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| Scorsone, Eric; Plerhoples, Christina. |
| Municipal bonds have recently been of national interest and Michigan’s strained economy over the past decade has made bond issuance in the state of particular interest to a variety of stakeholders. Given the close connection between municipal bonds and property taxes, the fall-off in the housing market has placed significant strain on bonds within the state. This paper reviews the Michigan municipal bond condition and develops a new debt assessment indicator system. This system was tested using over 700 Michigan local governments. Based on this indicator system, a number of communities are experiencing significant fiscal stress. However, further examination reveals that at least some of these communities have in place short term plans to address such... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Municipal bonds; Public finance; Regional economics; Community/Rural/Urban Development; Public Economics; R5; R51. |
| Ano: 2011 |
URL: http://purl.umn.edu/103093 |
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| Plerhoples, Christina; Scorsone, Eric. |
| Monitoring the fiscal stress levels of local governments at the state level is a critical strategy for predicting and preventing fiscal crises. The State of Michigan currently monitors the fiscal stress levels of its local governments using a set of indicators created in 2002. These indicators, however, are not capturing all types of fiscal stress and are not being utilized to their fullest. In this report, we outline proposed changes to the current system, calculate the proposed indicators, and then compare them to the current system. The new fiscal stress indicator system proposed here builds upon the current system in five ways. First, it better captures different types of fiscal stress that are being missed in the current system, including those caused... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Fiscal Stress Indicators; Local Government; Public Economics; H72. |
| Ano: 2011 |
URL: http://purl.umn.edu/116167 |
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