| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18040 |
| 来源ID | Working Paper 18040 |
| On Fiscal Illusion and Ricardian Equivalence in Local Public Finance | |
| H. Spencer Banzhaf; Wallace E. Oates | |
| 发表日期 | 2012-05-03 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We re-evaluate two forms of fiscal illusion in local public finance: debt illusion and renter illusion. The Ricardian Equivalence Theorem for local governments suggests the form of finance of a public program (tax or debt finance) has no effects on substantive outcomes. For the local case, this results from the capitalization of local fiscal differentials into property values. We show that this version of the model is quite restrictive. In particular, in the U.S, context, where state and local interest is exempt from federal taxation, rational behavior may be inconsistent with Ricardian equivalence if local governments can borrow on more favorable terms than individuals. We also suggest a new test for renter illusion (or the renter effect). In particular, whether or not renters are more likely to support public investments in general, the renter effect suggests that renters are more likely to support them when financed with property taxes than with sales taxes. Using data from hundreds of open space referenda in the U.S. using a variety of finance mechanisms, we find evidence that households do prefer debt financing to tax financing, but find no evidence of the renter effect. |
| 主题 | Public Economics ; Taxation ; Public Goods ; Subnational Fiscal Issues ; Environmental and Resource Economics ; Renewable Resources ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w18040 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575716 |
| 推荐引用方式 GB/T 7714 | H. Spencer Banzhaf,Wallace E. Oates. On Fiscal Illusion and Ricardian Equivalence in Local Public Finance. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18040.pdf（331KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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