Immunisation du budget des communes françaises au risque de taux d'intérêt
AbstractFrench 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 InfoArticle provided by Armand Colin in its journal Revue d’Économie Régionale & Urbaine.
Volume (Year): juillet (2002)
Issue (Month): 3 ()
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Web page: http://www.cairn.info/revue-d-economie-regionale-et-urbaine.htm
interest rate risk; municipalities budget; econometrics of panel data; fixed rate / indexed rate;
Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- 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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