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008			221004b |||||||| |||| 00| 0 eng d
100			_aMicheli, Martin _953745
245			_aLocal governments’ indebtedness and its impact on real estate prices _cMartin Micheli
260			_aLondon: _bSage, _c2020.
300			_aVol 57, issue 5, 2020: (1032–1048 p.)
520			_aThis paper estimates the causal effect of public debt on real estate prices and rental prices. We identify shocks to debt of self-governed cities in Germany and control for potential benefits such as an increased supply of public goods, which may come together with increased indebtedness. Using spatial variation across self-governed cities, we can quantify the causal effect. We find that shocks to public debt capitalise into property prices, questioning the presence of debt illusion in Germany. Rental prices, on the other hand, do not seem affected by public debt but by the actual tax burden, indicating that renter illusion does not reflect an illusion but rational behaviour.
773	0		_08843 _916581 _dLondon Sage Publications Ltd. 1964 _tUrban studies _x0042-0980
856			_uhttps://doi.org/10.1177/0042098018821069
942			_2ddc _cART
999			_c13260 _d13260