credit record is simply and spans many unpleasant bottlenecks. More enjoyable it is - the homo economicus assumed - if not self-made debt must be paid, but by future generations.
Although many states today, high debt, presents itself in the Swiss communes a very different picture. For in Swiss municipalities, there is generally a low debt burden. Can one say, then, Swiss were moral and responsible towards their children? Quite as easy as it is not well. For, as we explain the low debt burden with the knowledge that many citizens do have no more children and if they have any who live later this seldom in the same place as their parents, so do not pay their debts? The argument from morality is only limited applicability. Can explain the phenomenon of the deep debt community so different?
Eichenberger and Stadler have considered the phenomenon of deep Gemeindeverschul-making in Switzerland, from an economic point of view. She often find a negative correlation between home ownership and local debt: 1% more homeowners causes 1.1% less debt. The Declaration of Eichenberger and Stadelmann for this phenomenon is short and concise, and therefore all the more resounding: Debt capitalize in house prices. The capitalization of the debt in a town in the prices of houses is standardized in its investigation in the canton of Zurich between 80% and 120%. The house owners are therefore very interested in a low debt burden. So it is only natural that they use in their community politically for it.
The tenant, however, it postulates the study, contact politically just in the opposite direction for more debt. For the tenants benefit without imminent detriment of the loans that receive the municipalities, so that. This fact leads according to the study of fundamental conflicts of interest rates at the political level between homeowners and renters.
was chosen for this study, the canton of Zurich, as prevails in this District, a relatively good data on the properties in the communities. In addition, the municipalities pursue a relatively free fiscal policy and makes the District does not "bail outs", and then only partially. The offer of land is inelastic and - an important point - there are good mobility exists between the communities. Without this prerequisite, as is, for example, large states with high language barrier to the outside of the case, the weaker capitalization and debt higher. The last statement is a not yet examined thesis lights but a pre-intuitive.
Another interesting point that should be investigated is the influence of the rate of homeowners who do not reside in the same county, on the debt. For these home owners have no direct political influence on the debt of the county, but still suffer under the capitalization of those in their property. The result of such a study would certainly be exciting, especially for areas where mostly large companies have real estate. mult
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