In recent years, scholars have developed new analytical tools and financial instruments that could help governments cope more effectively with financial volatility. In this essay we show how states can achieve fiscal sustainability using financial instruments based upon mean-variance analysis:...

In recent years, scholars have developed new analytical tools and financial instruments that could help governments cope more effectively with financial volatility. In this essay we show how states can achieve fiscal sustainability using financial instruments based upon mean-variance analysis:...

Prepared by Comeback America Initiative and CCEA as a discussion guide, this report presents both the strengths and weaknesses of Connecticut's financial condition and competitive position relative to other states in the nation. Thus, even while state budgets may have been balanced, as required...

Norwegian local governments that violate the balanced budget rule (BBR) are placed in a register. The consequence of being in the register is that the budget and resolutions to raise new loans must be approved by the county governor, the central government's representative in the county. Local...

This paper analyzes the factors that directly influence levels of debt in Spanish local governments. Specifically, the main objective is to find out the extent to which indebtedness is originated by controllable factors that public managers can influence, or whether it hinges on other variables...

This paper empirically examines how fiscal rules and tax autonomy influence deficits of sub-national sectors across European countries. I use a new panel-data set to measure tax autonomy and the stringency of fiscal rules for EU15 regional and local government sectors over the period 1995 to...

The sixth State reform completed at legislative level at the beginning of this year transfers powers from the federal government to the Communities and Regions. The financing of the Communities and Regions is also being adjusted. The State reform therefore has a significant influence on public...

State and local governments in OECD countries have access to a variety of fiscal resources. Discretion over these resources varies considerably, and so does sub-central governments’ power to shape public service delivery. The design of fiscal autonomy affects sub-central government’s...

Finnish municipalities enjoy ample fiscal autonomy and provide or arrange the provision of a large share of public services. In recent years, their spending and debt has been increasing steadily, especially because of population ageing and increases in the cost of health care and social...

The main features of China’s current sub-national finance arrangements date back to the 1994 tax reform. China has a multi-level government structure that shares national tax revenues through a system of tax sharing and transfers, and divides spending assignments and responsibilities. Local...