Municipal Merger and Debt Issuance in South African Municipalities
Municipal Merger and Debt Issuance in South African Municipalities
复制标题
南非各城市的市政合并和债务发行
DOI：
10.1080/13504851.2020.1753872
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发表时间：
2020
影响因子：
1.6
通讯作者：
Sandra Sekgetle and Takashi Kuramoto
中科院分区：
文献类型：
--
作者：
Tsuyoshi Goto;Sandra Sekgetle and Takashi Kuramoto
现有的研究揭示了面临合并的市政当局的机会主义搭便车行为;这些行为包括在合并前超额发行债务，因为它们的负担将由新建的市政当局分担。然而，文献提出了一些解决这个问题的办法。因此，我们调查是否南非的市政当局，面临合并之前，从事搭便车的行为合并。在南非，市政府的上级政府在合并之前对借款进行监测。使用差异中的差异分析和南非城市的季度数据，我们发现，南非城市减少了他们的合并前的借款金额。这一结果与以往的研究相矛盾，表明适当的市政合并政策可能会防止搭便车行为所造成的财政共同池问题。据我们所知，我们的研究是第一个证明市政合并前借款减少的研究。
Existing research reveals opportunistic free-riding behaviours by municipalities facing mergers; these behaviours include over-issuance of debt before mergers because their burden will be shared by newly constructed municipalities. Nevertheless, the literature presents few solutions to this problem. We therefore investigate whether South African municipalities that faced mergers engaged in free-riding behaviours before the mergers. In South Africa, the upper government of municipalities implemented the monitoring of borrowings before mergers. Using a difference-in-differences analysis and quarterly data of South African municipalities, we find that South African municipalities decreased the amount of borrowings before their mergers. This result contradicts previous research, indicating that proper policy for municipal mergers may prevent the fiscal common pool problem caused by free-riding behaviours. To the best of our knowledge, our study is the first to demonstrate a reduction in borrowings before municipal mergers.