| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11998 |
| DP11998 U.S. municipal yields and unfunded state pension liabilities | |
| Roel Beetsma | |
| 发表日期 | 2017-04-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We present empirical evidence that municipal bond yields are increasing in the pension debt towards U.S. state civil servants. However, positive yield effects of both pension and explicit debt are found only for the period since the start of the crisis, suggesting that the crisis triggered awareness of budgetary sustainability. The marginal yield effect of higher pension debt is smaller than that of higher explicit debt, but still economically meaningful. The effect of higher pension debt seems stronger when using market values of pension assets than actuarial values, suggesting that investors pay more attention to market values. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Civil servants pension funds Underfunding Explicit debt Implicit debt Municipal yields Unfunded pension liabilities Market values Actuarial values |
| URL | https://cepr.org/publications/dp11998 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540810 |
| 推荐引用方式 GB/T 7714 | Roel Beetsma. DP11998 U.S. municipal yields and unfunded state pension liabilities. 2017. |
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