https://scholars.lib.ntu.edu.tw/handle/123456789/637503
標題: | How does credit market innovation affect the fiscal policy of state governments? | 作者: | Chen, Hsien Yi SHENG-SYAN CHEN |
關鍵字: | Financial innovation | Fiscal transparency | Government spending | Media coverage | State credit default swaps | 公開日期: | 十月-2023 | 出版社: | Springer | 來源出版物: | Review of Quantitative Finance and Accounting | 摘要: | We investigate whether the introduction of state credit default swaps (CDS) affects the fiscal spending of state governments. A difference-in-differences analysis indicates that CDS-referenced states show a significant decline in government spending compared to non-CDS-referenced states when state CDS issuance introduces a more transparent fiscal information environment. We also find an improvement in state media coverage post-CDS-initiation. The results suggest that CDS initiation can provide valuable information for the fiscal conditions of state governments, which in turn leads to spending cuts. The evidence indicates the important role that credit market innovation activities play in the fiscal decisions of state governments. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/637503 | ISSN: | 0924865X | DOI: | 10.1007/s11156-023-01207-7 |
顯示於: | 財務金融學系 |
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