This handbook evaluates the persistent problems in the fiscal systems of state and local governments and what can be done to solve them. Each chapter provides a description of the discipline area, examines major developments in policy practices and research, and opines on future prospects.

This volume includes five self-contained chapters in the fields of public debt and fiscal transfer schemes. After an introduction to the topic, chapter 2 shows that the institutional setting of fiscal policy making needs to be considered when assessing the sustainability of fiscal policy. Using...

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...

Abstract: Die kommunale Verschuldung hat in vielen Kommunen Dimensionen erreicht, die zukünftige Generationen noch in hohem Maße belasten werden. Hinzu kommt, dass sich die kommunale Verschuldung nicht aus umfangreichen Investitionen begründet. In vielen Kommunen gibt es vielmehr einen...