Municipal investment, borrowing, and pricing under decentralization : the brazilian case
By: MARTELL, Christine R
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Material type: 
ArticlePublisher: New York : Marcel Dekker, 2003International Journal of Public Administration - IJPA 26, 2, p. 173-196Abstract: Very few researchers have adressed the long-term financing arrangements of municipal governments in developing countries. No research has evaluated empirically either the elements that affect municipal borrowing in developing countries or what those elements reveal about the municipal credit system. Analyzing Brazilian municipal loan and financial data with a series of simultaneous equations, this paper addresses the following questions: what factors determine municipal government investment levels, borrowing levels, and borrowing prices? what do empirical data reveal about the character of the Brazilian municipal credit system? the results show that investment, borrowing, and borrowing prices are interconnected. Furthermore, while some signs of a market-based system exist, there is evidence that investment and borrowing decisions are made within an administered market
| Item type | Current location | Collection | Call number | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
| Periódico | Biblioteca Graciliano Ramos | Periódico | Not for loan |
Very few researchers have adressed the long-term financing arrangements of municipal governments in developing countries. No research has evaluated empirically either the elements that affect municipal borrowing in developing countries or what those elements reveal about the municipal credit system. Analyzing Brazilian municipal loan and financial data with a series of simultaneous equations, this paper addresses the following questions: what factors determine municipal government investment levels, borrowing levels, and borrowing prices? what do empirical data reveal about the character of the Brazilian municipal credit system? the results show that investment, borrowing, and borrowing prices are interconnected. Furthermore, while some signs of a market-based system exist, there is evidence that investment and borrowing decisions are made within an administered market
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