Municipal debt in Switzerland: new empirical results |
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Authors: | Lars P Feld Gebhard Kirchg?ssner Christoph A Schaltegger |
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Institution: | 1. Walter Eucken Institut, University of Freiburg, Goethestr. 10, 79100, Freiburg i.Br., Germany 2. Swiss Institute for International Economics and Applied Economic Research (SIAW-HSG), University of St. Gallen, Bodanstrasse 8, 9000, St. Gallen, Switzerland 3. University of Lucerne, Frohburgstr. 3, Postfach 4466, 6002, Lucerne, Switzerland
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Abstract: | Switzerland has experienced extensive institutional reforms at the local level that could influence local debt. These reforms have included municipal mergers, greater inter-communal cooperation, reformed political decision-making mechanisms, and the introduction of new public management measures. Many of these reforms originated at the cantonal level. However, the institutional diversity among Swiss municipalities hardly has diminished. A cross-sectional analysis for the 137 largest Swiss cities and villages in 2004 shows that direct democratic rights and a high degree of fiscal autonomy lead to a lower level of local debt. There is no statistical support for the hypothesis that reforms following the new public management guidelines had an effect on debt levels. |
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