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Immunisation du budget des communes françaises au risque de taux d'intérêt

Author

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  • Muriel Michel

Abstract

French local communities run an interest rate risk, affecting their daily acts. However, actual management only concern debt hedging. The object of this paper is to suggest a really global approach from local budget. Effect of interest rate variations is estimated on expenses and receipts by econometrics of panel data. Empirical studies are based on 859 towns, during a 1993-1996 period. A fixed and indexed sharing out allows to immunize French local communities budget against interest rate risk. Classification JEL : C23, G19, H72, H74.

Suggested Citation

  • Muriel Michel, 2002. "Immunisation du budget des communes françaises au risque de taux d'intérêt," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(3), pages 377-396.
    • Handle: RePEc:cai:rerarc:reru_023_0377
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    More about this item

    Keywords

    interest rate risk; municipalities budget; econometrics of panel data; fixed rate / indexed rate;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing

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