Public Debt and Democratic Statecraft in Nineteenth-Century France

Todd, David; Yates, Alexia

doi:10.1007/978-3-030-48794-2_4

Cited by 2 publications

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“…(4) Fiscal decentralization ( FD ) is measured by the ratio of per capita local government fiscal revenue to per capita central government fiscal revenue in the same year (Liu et al, 2017). (5) The marketization level ( MAR ) is measured by the proportion of the tertiary industry in total GDP (Todd & Yates, 2020). (6) The financial development level ( FIN ) is measured by the ratio of the increase in financial sector gross product to total GDP (Huang et al, 2018).…”

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confidence: 99%

Impact of Local Official Corruption on Local Government Debt in China: The Mediating Role of Government Investment Efficiency

Zhen-xing

2023

Sage Open

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In the process of issuing and using local government debt, local officials may be corrupted by self-interest into inappropriately increasing the bond supply, leading to excessive expansion of local government debt and an increase in debt risk. Adopting the perspective of government investment efficiency, this paper employs a piecemeal causal steps approach to analyze the influence of local official corruption on local government debt. The results from panel data on 30 provinces in China show that the local official corruption triggers the expansion of local government debt. A mediation analysis reveals that the effect operates by impairing government investment efficiency. An analysis of regional heterogeneity further shows that the impact is weaker or even disappears in developed in comparison to underdeveloped regions, which further indicates that the anti-corruption campaign supports local government debt management, especially in developed regions. This paper not only explains the relationship between local official corruption and local government debt, but also provides new ideas for local government debt management.

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Section: Methodsmentioning

confidence: 99%

Impact of Local Official Corruption on Local Government Debt in China: The Mediating Role of Government Investment Efficiency

Zhen-xing

2023

Sage Open

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Investor Letters and the Everyday Practice of Finance in Nineteenth-Century France

Yates¹

2021

French Historical Studies

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In the last decades of the nineteenth century the Paris Exchange was the second largest in the world, and engagement in financial markets had become popular on a previously unknown scale. How ordinary people encountered, thought about, and navigated this new financial landscape has nevertheless proved elusive. This article analyzes everyday financial practice in the first age of global capital from the vantage of letters written by ordinary individuals concerning their investments. As the numbers of investors and bondholders in France grew, “investor letters”—missives to financial, legal, and governmental authorities—proliferated. Their existence and concerns offer rich insights into how and with what effect France's financial markets were evolving at the end of the nineteenth century. These letters prompt us to reconsider the place of routine business correspondence in our studies of epistolary culture and allow reflection on economic life as modest investors “wrote upwards” and across the wealth gap of late nineteenth-century France. Vers la fin du dix-neuvième siècle, la Bourse de Paris était la deuxième place financière la plus importante au monde, et ses marchés étaient devenus « populaires » à une échelle sans précédent. La manière dont les gens ordinaires ont réussi à s'orienter dans ce nouveau paysage se révèle difficile à saisir. Cet article analyse la pratique financière quotidienne de l’âge d'or de la globalisation du capital selon les particuliers écrivant à propos de leurs investissements. A mesure que le nombre d'investisseurs et d'obligataires a augmenté, ces « lettres d'investisseurs » adressées aux autorités financières, juridiques et gouvernementales se sont multipliées. Leur existence et leurs sujets de préoccupation offrent de riches informations sur l’évolution des marchés financiers français de la fin du dix-neuvième siècle. Ces lettres nous incitent à reconsidérer la place de la correspondance commerciale dans la culture épistolaire, et en nous montrant comment de modestes investisseurs écrivent « vers le haut » de la hiérarchie économique et sociale, nous permettent d'accéder à des aspects méconnus de la vie économique de la fin du dix-neuvième siècle français.

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Public Debt and Democratic Statecraft in Nineteenth-Century France

Cited by 2 publications

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Impact of Local Official Corruption on Local Government Debt in China: The Mediating Role of Government Investment Efficiency

Impact of Local Official Corruption on Local Government Debt in China: The Mediating Role of Government Investment Efficiency

Investor Letters and the Everyday Practice of Finance in Nineteenth-Century France

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