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

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  • Muriel Michel
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    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.

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    Bibliographic Info

    Article provided by Armand Colin in its journal Revue d’Économie Régionale & Urbaine.

    Volume (Year): juillet (2002)
    Issue (Month): 3 ()
    Pages: 377-396

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    Handle: RePEc:cai:rerarc:reru_023_0377

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    Web page: http://www.cairn.info/revue-d-economie-regionale-et-urbaine.htm

    Related research

    Keywords: interest rate risk; municipalities budget; econometrics of panel data; fixed rate / indexed rate;

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