The Impact of Tax and Expenditure Limits on Municipal Credit Ratings
研究了美国各州对市政当局施加的税收与支出限制的严格程度如何影响其信用评级，发现更严格的限制会轻微降低评级，可能导致市政当局面临更高的利息成本。
The research focuses on the impact of the restrictiveness of tax and expenditure limitations (TELs) on the credit ratings of 566 U.S. municipalities over the 2007-2010 time period. The credit ratings used are by Moody’s rating agency, and municipal fiscal data are drawn from the Government Financial Officers Association’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting program. Results suggest that more restrictive TELs imposed on municipalities by the states have a weak negative impact on credit ratings which will likely force municipalities to face higher interest costs.