The indebtedness of local governments has the potential to be highly detrimental at both local and central government levels. The objective of the present case study is to present the indebtedness and subsequent restructuring of the municipality of Leukerbad, highlighting the causes leading to...

Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...

O objetivo desta investigação é identificar, tendo como base o período de 2004 a 2009, os fatores determinantes do endividamento dos municípios portugueses, tentando perceber quais o influenciam e de que forma. São estudados fatores institucionais, políticos, fiscais e...

We find that mean municipal debt costs are greater following financial restatement disclosures. Comparisons of the relative use of municipal debt, and of the use of unsecured versus secured debt, corroborate that financial restatements increase the cost of municipal debt financing. Additional...

The theory of fiscal federalism makes a strong case for decentralizing government functions in order to enhance the efficiency of allocating public goods where preferences differ among regions. Decentralized collective decision making fosters social and political cohesion at the level of the...

Most state and local retirement plans strive for full funding, at least by actuarial standards. Funding measured at market values fluctuates and often falls short. A common argument for full funding is that pensions are a form of deferred compensation that does not justify a debt. The paper...

Public administration reform as a response to the requirements of socio-economic environment change, is a process that develops both at central and local level, aiming to an institutional framework achievement, suitable for administrative and financial decentralization, under the European Union...

Public administration reform as a response to the requirements of socio-economic environment change, is a process that develops both at central and local level, aiming to an institutional framework achievement, suitable for administrative and financial decentralization, under the European Union...