The behavior of U.S. States’ debts and deficits

Kula, Maria Cornachione

doi:10.3326/pse.43.3.3.

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The behavior of U.S. States’ debts and deficits

Maria Cornachione Kula*

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https://doi.org/10.3326/pse.43.3.3

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Table 1
Descriptive statistics

	Chubb	yld	surp	lus	de	bt	GV	AR	YV	AR
State	mean	stdev	mean	stdev	mean	stdev	mean	stdev	mean	stdev
Alabama	11.270	6.147	-0.009	0.006	0.133	0.015	0.016	0.041	0.007	0.251
California	9.266	12.167	-0.011	0.003	0.112	0.028	0.000	0.002	0.064	0.193
Connecticut	9.087	14.542	-0.015	0.008	0.144	0.019	0.012	0.016	0.083	0.145
Delaware	20.241	19.968	-0.022	0.006	0.202	0.031	0.089	0.125	0.045	0.307
Florida	15.537	10.295	-0.011	0.004	0.164	0.041	0.003	0.008	0.085	0.159
Georgia	-6.963	3.761	-0.011	0.004	0.114	0.009	0.004	0.021	0.060	0.124
Illinois	17.118	6.785	-0.013	0.002	0.116	0.018	0.001	0.009	0.043	0.221
Kentucky	4.005	6.457	-0.016	0.007	0.204	0.013	0.004	0.033	0.028	0.221
Louisiana	33.487	31.183	-0.015	0.006	0.173	0.051	-0.002	0.035	0.045	0.294
Maine	11.926	5.288	-0.017	0.006	0.146	0.018	0.049	0.093	0.092	0.203
Maryland	-3.440	3.336	-0.017	0.005	0.160	0.012	0.007	0.02	0.099	0.17
Massachusetts	43.978	32.523	-0.016	0.005	0.156	0.024	0.006	0.012	0.090	0.207
Michigan	35.550	39.887	-0.011	0.004	0.111	0.011	0.009	0.018	0.141	0.449
Minnesota	5.480	10.195	-0.015	0.006	0.171	0.021	0.003	0.018	0.068	0.206
Mississippi	10.663	5.793	-0.011	0.005	0.112	0.016	-0.002	0.066	-0.032	0.312
Missouri	-10.334	5.634	-0.011	0.003	0.090	0.011	0.005	0.023	0.040	0.17
Montana	3.685	8.986	-0.020	0.007	0.155	0.037	-0.057	0.145	0.058	0.27
Nevada	19.581	7.953	-0.005	0.006	0.145	0.026	0.017	0.051	0.031	0.21
New Hampshire	12.881	13.337	-0.011	0.005	0.169	0.035	0.023	0.093	0.057	0.201
New jersey	0.000	0.000	-0.015	0.005	0.142	0.01	0.006	0.009	0.096	0.172
New Mexico	10.232	6.620	-0.024	0.012	0.157	0.039	0.011	0.095	0.063	0.186
New York	30.336	21.598	-0.019	0.006	0.198	0.022	0.002	0.004	0.113	0.192
North Carolina	-12.746	5.031	-0.008	0.004	0.097	0.019	0.004	0.022	0.045	0.18
North Dakota	7.635	13.844	-0.016	0.006	0.137	0.061	-0.080	0.385	0.076	0.389
Ohio	9.900	16.103	-0.009	0.004	0.090	0.01	0.003	0.01	0.050	0.27
Oklahoma	-1.630	16.920	-0.014	0.004	0.126	0.029	-0.015	0.037	0.028	0.219
Oregon	23.775	25.132	-0.018	0.005	0.198	0.05	0.001	0.033	0.093	0.342
Pennsylvania	34.453	31.244	-0.017	0.005	0.161	0.018	0.004	0.008	0.082	0.225
Rhode Island	20.035	6.831	-0.015	0.008	0.212	0.027	0.050	0.073	0.057	0.203
South Carolina	-9.187	4.414	-0.009	0.006	0.146	0.016	0.007	0.039	0.021	0.211
Tennessee	-6.952	4.595	-0.008	0.004	0.120	0.015	0.008	0.029	0.031	0.196
Texas	4.441	18.007	-0.011	0.002	0.134	0.029	-0.002	0.004	0.020	0.127
Utah	-6.147	9.823	-0.012	0.007	0.248	0.091	0.014	0.062	0.001	0.157
Vermont	14.988	8.250	-0.017	0.005	0.154	0.01	0.082	0.166	0.036	0.244
Virginia	-10.169	9.393	-0.008	0.003	0.105	0.015	0.003	0.016	0.066	0.13
Washington	32.765	29.820	-0.007	0.008	0.224	0.023	0.008	0.014	0.068	0.219
West Virginia	23.134	8.691	-0.016	0.005	0.188	0.023	-0.005	0.09	-0.143	0.376
Wisconsin	10.883	9.737	-0.010	0.004	0.117	0.015	0.005	0.016	0.053	0.286

Notes. All data 1978-1998. Average Chubb yield in basis points. Surplus and debt are shares of gross state product; GVAR and YVAR defined in section 4.