A substantial fraction of local governments refinance their long-term debt with significant delays - resulting in sizable losses. Using data from 2001 to 2018, we estimate that U.S. municipals lost over $31 billion from this delayed refinancing, whereas the entire U.S. corporate sector, facing...

This paper attempts to address two long standing questions in Public Finance: (i) why is the property tax, despite popular complaints about its fairness, the almost exclusive tax instrument used by local governments, and (ii) why do we consistently observe higher levels of governments undermine...

This report concerns improving intergovernmental fiscal relations and public health and education expenditure policy in Ukraine. The large amount of resources the budget spends on services such as health and education, through its local government do not obtain good value. This is due to the...

Foreword -- Preface -- Acknowledgement -- Contributors -- Abbreviations and acronyms -- Overview: participatory budgeting for inclusive and accountable governance or protecting the tyranny of a few? / by Anwar Shah -- Introduction to participatory budgeting -- Practical guide to participatory...

America's local governments spend about one-eighth of our national income, one-fourth of total government spending, and employ over 14 million people. This paper surveys the large and growing economics literature on local governments and their finances. A primary difference between local and...

Control of public spending and revenues is increasingly being left to states and localities. In order to understand the consequences of such a movement on the distribution of social spending, it is necessary to understand how fiscal distress will affect state and local budgets. This paper...

"Without significant and lasting sociopolitical change, Chile is not expected to join the club of developed nations. The present essay contains a thorough examination of the subnational government reforms that are needed to increase efficiency in the provision of basic health, education,...