Post-recession policy diffusion: local government adoption of build America bonds

Author:

Greer Robert A.,Lee Jekyung

Abstract

To resolve the limited access to capital by local governments due to the Great Recession, the United States Federal Government responded with the American Recovery and Reinvestment Act (ARRA) which included the Build America Bond (BAB) program. The result of this program was considerable interest cost savings to state and local governments, but many local governments chose to issue traditional tax-exempt bonds instead of BABs. Using a policy diffusion framework and hazard model approach, we identify factors that affected the speed of BAB adoption by local governments. Results show that underwriter and financial adviser experience along with the internal characteristics of the local governments played a significant role in adoption. These findings have implications for future fiscal policies targeting local governments for the purpose of timely economic recovery.

Publisher

Emerald

Subject

Strategy and Management,Public Administration

Cited by 2 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Local Governments’ Adoption of Innovative Infrastructure Finance Tool: Evidence From Pennsylvania Municipalities;Public Finance Review;2023-02-28

2. Public infrastructure finance: symposium introduction;Journal of Public Budgeting, Accounting & Financial Management;2018-06-04

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