This paper deals with the Russian market for municipal and subfederal borrowings. The annual consolidated regional budget and the budgets of territorial state off-budget funds for 2013 were executed with a deficit of Rb 625.5bn (or 0.94% of GDP). The amount of consolidated regional budget...

This paper deals with Russia's market for municipal and sub-federal borrowings. Based on the results of 2014 the consolidated regional budget and the budgets of the territorial state non-budgetary funds were executed with a deficit of Rb 485.6bn (or 0.68% of GDP). Compared with 2013 the amount...

Relatively high growth rate of regional consolidated budget revenues has been off set by even slower growth rates of the federal budget revenues, thus allowing the regional government debt to have been held under control so far. Additionally, the Russian government have used anti-crisis measures...

Has a $5.00 shipping fee ever made you second guess an online purchase? What about a sales tax? Apparently, our Supreme Court Justices pay no mind to the latter. South Dakota v. Wayfair annihilates the concept of tax-free online shopping and allows the states to compel online companies meeting...

Local public services are produced through various overlapping jurisdictions. This study examines how the issuance of municipal general obligation bonds is affected by the tax policies of overlapping local governments. The findings challenge the hypothesis that the shared tax base would be...

This collection of papers by leading experts, emerging scholars, and policy makers in the field of municipal taxation and finance sets out the financial challenges facing municipalities in Canada today and examines various practical means of navigating these challenges

This paper studies with disaggregated budget data how expenditures, revenues, and borrowing evolve in municipalities that receive bailouts. It asks whether higher-level governments enforce austerity measures after bailing out indebted municipalities. The sample consists of 421 municipalities in...

We examine whether US and German state governments pursue sustainable fiscal policies taking into account fiscal transfers. Using panel data techniques we investigate whether the debt-to-GDP ratio had a positive influence on the primary surplus (Bohn-model). We show that including/excluding...

Most previous fiscal reforms in Russia have focused on problems at the federal level or in the system of federal transfers to the regional governments. This report focuses instead on opportunities for reform at the subnational level. It reviews recent trends in fiscal adjustment, budgeting, and...

The aim of this paper is to investigate the extent to which local budget spending composition reacts to fiscal rules variations. I consider the budget of Italian municipalities and exploit specific changes in the Domestic Stability Pact's rules, to perform a difference-in-discontinuities...