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Constitutional Limitations on Borrowing: An Analysis of State Bonded Indebtedness

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Author Info
Kiewiet, D Roderick
Szakaly, Kristin
Abstract

State and local governments have long had constitutional limits on the issuance of full faith and credit debt. Our analyses find that levels of such debt depend on the type of restriction in place. States that either prohibit guaranteed debt or require referendum approval to issue it have less guaranteed debt than those that require a supermajority of the legislature to issue debt or those that have revenue-based limitations. Although the issuance of state nonguaranteed debt does not appear to be generally motivated by the aim of circumventing constitutional limitations on guaranteed debt, restrictive provisions at the state level do result in the devolution of debt issuance to governments at the local level. Our findings suggest that current proposals for constitutional limitations on borrowing at the federal level would have much less impact on total government borrowing than their proponents anticipate. Copyright 1996 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Journal of Law, Economics and Organization.

Volume (Year): 12 (1996)
Issue (Month): 1 (April)
Pages: 62-97
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:oup:jleorg:v:12:y:1996:i:1:p:62-97

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  12. Sorensen, Bent E & Yosha, Oved, 1999. "Output Fluctuations and Fiscal Policy: US State and Local Governments 1978-1994," CEPR Discussion Papers 2286, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  13. Mark Hallerberg & Rolf Strauch & Jürgen von Hagen, 2006. "The design of fiscal rules and forms of governance in European Union countries," Discussion Papers 150, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
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