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Essays on Public Finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Public Finance./
作者:	Yi, Hanyi.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	222 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-03, Section: B.
Contained By:	Dissertations Abstracts International83-03B.
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28735324
ISBN:	9798535519548

Essays on Public Finance.
Yi, Hanyi.

Essays on Public Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 222 p.

Source: Dissertations Abstracts International, Volume: 83-03, Section: B.

Thesis (Ph.D.)--Rice University, 2021.

This item must not be sold to any third party vendors.

This dissertation contains three chapters. In the first chapter, "Finance, Public Goods, and Migration'', I show that shocks to the supply of municipal credit affect both the quantity and quality of local public goods provision, and through this channel, resident migration. I use a difference-in-differences approach based on a regulation that unintendedly decreased bank investment in municipal bonds. Following the credit shock, municipalities cut spending, especially infrastructure investment. Public service quality deteriorates, manifested in increased water contamination and prolonged power outages. While high income residents "vote with their feet" and leave, low income residents have limited mobility and suffer from the long-term consequences of public spending shocks.In the second chapter, "Aging and Public Financing Costs: Evidence from U.S. Municipal Bond Markets'', we examine the impact of population aging on municipal access to credit. A one standard deviation increase in a state's population age leads to a 23 basis point increase in municipal bond issue spread. Three mechanisms drive this effect: income tax revenue, healthcare liabilities, and pension underfunding. Constitutional pension protections and securities with lower credit quality or longer maturity exacerbate the effect. To control for endogenous migration and mortality patterns, we exploit variation from historical state fertility trends. Our findings highlight the challenges municipalities face to cope with systemic demographic transition.The third chapter, "Deputization'', studies a permissive policy that asks agents to help screen for dangerous activities without providing explicit incentives. Its success, then, depends on other extrinsic or intrinsic motives. To assess its potential efficacy, we exploit the staggered adoption of recent laws that deputized financial professionals to help fight elder financial abuse. This is a widespread and pernicious problem that is hard to police. We find that deputization led to a 4%-6% decrease in suspected cases of elder abuse and a significant drop in personal bankruptcies. We discuss several possible mechanisms through which deputization acted in this setting.

ISBN: 9798535519548Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Local public finance

Essays on Public Finance.
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