[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-31275":3,"doc-seo-31275":26},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"file_id":15,"file_url":16,"file_type":17,"file_size":18,"view_count":4,"is_deleted":4,"is_public":19,"is_downloadable":19,"audit_status":19,"page_count":20,"language":21,"table_of_contents":22,"faqs":23,"seo_title":13,"seo_description":14,"update_tm":24,"read_time":25},31275,1374391974564,"Clementine","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Sub_nationals Risk Premia in Fiscal Federations Fiscal Performance","The paper investigates what drives risk premia on sub-national bonds in fiscal federations, emphasizing how macroeconomic and fiscal performance interact with federation institutional design. Using secondary-market data, it analyzes panel evidence from the USA, Canada, Australia, and Germany, measuring how arrangements such as transfer schemes and revenue independence shape market pricing. The study evaluates whether transfer dependency alters market assessment of sub-national default risk and thus bailout expectations by the center.","cbCaipKuW2nK7R6B","https://ap.wps.com/l/cbCaipKuW2nK7R6B","pdf",560028,1,23,"English","# Introduction\n## Institutional design and bailout expectations\n## Evidence from existing literature\n# Research focus and methodology","[{\"question\":\"What question does the paper address about sub-national risk premia?\",\"answer\":\"It examines the determinants of risk premia on sub-national bonds in fiscal federations, focusing on macroeconomic/fiscal performance, institutional design, and how these factors interact.\"},{\"question\":\"Why does institutional design matter for markets pricing sub-national securities?\",\"answer\":\"The paper argues that arrangements like transfer schemes and revenue sharing can influence bailout probabilities and therefore investors’ perceptions of default risk.\"},{\"question\":\"What data and federations are used in the analysis?\",\"answer\":\"The analysis uses secondary-market data for a panel of sub-national governments in the USA, Canada, Australia, and Germany, estimating separate models and studying the role of dependency on central transfers.\"}]",1779224634,58,{"code":4,"msg":27,"data":28},"ok",{"site_id":29,"language":30,"slug":31,"title":13,"keywords":32,"description":14,"schema_data":33,"social_meta":84,"head_meta":86,"extra_data":88,"updated_unix":24},105,"en","sub_nationals-risk-premia-in-fiscal-federations-fiscal-performance","",{"@graph":34,"@context":83},[35,52,66],{"@type":36,"itemListElement":37},"BreadcrumbList",[38,42,46,49],{"item":39,"name":40,"@type":41,"position":19},"https://docshare.wps.com","Home","ListItem",{"item":43,"name":44,"@type":41,"position":45},"https://docshare.wps.com/document/","Document",2,{"item":47,"name":12,"@type":41,"position":48},"https://docshare.wps.com/document/research-report/",3,{"item":50,"name":13,"@type":41,"position":51},"https://docshare.wps.com/document/sub_nationals-risk-premia-in-fiscal-federations-fiscal-performance/31275/",4,{"url":50,"name":13,"@type":53,"author":54,"headline":13,"publisher":56,"fileFormat":59,"description":14,"dateModified":60,"datePublished":60,"encodingFormat":59,"isAccessibleForFree":61,"interactionStatistic":62},"DigitalDocument",{"name":9,"@type":55},"Person",{"url":39,"name":57,"@type":58},"DocShare","Organization","application/pdf","2026-05-19",true,{"@type":63,"interactionType":64,"userInteractionCount":4},"InteractionCounter",{"@type":65},"ViewAction",{"@type":67,"mainEntity":68},"FAQPage",[69,75,79],{"name":70,"@type":71,"acceptedAnswer":72},"What question does the paper address about sub-national risk premia?","Question",{"text":73,"@type":74},"It examines the determinants of risk premia on sub-national bonds in fiscal federations, focusing on macroeconomic/fiscal performance, institutional design, and how these factors interact.","Answer",{"name":76,"@type":71,"acceptedAnswer":77},"Why does institutional design matter for markets pricing sub-national securities?",{"text":78,"@type":74},"The paper argues that arrangements like transfer schemes and revenue sharing can influence bailout probabilities and therefore investors’ perceptions of default risk.",{"name":80,"@type":71,"acceptedAnswer":81},"What data and federations are used in the analysis?",{"text":82,"@type":74},"The analysis uses secondary-market data for a panel of sub-national governments in the USA, Canada, Australia, and Germany, estimating separate models and studying the role of dependency on central transfers.","https://schema.org",{"og:url":50,"og:type":85,"og:title":13,"og:site_name":57,"og:description":14},"article",{"robots":87,"canonical":50},"index,follow",{"doc_id":7,"site_id":29}]