1. The Local Budget as a Complex System—Concepts and Definitions -- 2. Fiscal Sustainability in the Short and Long Runs -- 3. The Revenue Module -- 4. The Expenditure Module -- 5. Debt -- 6. Economic Development -- 7. The Feedback Loop -- 8. Sustainability and Bliss -- 9. Conclusions and...

Fiscal rules are laws aimed at reducing the incentive to accumulate debt, and many countries adopt them to discipline local governments. Yet, their effectiveness is disputed because of commitment and enforcement problems. We study their impact applying a quasi-experimental design in Italy. In...

This paper is focused on the options for reducing the U.S. fiscal deficit in the aftermath of the financial crisis. The first part of the paper is devoted to an assessment of the economic outlook and the impact of the financial crisis on the medium-term fiscal balance of the federal government....

Scotland is engaged in a lively and on-going debate on greater fiscal autonomy and independence, which is politically controversial, especially in respect of tax-varying powers. The Scottish Parliament has the power to make a balanced-budget adjustment in public expenditure by varying the basic...