Public Finance Research Papers Pdf

[Phoebe Sibilio]

InternationalTax and Public Finance serves as an outlet for first-rate original research on both theoretical and empirical aspects of fiscal policy, broadly interpreted to include expenditure and financing policies. A special emphasis is on open economy or, more generally, interjurisdictional issues: the interaction of policies across jurisdictions and the effects of those policies on economic (and political economy) outcomes. This international/interjurisdictional focus is not, however, an exclusive one: high quality contributions in any area of public finance (e.g., single-country tax reform analysis) will also be welcome.

The Public Finance Journal serves as a forum for discussion on significant issues related to the advancement of our scientific understanding. Articles are chosen for publication based on the originality, importance, interdisciplinary interest, timeliness, and accessibility. As a journal focused on connecting the science with the practice in public budgeting and finance, all manuscripts must connect the study with the needs and interests of both the scientific and practitioner communities for the field.

The mission of PF is to serve those engaged in public budgeting and finance through the publication of significant advances in the science of the discipline that conveys both theoretical importance and timely application.

Public Finance Journal is a biannual journal publishing peer-reviewed research that examines and analyzes contemporary issues in budgeting and finance and explores the applicability of solution sets. The journal serves as a forum for discussion on significant issues related to the advancement of our scientific understanding.

The Public Finance Journal serves as a forum for discussion on significant issues related to the advancement of our scientific understanding. The mission of the Public Finance Journal is to serve those engaged in public budgeting and finance through the publication of significant advances in the science of the discipline that conveys both theoretical importance and timely application.

This first issue includes entries on budgeting and finance agendas, AI, property tax, and more. It features contributions from more than 230 authors. Thank you to all of the GFOA members who were part of this first issue.

Articles are chosen for publication based on the originality, importance, interdisciplinary interest, timeliness, and accessibility. As a journal focused on connecting the science with the practice in public budgeting and finance, all manuscripts must connect the study with the needs and interests of both the scientific and practitioner communities for the field.

In November 2023, GFOA announced it was seeking proposals for the GovFi Prize. GFOA sought to address four key questions in public finance and is awarding $500 contracts based on initial proposals for each question.

We examine how local newspaper closures affect public finance outcomes for local governments. Following a newspaper closure, municipal borrowing costs increase by 5 to 11 basis points, costing the municipality an additional $650 thousand per issue. This effect is causal and not driven by underlying economic conditions. The loss of government monitoring resulting from a closure is associated with higher government wages and deficits, and increased likelihoods of costly advance refundings and negotiated sales. Overall, our results indicate that local newspapers hold their governments accountable, keeping municipal borrowing costs low and ultimately saving local taxpayers money.

The Journal of Public Finance and Public Choice (JPFPC) was founded in 1983 by Professor Domenico da Empoli in the spirit of the Italian discipline of Scienza delle finanze. According to this approach, economic analysis should include individual motivations in non-market settings, political institutions and collective decision making.

Relaunched in 2018 in partnership with Bristol University Press and an outstanding, international editorial board, JPFPC will be revitalised in print and online while maintaining its commitment to publishing high-quality, peer-reviewed research. Read more about the Journal of Public Finance and Public Choice.

Relaunched in 2018 in partnership with Bristol University Press and an outstanding, international editorial board, JPFPC will be revitalised in print and online while maintaining its commitment to publishing high-quality, peer-reviewed research.

JPFPC is unique in the international landscape of public economics journals, because it is committed to explicitly advancing knowledge in both public finance and public choice, reflecting an inclusive approach. To this end, it welcomes submissions from economics, as well as from cognate disciplines (geography, law, political science, sociology), that contribute to our understanding of the public economy and its broader constitutional, legal and political economy matrix.

JPFPC prefers contributions in public finance and public choice that are original, topical and policy relevant and approach topics in innovative ways. It welcomes submissions of manuscripts that are empirical or theoretical, including papers on the history of economic thought and on economic methodology. JPFPC moreover welcomes behavioural, experimental and multidisciplinary approaches.

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All submissions are first desk-reviewed by the Editor-in-Chief and the Editor who will assess whether the manuscript fits the aims and scope as well as the quality standards of JPFPC. Papers that are selected to be sent out for review will be evaluated through double-anonymous peer review by at least two referees. We aim to return referee reviews along with an initial decision within four weeks.

Local newspapers in the United States have been steadily declining in recent years. Accompanying this change was a decline in statehouse reporters who play an important role in gathering information about local governments and reporting it to their readers. Related academic studies in the political economy space show that geographic areas with reduced local media coverage have less informed voters and lower voter turnouts, removing the incentives of local politicians to work hard on behalf of their constituencies.

Despite the growing academic research on the real effects of media coverage on finance outcomes, it still remains an open question whether shocks to media coverage affect these outcomes in the long run. If a negative coverage shock such as a newspaper closure leads to increased government inefficiencies and informational frictions, then potential municipal lenders will likely demand higher yields to compensate for these effects. On the other hand, if there is high degree of substitutability between the affected media outlet and alternative, unaffected outlets, then there should be no effect on local financial markets in the long run. This effect could even be positive if these alternative sources of news provide more accurate and timelier information to their readers.

Pengjie Gao of the University of Notre Dame and Chang Lee and Dermot Murphy of the University of Illinois at Chicago, empirically examine how shocks to local media coverage affect long-run public borrowing costs. The municipal bond market provides an ideal setting for their study because the individual bonds are largely bought and sold by local investors, providing a more direct link between local media shocks and securities prices. They use local newspaper closures as a proxy for local media shocks, as the closures effectively cause large, discrete changes in local media coverage. Their main finding is that newspaper closures have a significantly adverse impact on municipal borrowing costs in the long run. Specifically, following the three year period after a newspaper closure, municipal bond offering yields increase by 5.5 basis points, while yields in the secondary market increase by 6.4 basis points; these results are significant at the 1% level. Further, these results are robust to a comparison of yields between affected and unaffected counties in the pre-closure period. The effect of newspaper closures on revenue bonds, which are backed by cash flows generated by specific projects and more subject to misappropriation, is even stronger, with offering and secondary yields increasing by 10.6 and 9.9 basis points. In dollar terms, an additional 10 basis points increases the cost of an average issue by about $650 thousand.1 Taken together, their evidence suggests that there is not a sufficient degree of substitutability between local newspapers and alternative information intermediaries for evaluating the quality of public projects and local governments.

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