Foreclosures have been shown to have a negative financial impact on borrowers, lenders, and neighbors. It has also been argued that they have important negative effects on the budgets of local governments, but there is scant evidence supporting this claim. This paper relates expenditures and the...

America's local governments spend about one-eighth of our national income, one-fourth of total government spending, and employ over 14 million people. This paper surveys the large and growing economics literature on local governments and their finances. A primary difference between local and...

The paper explores the role of the municipal councilors in the budget process in the Republic of Macedonia as well as their role in motivating citizen participation in the budgetary process in the Republic of Macedonia. We demonstrate that municipalities in the Republic of Macedonia employ...