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作者

来源

JOURNAL OF URBAN HISTORY,Vol.44,Issue6,P.1098-1112

语言

英文

关键字

municipal bonds; bond rating agencies; investment grade bonds; public policy

作者单位

[Biles, Roger] Illinois State Univ, Hist, Normal, IL 61790 USA. Biles, R (reprint author), Illinois State Univ, Dept Hist, Normal, IL 61790 USA. E-Mail: wrbiles@ilstu.edu

摘要

Since World War II, and especially since the1970s, cities have increasingly relied on municipal bonds as a crucial source of income. At the same time, the bond rating agencies have exerted more influence on potential investorsa development with significant consequences for the nation's cities. The need for elected officials to measure their actions against possible rewards and punishments imposed by the bond rating agencies allowed private businesses to shape public policies in distant places impervious to the mandates given democratically elected local governments. This paper examines the challenges faced by public officials in three cities (Philadelphia, Chicago, and Detroit) because of the power wielded by bond rating agencies.