- Additional Authors
- Hulbert, Claudia.
- Description
- 50 p.; 21 x 29.7cm.
- Summary
- Recent crises and national consolidation packages affected sub-national finances. In many OECD countries, central governments introduced reductions in transfers to sub-national governments, and established expenditure and/or deficit objectives to be met by local or regional authorities. Such measures have reduced the financial room of sub-national governments for implementing key public services or investments. In parallel, borrowing conditions deteriorated for many sub-national governments, as banks and financial markets became increasingly reluctant to lend. Since late 2008, financial markets started discriminating between high- and low-quality SNG bonds, and yields reached record-high levels for sub-national governments perceived as less creditworthy. Facing degraded finances, upward pressure on expenditures and deteriorated borrowing conditions, many sub-national governments have used public investment as an adjustment variable to reduce their budget deficits and preserve their spending on welfare, health or education. However, such policies may hinder long-term growth perspectives.
- Series Statement
- OECD Regional Development Working Papers, 2073-7009 ; no.2013/02
- Uniform Title
- OECD Regional Development Working Papers, no.2013/02.
- Subject
- LCCN
- 10.1787/5k49m8cqkcf3-en
- OCLC
- oecd-lib-001791
- Author
Vammalle, Camila.
- Title
Sub-national Finances and Fiscal Consolidation [electronic resource]: Walking on Thin Ice / Camila Vammalle and Claudia Hulbert
- Imprint
Paris : OECD Publishing, 2013.
- Series
OECD Regional Development Working Papers, 2073-7009 ; no.2013/02
OECD Regional Development Working Papers, 2073-7009 ; no.2013/02.
- Connect to:
- Indexed Term
Urban, Rural and Regional Development
Taxation
Governance
Finance and Investment
- Added Author
Hulbert, Claudia.
- Other Standard Identifier
10.1787/5k49m8cqkcf3-en doi