There is a general consensus on the effects of bureaucratic structures on task implementation and performance. Nonetheless, there has been very little research in the field of local public finance regulation. This article analyses the question of organisational structure in the field of local...

In many countries around the world, local governments have considerable fiscal autonomy. They are able not only to raise revenues or spend money on their own but also to incur debt. However, the right to borrow inevitably implies the risk of insolvency and bankruptcy, which can have tremendous...