A Review of Municipal Bond Issues in Michigan
AbstractMunicipal bonds have recently been of national interest and Michigan’s strained economy over the past decade has made bond issuance in the state of particular interest to a variety of stakeholders. Given the close connection between municipal bonds and property taxes, the fall-off in the housing market has placed significant strain on bonds within the state. This paper reviews the Michigan municipal bond condition and develops a new debt assessment indicator system. This system was tested using over 700 Michigan local governments. Based on this indicator system, a number of communities are experiencing significant fiscal stress. However, further examination reveals that at least some of these communities have in place short term plans to address such stress. Most importantly, the report notes that data deficiencies make it difficult to assess the true level of stress and risk in the Michigan municipal bond market.
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Bibliographic InfoPaper provided by Michigan State University, Department of Agricultural, Food, and Resource Economics in its series Staff Papers with number 103093.
Date of creation: Jan 2011
Date of revision:
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Municipal bonds; Public finance; Regional economics; Community/Rural/Urban Development; Public Economics; R5; R51;
Find related papers by JEL classification:
- R5 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis
- R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies
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