Political Bonds: Political Hazards and the Choice of Municipal Financial Instruments

We study the link between the choice of rule-based public contracts and political hazards using the municipal bond market. While general obligation bonds are serviced from all municipal revenue streams and offer elected officials financial flexibility, revenue bonds limit the discretion that

我们利用市政债券市场研究基于规则的公共合同选择与政治风险之间的关联。虽然一般责任债券（general obligation bonds）由市政所有收入流偿还，并为民选官员提供财务灵活性，但收益债券（revenue bonds）限制了...