Essays In Local Public Finance
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Three Essays In Local Public Finance
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Author : Ross Teichert Milton
language : en
Publisher:
Release Date : 2017
Three Essays In Local Public Finance written by Ross Teichert Milton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This dissertation studies local government taxation. I study whether changes in local tax levels impact alternative sources of revenue, how tax changes to fund school facilities affect property values, and how tax limits should be set to maximize the welfare of voters. In the first essay, I study private donations to public school districts, which while primarily publicly funded government entities, most districts receive. I estimate how local school taxes crowd out private, voluntary contributions to public education. To do this, I exploit quasi-experimental variation in tax revenue stemming from local elections. I collect data from a large set of referenda in which local taxes face voter approval in four Midwestern states, combined with administrative records of the sources of school district revenues. Using a regression discontinuity design around voting thresholds that determine passage of local referenda, I show that private contributions to public school systems are not crowded out by local taxes. The second essay uses variation in school facilities from local elections to approve capital investment to study whether improved school facilities change the property values of homes in Ohio. These elections allow me to use a regression discontinuity design around the voting threshold that allows school boards to issue bonds. I find no evidence that that is the case in Ohio, in contrast to other researcher's work in California. The third essay, which is joint work with Stephen Coate, studies the optimal design of fiscal limits, a common feature in local public finance, in the context of a simple political economy model. The model features a single politician and a representative voter. The politician is responsible for choosing the level of taxation for the voter but is biased in favor of higher taxes. The voter sets a tax limit before his/her preferred level of taxation is fully known. The novel feature of the model is that the limit can be overridden, with the voter's approval. The paper solves for the optimal limit and explores how it depends upon the degree of politician bias and the nature of the uncertainty concerning the voter's preferred level of taxation. ...
Essays In Local Public Finance
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Author : Francesco Porcelli
language : en
Publisher:
Release Date : 2012
Essays In Local Public Finance written by Francesco Porcelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Essays In Public Finance And Financial Management
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Author : John E. Petersen
language : en
Publisher: Chatham, N.J. : Chatham House Publishers
Release Date : 1980
Essays In Public Finance And Financial Management written by John E. Petersen and has been published by Chatham, N.J. : Chatham House Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Business & Economics categories.
Essays In Public Finance And Local Public Policies
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Author : Wookun Kim
language : en
Publisher:
Release Date : 2020
Essays In Public Finance And Local Public Policies written by Wookun Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This dissertation includes two essays in applied microeconomics. In Chapter 1, I investigate how much people value local government spending. This is important to measure to better inform government policies and theories of public nance and urban economics, especially when considering how to allocate government spending across locations. To estimate this, I build a quantitative spatial general equilibrium model and combine it with the empirical environment of South Korea where I can leverage a quasi-natural experiment of tax policy reforms to estimate the valuation. I nd that an extra dollar of local government spending is valued at 75 cents of their private consumption equivalent. Having obtained the estimate, I embed the measurement into a broader model of the South Korean economy and ask a broader question that involves a general equilibrium analysis of the optimal scal transfers across locations: what is the best way to transfer tax revenue across locations in the context where this revenue would be used to nance local government spending. What I nd is that scal arrangements with small redistribution relative to the actual extent of redistribution observed in South Korea would have positive aggregate e ects on welfare. However, completely eliminating the transfer scheme would result in a large welfare loss. In addition to these substantive ndings, this chapter has a methodological contribution. The key aspect is to account for two forms of mobility: where people choose to live, or migration, and where people choose to work, or commuting, which have been thus far studied separately. Throughout my analysis, I show that accounting for both of these margins of mobility is key to correctly estimating the valuation for local government spending and measuring fundamental parameters in the spatial economics literature, which also appear in my framework, namely the elasticities of migration and commuting with respect to spatial frictions. In Chapter 2, I examine the effects of pro-natalist cash transfers on fertility outcomes in South Korea. I exploit the rich cross-sectional variation in cash-transfer generosity over time using 15 years to identify the causal effects of these transfers on the number of births and their health outcomes. Overall, the results provide evidence that cash transfer is an effective policy measure to increase completed fertility and the number of children every born per woman without adversely impacting infant health outcomes and sex composition at birth. Decomposing the birth rates by parity, I nd that cash transfers offered for a speci c birth parity only affected the parity-speci c birth rates. Furthermore, the cash transfers did not change the fertility rate of adolescents.
Essays In Public Economics And Local Public Finance
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Author : Robert MacKay
language : en
Publisher:
Release Date : 2017
Essays In Public Economics And Local Public Finance written by Robert MacKay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This work deals with local governments and fiscal stress. In the first chapter, I analyze the response of individual housing sales prices to negative information or "news" about local public debt levels and their underlying impact on the provision of public goods and services. In particular, I use the announcement that rising levels of unfunded pension liabilities for the San Diego City Employees' Retirement System (SDCERS) were higher than previously perceived. In the second chapter, I analyze the effect of fiscal stress on local government fiscal structures. For this analysis, I focus on the sudden investment losses of nearly $1.7 billion in 1994 that led to Orange County's default on debt obligations and bankruptcy. In the third chapter, I analyze how local governments underfund their public pensions over the business cycle--where unfunded pension liabilities serve as an effective way to borrow from the public workforce. I look at changing levels of unfunded pension liabilities and the local government characteristics over the 2001 and 2008 recessions.
Three Essays On Local Public Finance
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Author : Erik Barry Johnson Johnson
language : en
Publisher:
Release Date : 2008
Three Essays On Local Public Finance written by Erik Barry Johnson Johnson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Essays On Municipal Public Finance In Brazil
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Author : Rachel Elizabeth Gardner
language : en
Publisher:
Release Date : 2013
Essays On Municipal Public Finance In Brazil written by Rachel Elizabeth Gardner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This dissertation studies local public finance in Brazil, with a focus on how federal and state government policies affect local spending and revenue generation. In Chapter I, I provide a descriptive analysis of local public finance in Brazil, with a focus on local revenue generation. In addition to describing the system of public finance in Brazil from a municipal perspective, I discuss the major challenges facing local governments in Brazil and in other low and middle income countries and present the reader with a descriptive picture of local revenue generation in Brazilian municipalities using publicly available data on municipal accounting records, municipal population and GDP, and municipal revenue generation infrastructure and administration. In Chapter II, I study the relationship between intergovernmental transfers and local revenue generation in Brazil. A major consideration in designing an intergovernmental transfer system is the concern that government transfers may "crowd out" local revenue generation. While traditional public finance theory suggests that this will be the case, empirical findings often refute this theoretical prediction in favor of the so-called Flypaper Effect. I take advantage of exogenous changes to state formulas determining the municipalities' share of value-added tax resources as an instrument for endogenous transfers to estimate local revenue generation responses to transfers. I find no evidence that government transfers reduce local per capita revenue generation in the context of two states in Northeastern Brazil, contributing to the limited body of rigorous evidence finding that intergovernmental transfers do not necessarily reduce incentives for local revenue generation and that the Flypaper Effect can indeed exist in certain contexts. In Chapter III, I measure the impact of Brazil's personnel expenditure limits imposed as a component of its Law of Fiscal Responsibility, implemented in 2001. Personnel expenditure limitations require that municipalities spend no more than 60% of liquid current receipts on personnel. I measure the expenditure limit's impacts on a series of public finance outcomes by comparing changes in outcomes among those bound by the limits (those that were initially above the limit) to those just below the limit using a difference-in-difference regression framework with municipality fixed effects and controlling for state-specific flexible time trends. Chapter III adds to the large body of literature examining the impacts of tax and expenditure limits (TELs) but is one of the few to do so outside of the US context. It is also one of the few studies of expenditure limitations rather than tax limitations, as most of the US TELs are focused on limiting taxation rather than spending. While Brazil's personnel expenditure limits are generally successful in reducing personnel expenditures, municipalities seem to be substituting non-personnel expenditures for personnel expenditures rather than slowing the growth of total expenditures. At the same time, the expenditure limits seem to encourage municipalities to ease their spending constraints by increasing revenues where they can. The net effect is a small but significant reduction in deficit spending.
Essays In Local Public Finance And Political Economy
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Author : Tobias Etzel
language : en
Publisher:
Release Date : 2018
Essays In Local Public Finance And Political Economy written by Tobias Etzel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Economics categories.
Local Public Choice
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Author : Florian Ade
language : en
Publisher: Nomos Verlagsgesellschaft
Release Date : 2013
Local Public Choice written by Florian Ade and has been published by Nomos Verlagsgesellschaft this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Country and Regional Studies categories.
How should rules of decision making be designed and how should institutions look like? This study contributes to the discussion of this overarching question by investigating economic, fiscal, and political effects of institutions at the municipal level based on causal empirical analysis. Thus, it is part of a research program with increasing importance within economics - the empirical analysis of municipalities. This analysis typically facilitates more solid results than country studies, since municipalities operate in a comparable institutional framework and effects of reforms can clearly be identified. The study analyzes several dimensions in detail, amongst others: How does the direct election of the mayor, as opposed to the election by the municipal council affect tax rates and spending? How do voting decisions for the mayoral office and the municipal council interdepend? Does the financial situation of municipality influence the interest rate the municipality pays on its debt?
Essays In Local Public Finance
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Author : Randall D. Crane
language : en
Publisher:
Release Date : 1987
Essays In Local Public Finance written by Randall D. Crane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.