Abstract
You wouldn't keep a third of your income sitting idle, and neither should your state or local government-but it probably does. At the end of the 1985 fiscal year, state and local governments held 25 percent of their total financial assets, nearly $170 billion, in bank deposits and cash-an amount equal to 33 percent of their general revenues.' That state and local governments hold excess, idle, or underproductive liquid-asset balances is at least partly attributable to their failure to appreciate and exploit the potential gains from cash pooling.
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