Skip to main content Accessibility help
×
Home
  • Print publication year: 2012
  • Online publication date: June 2012

Part I - The Origins of the States in Fiscal Crisis

References

Briffault, Richard. Balancing Acts: The Reality behind State Balanced Budget Requirements. New York: The Twentieth Century FundPress, 1996.
Cain, Bruce and Noll, Roger. “Institutional Causes of California’s Budget Problem.”California Journal of Politics and Policy, 2 (3), pp. 1–37, 2010.
Inman, Robert. “States in Fiscal Distress.” NBER Working paper 16086, June 2010.
Kiewiet, D. Roderick and Szakaly, Kristin. “Constitutional Limitations on Borrowing: An Analysis of State Bonded Indebtedness.”Journal of Law, Economics, and Organization, 12 (1), pp. 62–97, 1996.
Kousser, Thad, McCubbins, MathewD., and Moule, Ellen. “For Whom the TEL Tolls: Can State Tax Expenditure Limits Effectively Reduce Spending?”State Politics and Policy Quarterly, 8 (4), pp. 331–361, 2008.
Miller, Nathan. 37. Cornell University Press, 1962.
National Association of State Budget Officers. Fiscal Survey of the States. Washington, DC: National Association of State Budget Officers, 2010.
Rodriguez-Tejedo, Isabel and Wallis, John Joseph. “Lessons for California from the History of Fiscal Constitutions.”California Journal of Politics and Policy, 2 (3), pp. 1–19, 2010.
Wallis, John Joseph. “The Birth of the Old Federalism: Financing the New Deal.”Journal of Economic History, 44, pp. 139–159, 1984.
Wallis, John Joseph. “American Government Finance in the Long Run: 1790 to 1990,”Journal of Economic Perspectives, 14(1), pp. 61–82, 2000.
Wallis, John Joseph. “A History of the Property Tax in America.” In Wallace E. Oates, ed., Property Taxation and Local Government Finance. Cambridge,MA: Lincoln Institute ofLandPolicy, 2001.
Wallis, John Joseph. “Constitutions, Corporations, and Corruption: American States and Constitutional Change, 1842 to 1852.”Journal of Economic History, 65 (1), pp. 211–256, 2005.
Wallis, John Joseph and Weingast, BarryR. “Dysfunctional or Optimal Institutions: State Debt Limitations, the Structure of State and Local Governments, and the Finance of American Infrastructure.” In Garrett, Grady, and Jackson, eds., Fiscal Challenges: An Interdisciplinary Approach to Budget Policy. New York: Cambridge University Press, 2008.

References

Angelo, Paul, Keith Brainard, Mitra Drazilov, and Paul Zorn. (2010). “Analysis of Joshua Rauh’s Paper, Are State Public Pensions Sustainable?” National Association of State Retirement Administrators. http://nasra.org/resources/RauhResponse.pdf
Bader, Lawrence N. and JeremyGold. (2007). “The Case Against Stock in Public Pension Funds.”Financial Analysts Journal. 63(1): 55–62.
Barclays. (2011). States’ Pensions: A ManageableLonger-Term Challenge. Barclays Capital Municipal Credit Research Special Report. May 2011.
Bergen, Kathy and MoniqueGarcia. (2011). “SEC Probes Illinois Pension Savings Projections: Securities and Exchange Commission Inquiry Won’t Affect Bond Sale Plans, Quinn Says.” Chicago Tribune, January 25.
Black, Fischer. (1989). “Should You Use Stocks to Hedge Your Pension Liability?”Financial Analysts Journal. 45(1): 10–12.
Bohn, Henning. (2011). “Should Public Retirement Plans be Fully Funded?”Journal of Pension Economics and Finance. 10: 195–219.
Brown, Jeffrey R., RobertClark, and JoshuaRauh. (2011). “The Economics of State and Local Public Pensions.”Journal of Pension Economics and Finance. 10(2): 161–172.
Brown, Jeffrey R. and David W. Wilcox. (2009). “Discounting State and Local Pension Liabilities.”American Economic Review. 99(2): 538–542.
Civic Federation. (2007). Dedicated Revenue Sources for State Pension Funds: A Civic Federation Brief. Chicago: The Civic Federation. http://civicfed.org/sites/default/files/civicfed_240.pdf
Clark, Robert. (2011). “State and Local Pension Plans in the United States.” Presented at the International Workshop on Civil Service and Military Pension Arrangements in Selected Countries of the Asia-Pacific. PIE Hitotsubashi University, Tokyo, January 20–21.
Clark, Robert L., Lee A. Craig, and Neveen Ahmed (2009). “The Evolution of Public Sector Pension Plans in the United States.” In The Future of Public Employee Retirement Systems. Olivia S. Mitchell and GaryAnderson, eds. Oxford: OxfordUniversity Press: 241–266.
Clark, Robert L., Lee A. Craig, and John Sabelhaus. (2011). State and Local Retirement Plans in the United States. Northampton, MA: Edward Elgar Publishing.
Clark, Robert L., Lee A. Craig, and Jack W. Wilson. (2003). A History of Public Sector Pensions in the United States. Philadelphia: University ofPennsylvania Press.
Clark, Robert and Melinda S. Morrill. (2010). Retiree Health Plans in the Public Sector: Is There a Funding Crisis?Northampton, MA: Edward Elgar.
Clark, Robert L. and Melinda S. Morrill. (2011). “The Funding Status of Retiree Health Plans in the Public Sector.”Journal of Pension Economics and Finance. 10(2): 291–314.
Cooper, Michael. (2011). “Pension Fund Losses Hit States Hard, Data Show.” New York Times, January 5.
Craig, Lee A. (2003). “Public Sector Pensions in the United States.” EH.Net Encyclopedia. Edited by Robert Whaples, March 16. http://eh.net/encyclopedia/article/craig.pensions.public.us
Epple, Dennis and Katherine Schipper. (1981). “Municipal Pension Funding: A Theory and Some Evidence.”Public Choice. 37(1): 141–178.
Fitch Ratings. (2011). Enhancing the Analysis of U.S. State and Local Government Pension Obligations. Special Report. February 17. http://www.fitchratings.com
Gold, Jeremy and GordonLatter. (2009). “The Case for Marking Public Plan Liabilities to Market.” In The Future of Public Employee Retirement Systems. Olivia S. Mitchell and GaryAnderson, eds. Oxford: OxfordUniversity Press: 29–57.
Government Accountability Office (GAO, 2008). “State and Local Government Pension Plans: Current Structure and Funded Status.” Statement of Barbara D. Bovbjerg, Director of Education, Workforce, and Income Security, before the Joint Economic Committee of the US Congress. Washington, DC: July 10.
Government Accountability Office (GAO, 2010). “State and Local Government Pension Plans: Governance Practices and Long-term Investment Strategies Have Evolved Gradually as Plans Take on Increased Investment Risk.” Report to the Ranking Member, Committee on Finance, U.S. Senate.
Government Accounting Standards Board (GASB, 2006). “Preliminary Views of the Government Accounting Standards Board on Major Issues Related to Pension Accounting and Financial Reporting by Employers.” http://www.gasb.org/cs/ContentServer?c=Document_C&pagename=GASB/Document_C/GASBDocumentPage&cid=1176156938122
Government Accounting Standards Board (GASB, 2006). “Why Governmental Accounting and Financial Reporting Is and Should Be Different.” http://www.gasb.org/cs/ContentServer?c=Page&pagename=GASB%2FPage%2FGASBSectionPage&cid=1176156741271
Greenhouse, Steven. (2011). “States Lean on Public Workers for Bigger Pension Contributions.” New York Times, June 15. http://www.nytimes.com/2011/06/16/business/16pension.html
Harris, Alexandra. (2011). “Illinois Pension Fund uses OTC Derivatives to Recoup Returns, Jeopardizes Pensions.” Medill Report, June 10. http://news.medill.northwestern.edu/chicago/news.aspx?id=166746&print=1
Hsin, Ping-Lung and Olivia S. Mitchell. (1994). “The Political Economy of Public Pensions: Pension Funding, Governance, and Fiscal Stress.”Revista de Analisis Economico. Special Issue on Pension Systems & Reform. P. Arrau & K. Schmidt-Hebbel, eds., 9(1): 151–168.
Hustead, Edwin C. and ToniHustead. (2001). “Federal Civilian and Military Retirement Systems.” In Pensions in the Public Sector. Olivia S. Mitchell and EdwinC. Hustead, eds. Philadelphia: University ofPennsylvania Press: 66–104.
Jones, Norman L., Brian B. Murphy, and Paul Zorn. (2009). Actuarial Methods and Public Pension Funding Objectives: An Empirical Examination. Presentation at the Society of Actuaries Public Pension Finance Symposium, May.
Lav, I. and E. McNichol. (2011). “Misunderstandings Regarding State Debt, Pensions, and Retiree Health Costs Create Unnecessary Alarm.” Center on Budget and Policy Priorities Report, January 20. http://www.cbpp.org/cms/index.cfm?fa=view&id=3372
Little Hoover Commission. (2011). Public Pensions for Retirement Security. Milton Marks Commission on California State Government Organization and Economy Report. Sacramento, February.
Lucas, DeborahJ. and Stephen P. Zeldes. (2009). “How Should Public Pension Plans Invest?”American Economic Review Papers and Proceedings. 99(2): 527–532.
Maguire, Steven. (2011). State and Local Government Debt: An Analysis. Washington,DC: Congressional Research Service.
Maurer, Raimond, Olivia S. Mitchell and RalphRogalla. (2008). “The Victory of Hope over Angst? Funding, Asset Allocation, and Risk-Taking in German Public Sector Pension Reform.” In Frontiers in Pensions Finance. Dirk Broeders, SylvesterEijffinger, and Aerdt Houben, eds. Cheltenham: Edward Elgar: 51–81.
McElhaney, Stephen T. (2009). “Estimating State and Local Government Pension and Retiree Health Care Liabilities.” In The Future of Public Employee Retirement Systems. Olivia S. Mitchell and Gary Anderson, eds. Oxford: OxfordUniversity Press: 19–28.
McGill, Dan M., Kyle N. Brown, John J. Haley, Sylvester J. Schieber, and MarkWarshawsky. (2010). Fundamentals of Private Pensions 9th ed. Oxford: OxfordUniversity Press.
Miller, Gerard. (2008). “Presentation by Girard Miller: Comments before the Public Interest Committee of the American Academy of Actuaries.” Washington, DC: Academy of Actuaries, September 4. http://www.actuary.org/events/2008/forum_statements_sept08/oral/miller.pdf
Mitchell, Olivia S. (2000). “Developments in Pensions.” In Handbook of Insurance. G. Dionne, ed. Boston: Kluwer Academic Publishers: 873–899.
Mitchell, OliviaS. and GaryAnderson, eds. (2009). The Future of Public Employee Retirement Systems. Oxford: OxfordUniversity Press.
Mitchell, Olivia S. and Ping-LungHsin. (1997). “Public Sector Pension Governance and Performance.” In The Economics of Pensions: Principles, Policies, and International Experience. S. Valdes-Prieto, ed. Cambridge: CambridgeUniversity Press: 92–126.
Mitchell, Olivia S. and EdwinHustead, eds. (2000). Pensions for the Public Sector. Philadelphia,PA: University ofPennsylvania Press.
Mitchell, Olivia S., David McCarthy, Stanley C. Wisniewski, and Paul Zorn. (2000). “Developments in State and Local Pension Plans.” In Pensions for the Public Sector. Olivia S. Mitchell and EdwinHustead, eds. Philadelphia,PA: Univ. ofPennsylvania Press: 11–40.
Moody’s. (2011). Combining Debt and Pension Liabilities of U.S. States Enhances Comparability. New York: Moody’s Investor Services, January 26.
Munnell, Alicia H., Jean-PierreAubry, Josh Hurwitz, Madeline Medenica, and Laura Quinby. (2011a). “Funding of State and Local Pensions in 2010.” Boston: Center for Retirement Research 17.
Munnell, Alicia H., Jean-PierreAubry, and LauraQuinby. (2010). “The Impact of Public Pensions on State and Local Budgets.” CRR Brief 13, October.
Munnell, Alicia H., Jean-PierreAubry, and LauraQuinby. (2011b) “Public Pension Funding in Practice.”Journal of Pension Economics and Finance. 10(2): 247–268.
Munnell, Alicia H., KellyHaverstick, and Jean-PierreAubry (2008). “Why Does Funding Status Vary Among State and Local Plans?” Boston College Center for Retirement Research Brief.
National Association of State Retirement Administrators (NASRA, n.d.). Public Fund Scorecard. http://www.publicfundsurvey.org/publicfundsurvey/scorecard.asp
National Council on Public Employee Retirement Systems (NCPERS) and Cobalt Community Research. (2011). The 2011 NCPERS Public Fund Study: Preliminary Results. NCPERS.
National Education Association. (2004) NEA Issue Brief on Pension Protections in State Constitutions. NEA Collective Bargaining &Member Advocacy.
Novy-Marx, Robert and Joshua D. Rauh. (2009). “The Liabilities and Risks of State-Sponsored Pension Plans.”Journal of Economic Perspectives. 23(4): 191–210.
Novy-Marx, Robert and Joshua D. Rauh. (2011a). “Policy Options for State Pension Systems and Their Impact on Plan Liabilities.”Journal of Pension Economics and Finance. 10(2): 173–194.
Novy-Marx, Robert and JoshuaD. Rauh. (2011b). “Public Pension Promises: How Big Are They and What Are They Worth?Journal of Finance. 66(4): 1207–1245.
Novy-Marx, Robert and Joshua D. Rauh. (2011c). “The Revenue Demands of Public Employee Pension Promises.” Kellogg School of Management Working Paper, June.
Park, Youngkyun. (2009). “Public Pension Plan Asset Allocations.”EBRI Notes. 30(4).: 1–12.
Pension Benefit Guaranty Corporation (n.d.). “Plan Termination Fact Sheet.” Washington, DC: PBGC. http://www.pbgc.gov/res/factsheets/page/termination.html
Peskin, Michael. (2001). “Asset/Liability Management in the Public Sector.” In Pensions in the Public Sector. Olivia S. Mitchell and EdwinHustead, eds. Philadelphia: University ofPennsylvania Press: 195–217.
Pew Center on the States. (2010a). Roads to Reform: Changes to Public Sector Retirement Benefits Across States. Washington,DC: PewCenter, November.
Pew Center on the States. (2010b). The Trillion Dollar Gap. Washington,DC: PewCenter, November.
Pew Center on the States. (2011). The Widening Gap: The Great Recession’s Impact on State Pension and Retiree Healthcare Costs. Washington,DC: PewCenter, April.
Rauh, Joshua D. (2010). “Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities.”National Tax Journal (Forum) 63(10): 585–601.
Rowl, Daryl. (2011). “Follow the Exit Signs.” The Columbus Dispatch, June 26. http://www.dispatch.com/live/content/local_news/stories/2011/06/26/follow-the-exit-signs.html?sid=101
Russek, Frank. (2011). The Underfunding of State and Local Pension Plans. Economic andBudget Issue Brief. Congressional Budget Office, May.
Schieber, Sylvester J. (2011). “Political Economy of Public Sector Retirement Plans.”Journal of Pension Economics and Finance. 10(2): 269–290.
Segal Associates. (2011). Actual Cost vs Market Price: Does Market Valuation of Pension Liabilities Fit the Public Sector?Washington,DC: Segal Report, June.
Skeel, David. (2011). “A Bankruptcy Law – Not Bailouts – For the States.” Wall Street Journal, January 18.
Snell, Ronald K. (2011). Pensions and Retirement Plan Enactments in 2011 State Legislatures. National Council on State Legislatures.
Society of Actuaries (SOA) and American Academy of Actuaries. (2006). Pension Actuary’s Guide to Financial Economics. Society of Actuaries and American Academy of Actuaries. http://www.actuary.org/pdf/pension/finguide.pdf
Staman, Jennifer. (2011). State and Local Pension Plans and Fiscal Distress: A Legal Overview. Washington,DC: Congressional Research Service.
Standard and Poor’s (2011). U.S. States’ Pension Funded Ratios Drift Downward. New York: Global Credit Portal Ratings Direct Report.
Tangel, Andrew. (2011). “NJ Taking Risks to Boost Pension Pool, May Double Up on Alternative Investments.” NorthJersey.com, May 17.
U.S. Census Bureau. (2010). “State and Local Public Employee Retirement System Assets Drop Nearly $180 B in 2008 Census Bureau Reports.” U.S. Department of Commerce Press Release, March 25. http://www2.census.gov/govs/retire/fy08pressrelease.pdf
Useem, Michael and Olivia S. Mitchell. (2000). “Holders of the Purse Strings: Governance and Performance of Public Retirement Systems.”Social Science Quarterly. 81(2): 489–506.
Walsh, Mary Williams. (2011). “Two Rulings Find Cuts in Public Pensions Permissible.” New York Times, June 30.
Wilcox, David. (2008). “The Disclosure of Market Value of Assets and Liabilities by Public-Sector Defined-Benefit Pension Plans.” Comments before the Public Interest Committee of the American Academy of Actuaries. Washington, DC, September 4. http://www.actuary.org/events/2008/forum_statements_sept08/oral/wilcox.pdf
Wilshire Consulting. (2011). 2011 Wilshire Report on State Retirement Systems Funding levels and Asset Allocation. Santa Monica: Wilshire Consulting.
Winklevoss, Howard E. (1993). Pension Mathematics with Numerical Illustrations. Philadelphia: University ofPennsylvania Press.
Yang, Tongxuan (Stella) and Olivia S. Mitchell. (2008). “Public Pension Governance, Funding, and Performance: A Longitudinal Appraisal.” In Pension Fund Governance: A Global Perspective on Financial Regulation. John Evans and John Piggott, eds. Cheltenham: Edward Elgar: 179–199.