We analyze the own-source revenues of California state and local governments relative to the State's personal income in order to examine the extent to which the growth in non-tax revenues has circumvented the reduction in taxes produced by Proposition 13. Our results show that, while non-tax...

Using our updated model of the payment exchange system within the banking industry, we have introduced sudden local economic shocks and calculated their effect on the stability of the financial system. Our results suggest that the probability of a total banking failure, i.e., the systemic risk...