{"id":"https://openalex.org/W1892030366","doi":"https://doi.org/10.1111/pbaf.12061","title":"An Empirical Analysis of the Municipal Bond Market in Italy: Sovereign Risk and Sub\u2010Sovereign Levels of Government","display_name":"An Empirical Analysis of the Municipal Bond Market in Italy: Sovereign Risk and Sub\u2010Sovereign Levels of Government","publication_year":2015,"publication_date":"2015-09-01","ids":{"openalex":"https://openalex.org/W1892030366","doi":"https://doi.org/10.1111/pbaf.12061","mag":"1892030366"},"language":"en","primary_location":{"id":"doi:10.1111/pbaf.12061","doi":"https://doi.org/10.1111/pbaf.12061","is_oa":false,"landing_page_url":"https://doi.org/10.1111/pbaf.12061","pdf_url":null,"source":{"id":"https://openalex.org/S184729184","display_name":"Public Budgeting &amp Finance","issn_l":"0275-1100","issn":["0275-1100","1540-5850"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Public Budgeting &amp; Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"Massimo Pinna","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I172446870","display_name":"University of Cagliari","ror":"https://ror.org/003109y17","country_code":"IT","type":"education","lineage":["https://openalex.org/I172446870"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Massimo Pinna","raw_affiliation_strings":["Massimo Pinna is PhD student in Economics, Department of Economics and Business, University of Cagliari, Italy; room 9, Biblioteca Economica, Viale Sant'Ignazio 84, 09123, Cagliari, Italy, tel +39 0706753405; and Department of Budget and Finance, Autonomous Region of Sardinia, Italy; Via Cesare Battisti, 09123, Cagliari, Italy, tel +39 0706068077. He can be reached at","Universita di Cagliari - Department of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Massimo Pinna is PhD student in Economics, Department of Economics and Business, University of Cagliari, Italy; room 9, Biblioteca Economica, Viale Sant'Ignazio 84, 09123, Cagliari, Italy, tel +39 0706753405; and Department of Budget and Finance, Autonomous Region of Sardinia, Italy; Via Cesare Battisti, 09123, Cagliari, Italy, tel +39 0706068077. He can be reached at","institution_ids":["https://openalex.org/I172446870"]},{"raw_affiliation_string":"Universita di Cagliari - Department of Economics","institution_ids":["https://openalex.org/I172446870"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I172446870"],"apc_list":{"value":3470,"currency":"USD","value_usd":3470},"apc_paid":null,"fwci":1.9146,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.88184869,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"35","issue":"3","first_page":"68","last_page":"94"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11461","display_name":"Local Government Finance and Decentralization","score":0.006200000178068876,"subfield":{"id":"https://openalex.org/subfields/3320","display_name":"Political Science and International Relations"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/municipal-bonds","display_name":"municipal bonds","score":0.8659999966621399},{"id":"https://openalex.org/keywords/sovereign-risk","display_name":"sovereign risk","score":0.9039999842643738},{"id":"https://openalex.org/keywords/bond-yields","display_name":"bond yields","score":0.7039999961853027},{"id":"https://openalex.org/keywords/credit-quality","display_name":"credit quality","score":0.6710000038146973},{"id":"https://openalex.org/keywords/interest-rate-risk","display_name":"interest rate risk","score":0.7369999885559082},{"id":"https://openalex.org/keywords/municipal-finance","display_name":"local government finance","score":0.4830000102519989}],"concepts":[{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.7007286548614502},{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.6903150677680969},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.6315745115280151},{"id":"https://openalex.org/C186229450","wikidata":"https://www.wikidata.org/wiki/Q42008","display_name":"Sovereignty","level":3,"score":0.6068350076675415},{"id":"https://openalex.org/C2778782394","wikidata":"https://www.wikidata.org/wiki/Q1092023","display_name":"Sovereign default","level":5,"score":0.5569077134132385},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5481337904930115},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.48796528577804565},{"id":"https://openalex.org/C197142791","wikidata":"https://www.wikidata.org/wiki/Q540626","display_name":"Bond market","level":2,"score":0.47981739044189453},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.4292849898338318},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.42601609230041504},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.4119393229484558},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3939554989337921},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.26806896924972534},{"id":"https://openalex.org/C2994482091","wikidata":"https://www.wikidata.org/wiki/Q12695","display_name":"Sovereign debt","level":4,"score":0.14253315329551697},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1111/pbaf.12061","doi":"https://doi.org/10.1111/pbaf.12061","is_oa":false,"landing_page_url":"https://doi.org/10.1111/pbaf.12061","pdf_url":null,"source":{"id":"https://openalex.org/S184729184","display_name":"Public Budgeting &amp Finance","issn_l":"0275-1100","issn":["0275-1100","1540-5850"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Public Budgeting &amp; Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:bla:pbudge:v:35:y:2015:i:3:p:68-94","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1111/pbaf.12061","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":16,"referenced_works":["https://openalex.org/W1928044476","https://openalex.org/W1958762683","https://openalex.org/W1978961862","https://openalex.org/W2016626454","https://openalex.org/W2027009592","https://openalex.org/W2035391341","https://openalex.org/W2054038456","https://openalex.org/W2059680737","https://openalex.org/W2067444410","https://openalex.org/W2112163573","https://openalex.org/W2139199723","https://openalex.org/W2890635869","https://openalex.org/W3121819921","https://openalex.org/W3122458556","https://openalex.org/W3126067738","https://openalex.org/W3138844176"],"related_works":["https://openalex.org/W914674571","https://openalex.org/W657535162","https://openalex.org/W7096981651","https://openalex.org/W433029521","https://openalex.org/W1850270637","https://openalex.org/W2118378931","https://openalex.org/W784095782","https://openalex.org/W3121676157","https://openalex.org/W7097279601","https://openalex.org/W2183387222"],"abstract_inverted_index":{"This":[0],"study":[1],"empirically":[2],"investigates":[3],"the":[4,11,68,74,94],"factors":[5],"affecting":[6],"municipal":[7],"bond":[8],"yields":[9],"in":[10,96],"Italian":[12],"market,":[13],"a":[14,25,44],"market":[15],"characterized":[16],"by":[17,24],"several":[18],"tiers":[19],"of":[20,64,71,76],"sub\u2010sovereign":[21],"issuers":[22],"and":[23,31,37,78,85],"non\u2010negligible":[26],"sovereign":[27,83],"risk.":[28],"Economic,":[29],"financial":[30],"fiscal":[32],"data":[33],"from":[34],"regions,":[35],"provinces":[36,79],"cities":[38,77],"are":[39],"used":[40],"to":[41,61,91],"assess":[42],"how":[43],"municipality's":[45],"credit":[46],"quality":[47],"affects":[48],"its":[49],"borrowing":[50],"costs.":[51],"The":[52],"results":[53],"suggest":[54],"that":[55],"investors":[56],"apply":[57],"different":[58,62],"pricing":[59],"schemes":[60],"types":[63],"local":[65],"governments.":[66],"Whereas":[67],"default":[69],"risk":[70,84,88],"regions":[72],"matters,":[73],"creditworthiness":[75],"is":[80],"irrelevant,":[81],"with":[82],"interest":[86],"rate":[87],"alone":[89],"able":[90],"largely":[92],"explain":[93],"variance":[95],"yields.":[97]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":15},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":3}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-06-24T00:00:00"}
