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State and Local Government Bond Refinancing and the Factors Associated with the Refunding Decision

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  • Tima T. Moldogaziev

    ()
    (Department of Political Science, University of South Carolina, USA)

  • Martin J. Luby

    (School of Public Service, DePaul University, Chicago, IL, USA)

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    Abstract

    The decision to refinance existing debt is a significant one made increasingly by public financial managers. Since state and local governments are somewhat limited by the Internal Revenue Service (IRS) in their ability to refinance debt, the decision to refund bonds is critical due to the potentially large economic benefits associated with refinancing bonds in the future at lower interest rates. Because of these potential benefits, it would be instructive for policy makers to know some of the covariates associated with this important debt management decision. To that end, this study analyzes refinancing bonds sold by California state and local government issuers between 2000 and 2007. The authors attempt to understand and record a list of issue-specific characteristics, market dynamics, and issuer-related data that are more likely to be related to likelihood to refinance. The authors then discuss the policy implications from these empirical findings.

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    Bibliographic Info

    Article provided by in its journal Public Finance Review.

    Volume (Year): 40 (2012)
    Issue (Month): 5 (September)
    Pages: 614-642

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    Handle: RePEc:sae:pubfin:v:40:y:2012:i:5:p:614-642

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    Related research

    Keywords: municipal bonds; debt refinancing; public financial management;

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    Cited by:
    1. Andrew Ang & Richard C. Green & Yuhang Xing, 2013. "Advance Refundings of Municipal Bonds," NBER Working Papers 19459, National Bureau of Economic Research, Inc.
    2. Javier J. Pérez & Rocío Prieto, 2014. "The structure of sub-natural public debt: Liquidity vs credit risk," Banco de Espa�a Working Papers 1403, Banco de Espa�a.

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