Fiscal consequences of public corruption: Empirical evidence from state bond ratings

被引：0
|
作者：
Craig A. Depken
Courtney L. Lafountain
机构：
[1] The University of Texas at Arlington,
来源：
Public Choice | 2006年 / 126卷
关键词：
Empirical Evidence; Empirical Analysis; Regional Difference; Public Finance; Public Debt;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Empirical analyses of public corruption focus predominantly on international differences; regional differences in public corruption within a single country receive little attention. We empirically investigate the effect of public corruption in the United States on state bond ratings, which previous research shows are inversely related to net interest costs on public debt. After controlling for various economic influences on bond ratings, we find that more corrupt states have lower bond ratings, which implies that taxpayers in more corrupt states face a negative pecuniary externality by paying a premium for debt.
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页码：75 / 85
页数：10
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