We study the determinants of local governments' reliance on bank loans using granular data from the Federal Reserve. Governments that are larger, rely on stable revenue sources, or have higher spending relative to revenues are more likely to borrow from banks. About a third of governments in the...

Using confidential loan-level data, we investigate the importance of bank loans in the debt structure of U.S. state and local governments. We show that most bank debt is closely substitutable with municipal bonds and that smaller, lower-income and less credit-worthy borrowers are more reliant on...

Mit Blick auf die zunehmende globale Dynamik der Märkte stellt sich die Frage, welche alternativen Ansätze in die Finanzwissenschaften einfließen können, um die finanziellen Anpassungsstrategien der Akteure weitergehend zu gestalten. Andrea Hanisch erarbeitet eine handlungsökonomische...