Article

The Evolving Financial Architecture of State And Local Governments

Sally Wallace

in The Oxford Handbook of State and Local Government Finance

Published in print March 2012 | ISBN: 9780199765362
Published online September 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199765362.013.0006

Series: Oxford Handbooks

 The Evolving Financial Architecture of State And Local Governments

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This article addresses the impact on state and local budgets of the underlying trends and tensions facing state and local governments as the United States pulls out of the Great Recession. Noting that recessions are cyclical and there will be a recovery, it draws attention to the “more fundamental challenge for the US state and local fiscal system—indeed for the sustainability of our system of fiscal federalism.” The article focuses on the demographic, economic, and institutional trends that determine expenditure needs and shape revenue sources but that are largely beyond the control of state and local policymakers. Demographic characteristics include the changing rate of growth of the population and its age and ethnic composition as well as shifts in migration flows and household composition across regions.

Keywords: state governments; local budgets; Great Recession; fiscal system; institutional trends; demographics; ethnic composition

Article.  7365 words. 

Subjects: Economics ; Public Economics ; Financial Markets

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