Growth And Variability In State Tax Revenue: An Anatomy Of State Fiscal Crises

Hardcover | October 1, 1997

byRandall G. Holcombe

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During recessions state government fiscal crises are widespread, as states find their revenues inadequate to meet their expenditure demands. This volume shows that state fiscal crises have only one significant cause: revenue downturns associated with recessions. Other analysts have argued that fiscal crises are the result of an interaction of many complex causes, including inadequate tax bases, increasing expenditure demands, and limits placed on state governments by voters. This analysis examines these other factors and shows that while they present significant challenges to state policymakers, they are not the cause of fiscal crises. The book presents an improved methodology for measuring cyclical variability of revenues and uses this methodology to show that there is no way to restructure state tax systems in order to appreciably reduce the fiscal stress associated with recessions. Fiscal stress can be lessened by setting aside revenues during prosperous years in a rainy day fund, but current rainy day funds are not large enough to eliminate the fiscal stress caused by recessions.

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From the Publisher

During recessions state government fiscal crises are widespread, as states find their revenues inadequate to meet their expenditure demands. This volume shows that state fiscal crises have only one significant cause: revenue downturns associated with recessions. Other analysts have argued that fiscal crises are the result of an interac...

Format:HardcoverDimensions:224 pages, 5.98 × 9.01 × 0.62 inPublished:October 1, 1997Publisher:GREENWOOD PRESS INC.

The following ISBNs are associated with this title:

ISBN - 10:0313304238

ISBN - 13:9780313304231

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?This excellent book fills an important empirical gap in the literature of state fiscal crises, revenue elasticities, and rainy-day funds....The findings of this book are very important for state policy makers who must worry about how to deal with the next economic downturn. Professors Holcombe and Sobel have produced a book excellent for the libraries of practitioners and academics alike.?-Government Finance Review