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Great Recession and Fiscal Squeeze at U.S. Subnational Government Level

The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the pro...

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Bibliographic Details
Main Author: Jonas, Jiri
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2012
Series:IMF Working Papers
Subjects:
Economic & Financial Crises & Disasters
Revenue Administration
Budget Systems
Public Finance & Taxation
Financial Crises
Taxes
Tax Collection
General Financial Markets: Government Policy And Regulation
Fiscal Policy
Budget Planning And Preparation
Budgeting
National Government Expenditures And Related Policies: General
Expenditure
Global Financial Crisis, 2008-2009
Taxation, Subsidies, And Revenue: General
Global Financial Crisis Of 2008-2009
Budget
Expenditures, Public
Macroeconomics
Tax Administration And Procedure
Public Financial Management (pfm)
Subnational Tax
National Budget
Budgeting & Financial Management
Taxation
Public Finance
Revenue
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules
Physical Description:40 pages
ISBN:9781475505320

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