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The use of swaps by local administrations: the case of Italian regions, 2007–2014

Chiara Oldani, Giulia Fantini Orcid Logo

Journal of Public Budgeting, Accounting & Financial Management, Volume: 32, Issue: 4

Swansea University Author: Giulia Fantini Orcid Logo

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DOI (Published version): 10.1108/jpbafm-12-2019-0184

Abstract

Swaps have been extensively employed by governments and local administrations to manage their debts and related costs, but the financialisation of the public sector has had insufficient attention in the literature. This study creates the first database on swaps underwritten by Italian regions to inv...

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Published in: Journal of Public Budgeting, Accounting & Financial Management
ISSN: 1945-1814
Published: Emerald 2020
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URI: https://cronfa.swan.ac.uk/Record/cronfa50378
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first_indexed 2020-09-01T14:59:35Z
last_indexed 2020-11-11T04:03:34Z
id cronfa50378
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spelling 2020-11-10T10:32:52.3031613 v2 50378 2019-05-15 The use of swaps by local administrations: the case of Italian regions, 2007–2014 290e83934e79a0a29aec6575e0f82262 0000-0001-6923-0929 Giulia Fantini Giulia Fantini true false 2019-05-15 BAF Swaps have been extensively employed by governments and local administrations to manage their debts and related costs, but the financialisation of the public sector has had insufficient attention in the literature. This study creates the first database on swaps underwritten by Italian regions to investigate their impact on total debt and their strategic use (i.e. to finance discretional debt). Panel data results show that regions with higher debt exhibit a higher interest rate exposure and have employed derivatives for strategic purposes in their attempts to counterbalance the reduced resources received from the central state, in line with other countries’ experiences. Journal Article Journal of Public Budgeting, Accounting & Financial Management 32 4 Emerald 1945-1814 Italian regions, local public debt, OTC derivatives, public accounting 14 9 2020 2020-09-14 10.1108/jpbafm-12-2019-0184 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University 2020-11-10T10:32:52.3031613 2019-05-15T12:04:17.3559651 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Chiara Oldani 1 Giulia Fantini 0000-0001-6923-0929 2 50378__18098__a8dfe0af58444edc850d0df205d3888e.pdf Fantini.pdf 2020-09-01T15:59:13.7530843 Output 470138 application/pdf Accepted Manuscript true true English
title The use of swaps by local administrations: the case of Italian regions, 2007–2014
spellingShingle The use of swaps by local administrations: the case of Italian regions, 2007–2014
Giulia Fantini
title_short The use of swaps by local administrations: the case of Italian regions, 2007–2014
title_full The use of swaps by local administrations: the case of Italian regions, 2007–2014
title_fullStr The use of swaps by local administrations: the case of Italian regions, 2007–2014
title_full_unstemmed The use of swaps by local administrations: the case of Italian regions, 2007–2014
title_sort The use of swaps by local administrations: the case of Italian regions, 2007–2014
author_id_str_mv 290e83934e79a0a29aec6575e0f82262
author_id_fullname_str_mv 290e83934e79a0a29aec6575e0f82262_***_Giulia Fantini
author Giulia Fantini
author2 Chiara Oldani
Giulia Fantini
format Journal article
container_title Journal of Public Budgeting, Accounting & Financial Management
container_volume 32
container_issue 4
publishDate 2020
institution Swansea University
issn 1945-1814
doi_str_mv 10.1108/jpbafm-12-2019-0184
publisher Emerald
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
document_store_str 1
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description Swaps have been extensively employed by governments and local administrations to manage their debts and related costs, but the financialisation of the public sector has had insufficient attention in the literature. This study creates the first database on swaps underwritten by Italian regions to investigate their impact on total debt and their strategic use (i.e. to finance discretional debt). Panel data results show that regions with higher debt exhibit a higher interest rate exposure and have employed derivatives for strategic purposes in their attempts to counterbalance the reduced resources received from the central state, in line with other countries’ experiences.
published_date 2020-09-14T04:01:48Z
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