The Oxford Handbook of State and Local Government Finance

Hardcover | April 4, 2012

EditorRobert D. Ebel, John E. Petersen

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State and local government fiscal systems have increasingly become vulnerable to economic changes. Over the past three decades, state and local deficits during economic recession have been larger and deeper each time. The impact of the Great Recession and its aftermath of feeble growth andlingering high unemployment has been dramatic both in scope and intensity. Before the crisis, long-term structural deficits were persistent for both individual governments and the entire sector as spending plans and patterns outpaced governments' revenue-generating capacity. The revenue systems ofthese governments eroded while the workloads and scope on the expenditure side of the state and local system budget continued to grow. This handbook evaluates the persistent problems in the fiscal systems of state and local governments and what can be done to solve them. It contains 35 chapters authored by 60 practitioners and academics who are renowned scholars in state and local finance. Each chapter provides a description of thediscipline area, examines major developments in policy, practices and research, and opines on future prospects. The chapters are divided into four sections. Section I is a systematic discussion of the institutional, economic, and political framework that provides a background for understanding thestructure and financial performance of the state and local sector. The chapters in Section II provide an overview of the various components of state and local revenue systems and how they reacted to the Great Recession. They analyze the diverse forms of taxes and charges in detail, prescribe remedies and alternatives, and examine the implications for future revenue performance. Chapters in Section III turn to spending, borrowing and financial management in the state and local sector. The focus is on the big sixservice delivery sectors: education, health care, human services, transportation, pensions, and housing. Section IV is a set of chapters that look ahead and speculate about how the state and local government sector's money-raising, spending, and service delivery structures will adjust to the newcircumstances.

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State and local government fiscal systems have increasingly become vulnerable to economic changes. Over the past three decades, state and local deficits during economic recession have been larger and deeper each time. The impact of the Great Recession and its aftermath of feeble growth andlingering high unemployment has been dramatic b...

Robert D. Ebel is Visiting Professor of Economics at the University of the District of Columbia and Chair of the Steering Committee of the Local Government and Public Sector Service Initiative (Open Society Institute/Budapest; http://lgi.osi.hu/). He is also a member of the IMF Panel of Experts/Fiscal Affairs Division. For the period...

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Format:HardcoverDimensions:992 pages, 9.75 × 6.75 × 0.98 inPublished:April 4, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199765367

ISBN - 13:9780199765362

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Table of Contents

ForewordPreface Robert D. Ebel and John E. PetersenI. The Economic, Demographic and Institutional Framework1. Robert D. Ebel, John E. Petersen and Ha T. T. Vu: Introduction: State and Local Government Finance in the United States2. John Kincaid: The Constitutional Frameworks of State and Local Government Finance3. Timothy J. Conlan and Paul L. Posner: Federalism Trends, Tensions and Outlook4. Serdar Yilmaz, Franois Vaillancourt, and Bernard Dafflon: State and Local Government Finance: Why It Matters5. Rick Mattoon and Leslie McGranahan: State and Local Governments and the National Economy6. Sally Wallace: Evolving Financial Architecture of State and Local Governments7. Christine R. Martell and Adam Greenwade: Profiles of Local Government Finance8. James R. Eads, Jr.: Federal Preemption of Revenue Autonomy9. Ronald C. Fisher and Andrew Bristle: State Intergovernmental Grant Programs10. Tracy M. Gordon: State and Local Fiscal Institutions in Recession and RecoveryII. Impacts and Implications of the Great Recession: Current Revenues and Expenditures; Capital Budgeting, Borrowing and Debt11. Michael E. Bell: Real Property Tax12. Joseph J. Cordes and Jason N. Juffras: State Personal Income Taxes13. David Brunori: State Corporate Income Taxes14. LeAnn Luna, Matthew N. Murray and Zhou Yang: Entity Taxation of Business Enterprise15. Harley T. Duncan: Implications of a Federal Value Added Tax for State and Local Governments16. William F. Fox: Retail Sales and Use Taxation17. David L. Sjoquist and Rayna Stoycheva: Local Revenue Diversification: User Charges, Sales Taxes, and Income Taxes18. Billy Hamilton: State Tax Administration: Seven Problems in Search of a Solution19. Norton Francis: Revenue EstimationIII. Direct Operating Expenditures20. Daphne Kenyon: Providing and Financing K-1221. Thomas Gais, Donald Boyd, and Lucy Dadayan: The Social Safety Net, Health Care, and the Great Recession22. Jonathan L. Gifford: Transportation Finance23. Robert M. Buckley and Alex F. Schwartz: Housing Policy in the U.S.: The Evolving SubnationalIV. Capital Spending and Finance24. Justin Marlowe: Capital Budgeting and Spending25. John E. Petersen and Richard Ciccarone: Financial Markets and State and Local Governments26. Ellen Dannin and Lee Cokorinos: Infrastructure Privatization in the United States in the New MillenniumV. Further Impacts on Financial Activities and Processes27. James E. Spiotto: Financial Emergencies: Default and Bankruptcy28. Craig D. Shoulders and Robert J. Freeman: Government Financial Reporting Standards: Reviewing the Past and Present, Anticipating the Future29. Carolyn Boudreaux and W. Bartley Hildreth: Pullback Management: State Budget Execution During Periods of Rapidly Declining Revenues30. Siona Listokin-Smith: Public Employee Pensions and Investments31. Iris J. Lav: Accomplishing State Budget Policy and Process Reforms32. Rudolph G. Penner: Fiscal Austerity and the Future of Federalism33. Robert B. Ward: Achieving Fiscal Sustainability for State and Local Governments34. Raymond C. Scheppach: The Intergovernmental Grant System35. Robert H. Nelson: Community Associations at Middle Age: Considering the OptionsIndex