Recent crises and national consolidation packages affected sub-national finances. In many OECD countries, central governments introduced reductions in transfers to sub-national governments, and established expenditure and/or deficit objectives to be met by local or regional authorities. Such...

The paper explores interrelations between the fiscal situation of sub-national and central governments, or – put differently – whether and how sub-national and central governments contribute to each other’s fiscal difficulties. The first part of the paper examines sub-national government...

The paper explores interrelations between the fiscal situation of sub-national and central governments, or – put differently – whether and how sub-national and central governments contribute to each other's fiscal difficulties. The first part of the paper examines sub-national government...

Confronted with eroding market confidence in a country's debt obligations, what's a local politician to do? Major changes to fiscal policies are inevitably controversial back home. Securing financial support from multilateral official sector entities usually involves knuckling under to unpopular...

Recent crises and national consolidation packages affected sub-national finances. In many OECD countries, central governments introduced reductions in transfers to sub-national governments, and established expenditure and/or deficit objectives to be met by local or regional authorities. Such...

Sub-national governments (SNGs) are key players for public investment in OECD countries, responsible for nearly two-thirds of it. At the same time, both the well-being of the population and economic performance depend on an adequate provision of public services, which require public facilities...

Sub-national governments are key players for public investment, as they are responsible on average for 62% of total public investment in OECD countries. This article analyses the different factors affecting sub-national governments’ fiscal space for public investment. It proposes an indicator...

In recent years, certain states facing a high probability of catastrophic hurricane and earthquake exposures have added the burden of socializing the risk of individual and business property losses instead of leaving these private actions subject to voluntary insurance markets. In turn, these...

Spanish Abstract: La crisis económica estuvo asociada inicialmente a un incremento de los plazos de pago y de la deuda comercial de las Administraciones Territoriales. Desde 2012 la Administración Central ha aprobado distintos mecanismos extraordinarios para el pago a proveedores de CCAA y...