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Les déterminants de la prime de risque des emprunts obligataires des collectivités locales : une étude empirique sur la France et l'Espagne en 1998

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  • Stéphanie Serve

Abstract

This paper attempts to analyze the determining factors of the risk premium of French and Spanish municipal bonds. The results show the impact of a subset of variables derived from published accounts and statistics on the risk premium : indebteness, current receipts structure and socio-economic variables. Two bonds characteristics (low rating and call provision) are also significant. JEL Classification : G15, G33, H74.

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Bibliographic Info

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

Volume (Year): février (2003)
Issue (Month): 1 ()
Pages: 59-82

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Handle: RePEc:cai:rerarc:reru_031_0059

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

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Keywords: local government; municipal bonds; default risk; rating;

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