State supervision of local borrowing and budgeting practices and municipal net interest cost : an empirical evaluation
By: MARKS, Barry R
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Contributor(s): RAMAN, Krishnamurthy K.
Material type: 
ArticlePublisher: New York : Marcel Dekker, 1987International Journal of Public Administration - IJPA 9, 4, p. 435-446Abstract: State supervision of local government budgeting and borrowing practices has the objective of inhibiting budgetary financial distress and restricting the use of debt financing to only legitimate purposes. Our empirical evidence suggests that State supervision is indeed systematically associated with lower borrowing costs. This is one area where greater State intrusion may actually provide significant benefits to local governments.
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State supervision of local government budgeting and borrowing practices has the objective of inhibiting budgetary financial distress and restricting the use of debt financing to only legitimate purposes. Our empirical evidence suggests that State supervision is indeed systematically associated with lower borrowing costs. This is one area where greater State intrusion may actually provide significant benefits to local governments.
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