Cyclically adjusted local government balances
AbstractThe paper provides an analysis of cyclically-adjusted budget balances of local governments in Italy for the period 2002-07. We find that local government balances appear to be relatively sensitive to the business cycle. In particular, a shock of 1 per cent in GDP changes their resources by approximately 0.6 billion. Within the sample period, both central and local policies concerning local government budgets had a sizeable impact on local government balances in cyclically-adjusted terms.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 142.
Date of creation: Dec 2012
Date of revision:
local public finance; budget sensitivity; business cycle; tax elasticity;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H71 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Taxation, Subsidies, and Revenue
This paper has been announced in the following NEP Reports:
- NEP-ACC-2013-01-19 (Accounting & Auditing)
- NEP-ALL-2013-01-19 (All new papers)
- NEP-MAC-2013-01-19 (Macroeconomics)
- NEP-PBE-2013-01-19 (Public Economics)
- NEP-URE-2013-01-19 (Urban & Real Estate Economics)
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