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Local public finance dynamics and hurricane shocks

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  • Jerch, Rhiannon
  • Kahn, Matthew E.
  • Lin, Gary C.

Abstract

Since 1980, over 2,000 local governments in US Atlantic states have been hit by a hurricane. We study local government fiscal dynamics in the aftermath of hurricanes. These shocks reduce tax revenues, public expenditures, and debt financing in the decade following a hurricane. Hurricanes create collateral fiscal damage for local governments by increasing the cost of debt at critical moments after a strike. Municipalities with a 1 standard deviation-above-average racial minority composition suffer expenditure losses more than 2 times larger and debt default risk 8 times larger than the average municipalities in the decade following a hurricane strike.

Suggested Citation

  • Jerch, Rhiannon & Kahn, Matthew E. & Lin, Gary C., 2023. "Local public finance dynamics and hurricane shocks," Journal of Urban Economics, Elsevier, vol. 134(C).
  • Handle: RePEc:eee:juecon:v:134:y:2023:i:c:s0094119022000924
    DOI: 10.1016/j.jue.2022.103516
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    More about this item

    Keywords

    Local government budgets; Local government bonds; Natural disasters;
    All these keywords.

    JEL classification:

    • H71 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Taxation, Subsidies, and Revenue
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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