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原文传递 Impact of State Road Fund Debt Limits: An Empirical Analysis.

题名：	Impact of State Road Fund Debt Limits: An Empirical Analysis.
作者：	HACKBART, M.; MOODY, M.
关键词：	DEBT MANAGEMENT; STATE GOVERNMENT; TRANSPORTATION SYSTEM FINANCING
摘要：	States have been gradually increasing their reliance on debt financing to meet their transportation funding needs. Increased reliance on debt financing has been driven by the slow growth of highway and Road Fund revenue sources, resistance to tax expenditures, and restrictions placed on the use of General Fund revenue, in many states, for transportation projects. In light of states' increasing reliance on debt financing for transportation, state officials and policy makers have shown greater interest debt management practices. One dominant practice across the states is the use of debt limitations. Debt limit policies vary widely from state to state. There are differences in the origin, scope, and coverage of state debt policies. The present study is an extension of the research originally done by the University of Kentucky Transportation Center exploring the debt limits and debt capacity using the Road Fund. The original study yielded an unexpected result related to the level of debt service to total revenue. States with debt limitation polices had, on average, higher ratios of debt service to total revenue than states without debt limitation policies. This study presents two statistical tests that confirm the previous graphical result from the original study.
报告类型：	科技报告