Web of Science ®Google Scholar