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Imunization of French municipalities budget against interest rate risk
[Immunisation du budget des communes françaises au risque de taux d'intérêt]

Author

Listed:
  • Muriel Michel

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

Abstract

French 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.

Suggested Citation

  • Muriel Michel, 2002. "Imunization of French municipalities budget against interest rate risk [Immunisation du budget des communes françaises au risque de taux d'intérêt]," Post-Print hal-03021951, HAL.
    • Handle: RePEc:hal:journl:hal-03021951
    DOI: 10.3917/reru.023.037
    as

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