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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


  • Stéphanie Serve


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.

Suggested Citation

  • Stéphanie Serve, 2003. "Les déterminants de la prime de risque des emprunts obligataires des collectivités locales : une étude empirique sur la France et l'Espagne en 1998," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(1), pages 59-82.
  • Handle: RePEc:cai:rerarc:reru_031_0059

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    More about this item


    local government; municipal bonds; default risk; rating;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing


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