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Who's Coming to the Rescue? Revenue-Sharing Slumps and Implicit Bailouts During the Great Recession
Foremny, Dirk - 2016
This paper analyzes the distribution of discretionary transfers from higher tiers of government in the process of fiscal adjustment in local jurisdictions which were hit by a negative revenue shock in formula transfers. Spanish local governments experienced a 30% fall in their revenue-sharing...
Persistent link: https://www.econbiz.de/10012987040
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Who's coming to the rescue? Revenue-sharing slumps and implicit bailouts during the Great Recession
Foremny, Dirk; Solé-Ollé, Albert - 2016
This paper analyzes the distribution of discretionary transfers from higher tiers of government in the process of fiscal adjustment in local jurisdictions which were hit by a negative revenue shock in formula transfers. Spanish local governments experienced a 30% fall in their revenue-sharing...
Persistent link: https://www.econbiz.de/10011500532
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Germany and the euroland crisis : the making of a vulnerable haven
Bibow, Jörg - 2013
This paper investigates Germany's vulnerability to the ongoing Euroland crisis. In 2010-11, Germany experienced a strong rebound from the global financial crisis of 2008-09. The Euroland crisis then meant record low interest rates and a depressed euro that boosted German extra-area exports. But...
Persistent link: https://www.econbiz.de/10009757118
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The Euroland crisis and Germany's euro trilemma
Bibow, Jörg - In: International review of applied economics 27 (2013) 3, pp. 360-385
Persistent link: https://www.econbiz.de/10009781098
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Four decades of municipal bailouts in Germany
Person, Christian; Geißler, René - In: Local public finance : an international comparative …, (pp. 227-245). 2021
a phenomenon in Germany for decades. As an institutional response, most German states implemented bailouts to restore … local public finances. This chapter gives a brief description of the history of municipal bailouts in Germany. We begin with … the first small bailout programme in North Rhine-Westphalia during the 1980s. In the aftermath of the global financial …
Persistent link: https://www.econbiz.de/10012586976
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Sovereign Risk and the Effects of Fiscal Retrenchment in Deep Recessions
Corsetti, Giancarlo - 2011
The authors analyze the effects of government spending cuts on economic activity in an environment of severe fiscal strain, as reflected by a sizeable risk premium on government debt. Specifically, they consider a 'sovereign risk channel,' through which sovereign default risk spills over to the...
Persistent link: https://www.econbiz.de/10013120089
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Housing Booms and Busts and Local Fiscal Policy
Solé-Ollé, Albert - 2017
This paper examines how local governments adjust their spending, savings and taxes in response to a temporary revenue windfall generated by a housing boom and how they cope with the inevitable shortfall that appears during the bust. We focus on Spanish local governments given the intensity of...
Persistent link: https://www.econbiz.de/10012940958
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Housing Booms and Busts and Local Fiscal Policy
Viladecans-Marsal, Elisabet - 2017
This paper examines how local governments adjust their spending, savings and taxes in response to a temporary revenue windfall generated by a housing boom and how they cope with the inevitable shortfall that appears during the bust. We focus on Spanish local governments given the intensity of...
Persistent link: https://www.econbiz.de/10012961385
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Housing Booms and Busts and Local Fiscal Policy
Solé-Ollé, Albert - 2017
This paper examines how local governments adjust their spending, savings and taxes in response to a temporary revenue windfall generated by a housing boom and how they cope with the inevitable shortfall that appears during the bust. We focus on Spanish local governments given the intensity of...
Persistent link: https://www.econbiz.de/10012965645
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Housing booms and busts and local fiscal policy
Solé-Ollé, Albert; Viladecans Marsal, Elisabet - 2017
This paper examines how local governments adjust their spending, savings and taxes in response to a temporary revenue windfall generated by a housing boom and how they cope with the inevitable shortfall that appears during the bust. We focus on Spanish local governments given the intensity of...
Persistent link: https://www.econbiz.de/10011580820