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Local government financial distress: international comparison and latest developments in the light of the Italian spending review approach

Author

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  • Paolo RICCI

    () (University of Sannio – Benevento (BN), Italy)

  • Renato CIVITILLO

    () (University of Sannio – Benevento (BN), Italy)

Abstract

Although it is not difficult to note the increasing number of financial crises in the public sector field (municipalities, counties, states, etc.), it is quite easy to see that most of the literature has focused mainly on pathological situations occurred in private companies (Cahill and James, 1992; Honadle, 2003; Migliaccio, 2012). The key question, therefore, lies in the consequences for stakeholders involved arising from different remedies. USA and Italy legal system provides for a mechanism to be used trying to heal the crisis but they are forms of intervention after the crisis. The real question is to clarify why, today, is relatively simple and common for local governments to have over-spending crisis. The answer to this question lies, probably, in the correct vision and understanding of public administration and, in particular, of local government.

Suggested Citation

  • Paolo RICCI & Renato CIVITILLO, 2015. "Local government financial distress: international comparison and latest developments in the light of the Italian spending review approach," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 16(2), pages 239-255, May.
  • Handle: RePEc:rom:rmcimn:v:16:y:2015:i:2:p:239-255
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    File URL: http://rmci.ase.ro/no16vol2/08.pdf
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    References listed on IDEAS

    as
    1. Michelle White, 2002. "Sovereigns in Distress: Do They Need Bankruptcy?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(1), pages 287-320.
    2. Robert Inman, 2001. "Transfers and Bailouts: Institutions for Enforcing Local Fiscal Discipline," Constitutional Political Economy, Springer, vol. 12(2), pages 141-160, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Bankruptcy; Public Administration; Local government; Italy.;

    JEL classification:

    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General

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