In my previous research, I carried out an in-depth review of the financial management of local governments and the development of their indebtedness in the period between 2004 and 2010. I sought to put the object of my research – an area that has recently come into the focus of special...

In the past thirty years, local governments in most European countries have been granted at least limited access to borrowing. The rules in force include limitations on the amount of borrowing and/or debt service, restrictions on the purpose of debt and on borrowing from foreign institutions...

Public debts have surged in recent years, in advanced economies, to the levels that have not been recorded since the end of the World War II. The average public debt/GDP ratio for all advances economies has surpassed the pre-World War II peaks reached during the World War I and subsequently...

The management of the Hungarian municipal sector has received special attention since the crisis in 2008 and interest in the sector increased further due to the changes in legislation in 2011. A great number of economy experts and speakers on behalf of the government or the municipalities...

Several models establish a positive association between public debt ratios and long-term real yields, but the empirical evidence is not always conclusive. We reconsider this issue, focusing in particular on possible spillover effects of large advanced economies' debt levels to other economies'...

This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands on the guidance provided at the national level on rule selection and calibration in IMF (2018a) and IMF (2018b). Thinking on subnational fiscal rules is still evolving,...