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State government finances: World War II to the current crises

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Author Info

  • Thomas A. Garrett
  • Gary A. Wagner

Abstract

This article examines the current state budget crises from a historical perspective. The role of major expenditures and revenue sources in the context of the current slowdown and how reliance on various revenue sources has changed since World War II are addressed. Tax revenue variability over the business cycle and the use of nontraditional revenue sources, such as state lotteries and casino gaming, are also discussed. The article further comments on the role of fiscal institutions, such as tax and expenditure limitation laws, rainy day funds, and balanced budget rules, in state budgeting and finance.

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File URL: http://research.stlouisfed.org/publications/review/04/03/Garrett.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2004)
Issue (Month): Mar ()
Pages: 9-25

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Handle: RePEc:fip:fedlrv:y:2004:i:mar:p:9-25:n:v.86no.2

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Related research

Keywords: Taxation ; Budget ; Finance; Public;

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References

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  1. James M. Poterba, 1993. "State Responses to Fiscal Crisis: The Effects of Budgetary Institutionsand Politics," NBER Working Papers 4375, National Bureau of Economic Research, Inc.
  2. Levinson, Arik, 1998. "Balanced Budgets and Business Cycles: Evidence from the States," National Tax Journal, National Tax Association, vol. 51(n. 4), pages 715-32, December.
  3. Alm, James & McKee, Michael J. & Skidmore, Mark, 1993. "Fiscal Pressure, Tax Competition, and the Introduction of State Lotteries," National Tax Journal, National Tax Association, vol. 46(4), pages 463-76, December.
  4. Wagner, Gary A., 2003. "Are state budget stabilization funds only the illusion of savings?: Evidence from stationary panel data," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 213-238.
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Citations

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Cited by:
  1. Gary A. Wagner, 2010. "Commentary on "can state and local governments rely on alternative tax sources?"," Regional Economic Development, Federal Reserve Bank of St. Louis, issue Oct, pages 102-7.
  2. Gary A. Wagner & Erick Elder, 2007. "How well are the states of the Eighth Federal Reserve District prepared for the next recession?," Regional Economic Development, Federal Reserve Bank of St. Louis, issue Nov, pages 75-87.
  3. Kent Grote & Victor Matheson, 2011. "The Economics of Lotteries: An Annotated Bibliography," Working Papers 1110, College of the Holy Cross, Department of Economics.

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