{"id":"https://openalex.org/W3141553022","doi":null,"title":"Health Care Capital Financing Agencies: The Intergovernmental Roles of Quasi-Government Authorities and the Impact on the Cost of Capital","display_name":"Health Care Capital Financing Agencies: The Intergovernmental Roles of Quasi-Government Authorities and the Impact on the Cost of Capital","publication_year":1999,"publication_date":"1999-01-01","ids":{"openalex":"https://openalex.org/W3141553022","mag":"3141553022"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:nbr:nberwo:7221","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w7221.pdf","pdf_url":"http://www.nber.org/papers/w7221.pdf","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":"preprint"},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5032257174","display_name":"Alec Ian Gershberg","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I102179633","display_name":"The New School","ror":"https://ror.org/02tvcev59","country_code":"US","type":"education","lineage":["https://openalex.org/I102179633"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Alec Ian Gershberg","raw_affiliation_strings":["New School University and National Bureau of Economic Research,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New School University and National Bureau of Economic Research,","institution_ids":["https://openalex.org/I102179633","https://openalex.org/I1321305853"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5060243005","display_name":"Michael Baruch Grossman","orcid":"https://orcid.org/0000-0001-9863-4308","observed_orcids":["https://orcid.org/0000-0001-9863-4308"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I174216632","display_name":"City University of New York","ror":"https://ror.org/00453a208","country_code":"US","type":"education","lineage":["https://openalex.org/I174216632"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michael Grossman","raw_affiliation_strings":["City University of New York and National Bureau of Economic Research,"],"raw_orcid":"https://orcid.org/0000-0001-9863-4308","affiliations":[{"raw_affiliation_string":"City University of New York and National Bureau of Economic Research,","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I174216632"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5024968491","display_name":"Fred Goldman","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I102179633","display_name":"The New School","ror":"https://ror.org/02tvcev59","country_code":"US","type":"education","lineage":["https://openalex.org/I102179633"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Fred Goldman","raw_affiliation_strings":["New School University and National Bureau of Economic Research,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New School University and National Bureau of Economic Research,","institution_ids":["https://openalex.org/I102179633","https://openalex.org/I1321305853"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11461","display_name":"Local Government Finance and Decentralization","score":0.5098000168800354,"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"}},"topics":[{"id":"https://openalex.org/T11461","display_name":"Local Government Finance and Decentralization","score":0.5098000168800354,"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/T11496","display_name":"Credit Risk and Financial Regulations","score":0.3725999891757965,"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/T10019","display_name":"Corporate Finance and Governance","score":0.030899999663233757,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/municipal-bonds","display_name":"municipal bonds","score":0.5899999737739563},{"id":"https://openalex.org/keywords/tax-exempt-debt","display_name":"tax-exempt debt","score":0.9309999942779541},{"id":"https://openalex.org/keywords/cost-of-capital","display_name":"cost of capital","score":0.9869999885559082},{"id":"https://openalex.org/keywords/herfindahl-hirschman-index","display_name":"Herfindahl-Hirschman index","score":0.9010000228881836},{"id":"https://openalex.org/keywords/economies-of-scale","display_name":"economies of scale","score":0.9169999957084656},{"id":"https://openalex.org/keywords/intergovernmental-competition","display_name":"intergovernmental competition","score":0.7049999833106995},{"id":"https://openalex.org/keywords/public-finance","display_name":"public finance","score":0.3050000071525574}],"concepts":[{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.6961408853530884},{"id":"https://openalex.org/C2777998853","wikidata":"https://www.wikidata.org/wiki/Q370089","display_name":"Herfindahl index","level":2,"score":0.6301805377006531},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.6194595694541931},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.6186017990112305},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5412788391113281},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5016746520996094},{"id":"https://openalex.org/C29321873","wikidata":"https://www.wikidata.org/wiki/Q5970087","display_name":"Economies of scale","level":2,"score":0.4733591079711914},{"id":"https://openalex.org/C83009810","wikidata":"https://www.wikidata.org/wiki/Q11204","display_name":"Legislature","level":2,"score":0.4718261659145355},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.44506219029426575},{"id":"https://openalex.org/C178283979","wikidata":"https://www.wikidata.org/wiki/Q274490","display_name":"Public finance","level":2,"score":0.4446293115615845},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.42324429750442505},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3653573989868164},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.18253889679908752},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.0},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:RePEc:nbr:nberwo:7221","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w7221.pdf","pdf_url":"http://www.nber.org/papers/w7221.pdf","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":"preprint"},{"id":"pmh:oai:aleph.bib-bvb.de:BVB01-016657927","doi":null,"is_oa":false,"landing_page_url":"http://papers.nber.org/papers/w7221.pdf","pdf_url":"http://papers.nber.org/papers/w7221.pdf","source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:3141553022","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/p/nbr/nberwo/7221.html","pdf_url":null,"source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"National Bureau of Economic Research","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2439918383","https://openalex.org/W2414620038","https://openalex.org/W2418838070","https://openalex.org/W7096645734","https://openalex.org/W2040411841","https://openalex.org/W4253675001","https://openalex.org/W2060143209","https://openalex.org/W2399247215","https://openalex.org/W140005032","https://openalex.org/W3120705508"],"abstract_inverted_index":{"During":[0],"the":[1,52,58,78,84,93,115,122,161,187,200],"decade":[2],"1983-1992,":[3],"approximately":[4],"1.4":[5],"trillion":[6],"dollars":[7],"of":[8,40,54,80,95,114,124,147,173,184,202],"municipal":[9],"bonds":[10],"were":[11,43],"sold":[12],"in":[13,65,83,171,186],"87":[14],"thousand":[15],"separate":[16],"issues,":[17],"primarily":[18],"to":[19,198],"finance":[20,158,190],"capital":[21,66,148],"projects":[22],"for":[23,91],"education,":[24],"electric":[25],"power,":[26],"transportation,":[27],"health":[28,85,188],"care,":[29],"housing":[30],"and":[31,34,87,99,102,106,172],"other":[32,162],"public":[33],"private":[35],"purpose":[36],"activities.":[37],"Approximately":[38],"two-thirds":[39],"these":[41],"financings":[42],"originated":[44],"by":[45,62],"financing":[46],"authorities,":[47],"quasi-government":[48,107],"agencies":[49],"which":[50],"are":[51,182],"creation":[53],"state":[55,98],"legislatures.":[56],"Despite":[57],"growing":[59],"role":[60],"played":[61],"quasi-public":[63],"authorities":[64],"finance,":[67],"their":[68],"impacts":[69],"have":[70,120,143],"not":[71],"been":[72],"studied":[73],"systematically.":[74],"We":[75,109],"first":[76],"describe":[77],"issuers":[79,96,142,197],"tax-exempt":[81],"debt":[82],"sector":[86],"then":[88],"derive":[89],"measures":[90],"describing":[92],"mix":[94],"between":[97,103],"local":[100],"levels,":[101],"both":[104],"government":[105],"sectors.":[108],"present":[110],"abbreviated":[111],"test":[112],"results":[113],"impact":[116],"that":[117,137,168,192],"different":[118],"mixes":[119],"on":[121],"cost":[123,146,201],"capital.":[125,203],"First,":[126],"competition":[127],"is":[128],"good:":[129],"using":[130],"a":[131,144,152,177],"Herfindahl":[132],"index":[133],"analysis":[134],"we":[135,164],"show":[136],"states":[138],"with":[139,151],"less":[140],"concentrated":[141,154],"lower":[145,199],"than":[149],"those":[150],"more":[153],"market,":[155],"including":[156],"state-level":[157],"monopolies.":[159],"On":[160],"hand,":[163],"cannot":[165],"assert":[166],"unequivocally":[167],"market":[169],"deconcentration":[170],"itself":[174],"should":[175],"be":[176],"goal.":[178],"For":[179],"instance,":[180],"there":[181],"economies":[183],"scale":[185],"care":[189],"industry":[191],"allow":[193],"larger":[194],"(often":[195],"state-level)":[196]},"counts_by_year":[],"updated_date":"2026-10-08T09:06:37.294493","created_date":"2021-04-13T00:00:00"}