Hardback
Research Handbook on City and Municipal Finance
This timely Research Handbook explores the handling of city and municipal finances in the 21st century. It examines the impact of the Great Recession and COVID-19 pandemic on cities and municipalities, highlighting strengths, weaknesses, and avenues for future progress in city and municipal financial management.
More Information
Critical Acclaim
Contributors
Contents
More Information
This timely Research Handbook explores the handling of city and municipal finances in the 21st century. It examines the impact of the Great Recession and COVID-19 pandemic on cities and municipalities, highlighting strengths, weaknesses, and avenues for future progress in city and municipal financial management.
Bringing together leading global scholars of public finance and budgeting, economics, law, political science and policy analysis, this Research Handbook scrutinises how cities and municipalities have adapted after crisis periods. It combines theoretical ideas, empirical findings and practical applications, focusing on federalist systems as well as including global case studies from diverse governance contexts. Contributors analyse sources of revenue for cities and municipalities, critical areas of spending, fiscal structure, budgeting, debt, pensions and financial resilience. Forward thinking, it considers the strength and resilience of city and municipal finances in meeting long-term liabilities and responding to short-term crises.
This Research Handbook will be an invaluable resource for students and scholars of public finance and administration, urban economics, and political economy. Providing cutting-edge policy recommendations, it will also be a highly useful guide for policy-makers and administrators seeking to effectively guide city and municipal finances.
Bringing together leading global scholars of public finance and budgeting, economics, law, political science and policy analysis, this Research Handbook scrutinises how cities and municipalities have adapted after crisis periods. It combines theoretical ideas, empirical findings and practical applications, focusing on federalist systems as well as including global case studies from diverse governance contexts. Contributors analyse sources of revenue for cities and municipalities, critical areas of spending, fiscal structure, budgeting, debt, pensions and financial resilience. Forward thinking, it considers the strength and resilience of city and municipal finances in meeting long-term liabilities and responding to short-term crises.
This Research Handbook will be an invaluable resource for students and scholars of public finance and administration, urban economics, and political economy. Providing cutting-edge policy recommendations, it will also be a highly useful guide for policy-makers and administrators seeking to effectively guide city and municipal finances.
Critical Acclaim
‘This book is a very engaging and informative compilation of research in municipal finance topics. It will serve as a good reference for young scholars just embarking on a research career, as well as more experienced researchers and practitioners looking for summaries of the more important research on a topic. I especially enjoyed the inclusion of relatively new areas of research such as the effects of COVID-19 on fiscal health, the role of cybersecurity in financial risk, and the role of public health spending. I thoroughly enjoyed reading the book and will use it as a reference for years to come.’
– Kenneth A. Kriz, University of Illinois Springfield, US
– Kenneth A. Kriz, University of Illinois Springfield, US
Contributors
Contributors: Michaela E. Abbott, Whitney Afonso, Carmela Barbera, Mark Callanan, Douglas A. Carr, Gang Chen, Steven C. Deller, Bernard Kofi Dom, Céline Du Boys, Christopher B. Goodman, Alex Hathaway, W. Bartley Hildreth, Kurt Houlberg, Marc Joffe, Craig L. Johnson, Justina Jose, Amanda Kass, Yusun Kim, Sanja Korac, Robert S. Kravchuk, Chang Yee Kwan, Hui Li, Martin J. Luby, Craig S. Maher, Christine R. Martell, Jorge Martinez-Vazquez, Bruce D. McDonald III, Christiana McFarland, Temirlan T. Moldogaziev, Luis Navarro, Farhad Omeyr, Michael A. Pagano, Sungho Park, Lanjun Peng, Ringa Raudla, Justin M. Ross, Iris Saliterer, Ileana Steccolini, Min Su, Filipe Teles, Joshua E. Terkel, Chris Thayer, Yonghong Wu, Lang (Kate) Yang, Joan Youngman, Andrey Yushkov, Allan Wheeler
Contents
Contents:
Introduction to the Research Handbook on City and Municipal Finance 1
Craig L. Johnson, Temirlan T. Moldogaziev, and Justin M. Ross
PART I RAISING REVENUES AND SPENDING FUNDS
1 Municipal revenues: data dilemmas, structures, and trends 8
Justin M. Ross and Lanjun Peng
2 Property taxes and municipal finance 24
Joan Youngman
3 Local option taxes 42
Whitney Afonso
4 The growing role of nontax revenue sources in American cities 64
Min Su
5 Municipalities in the intergovernmental revenue system: the federal
government’s
stabilization function? 88
Amanda Kass, Christiana McFarland, Farhad Omeyr, and Michael A. Pagano
6 The role of cities and public health expenditures in the COVID-19 era 105
Yusun Kim
7 Spending on physical infrastructure: is it enough? 138
Yonghong Wu
8 Mitigating fiscal risk through municipal cybersecurity 159
Douglas A. Carr
PART II FISCAL ORGANIZATION STRUCTURE, BUDGETING,
AND FINANCIAL CONDITION
9 The role of special districts and intergovernmental constraints 173
Christopher B. Goodman
10 Municipal financial risks: special-purpose district financial health during
COVID-19 187
Temirlan T. Moldogaziev, Marc Joffe, and Allan Wheeler
11 Municipal budgets, balance sheets, and acute fiscal shock 204
Robert S. Kravchuk
12 Understanding financial success: an exploration of the determinants of
fiscally healthy cities 220
Bruce D. McDonald III and Michaela E. Abbott
13 State intervention in local government fiscal distress 235
Lang (Kate) Yang
14 The fiscal structure of county governments from 2002 to 2019: the impact
of the Great Recession and the run-up to the COVID-19 pandemic 257
Craig L. Johnson, Luis Navarro, and Andrey Yushkov
PART III DEBT AND PENSIONS
15 The security, structure, and market of municipal debt: recent trends, research,
and developments 271
W. Bartley Hildreth and Justina Jose
16 The status of municipal financial intermediaries after the financial crisis and
Dodd-Frank: underwriters, insurers, advisors, and credit rating agencies 301
Martin J. Luby and Joshua E. Terkel
17 The structure of county government debt from 2002 to 2020: the financial
crisis, the Great Recession, and the COVID-19 pandemic 319
Craig L. Johnson, Andrey Yushkov, and Luis Navarro
18 The impact of fiscal rules on local debt: credit ratings, borrowing costs, and
debt levels 335
Sungho Park, Craig S. Maher, and Steven C. Deller
19 Do municipal pensions matter? A review of pensions’ impact on US local
governments 352
Gang Chen
PART IV CITY AND MUNICIPAL FINANCE ACROSS THE GLOBE
20 Municipal finance in federalist systems 370
Chris Thayer, Alex Hathaway, and Jorge Martinez-Vazquez
21 Municipal finances in unitary systems: the effects of crises on financial
autonomy in four European countries 391
Ringa Raudla, Mark Callanan, Kurt Houlberg, and Filipe Teles
22 Government financial resilience – a European perspective 408
Carmela Barbera, Bernard Kofi Dom, C.line du Boys, Sanja Korac, Iris
Saliterer, and Ileana Steccolini
23 Measuring urban financial resilience: a resource flow perspective 433
Christine R. Martell and Temirlan T. Moldogaziev
24 Managing crises and public financial management in Singapore 453
Chang Yee Kwan and Hui Li
Conclusion: themes and directions for future research 469
Craig L. Johnson, Temirlan T. Moldogaziev, and Justin M. Ross
Index
Introduction to the Research Handbook on City and Municipal Finance 1
Craig L. Johnson, Temirlan T. Moldogaziev, and Justin M. Ross
PART I RAISING REVENUES AND SPENDING FUNDS
1 Municipal revenues: data dilemmas, structures, and trends 8
Justin M. Ross and Lanjun Peng
2 Property taxes and municipal finance 24
Joan Youngman
3 Local option taxes 42
Whitney Afonso
4 The growing role of nontax revenue sources in American cities 64
Min Su
5 Municipalities in the intergovernmental revenue system: the federal
government’s
stabilization function? 88
Amanda Kass, Christiana McFarland, Farhad Omeyr, and Michael A. Pagano
6 The role of cities and public health expenditures in the COVID-19 era 105
Yusun Kim
7 Spending on physical infrastructure: is it enough? 138
Yonghong Wu
8 Mitigating fiscal risk through municipal cybersecurity 159
Douglas A. Carr
PART II FISCAL ORGANIZATION STRUCTURE, BUDGETING,
AND FINANCIAL CONDITION
9 The role of special districts and intergovernmental constraints 173
Christopher B. Goodman
10 Municipal financial risks: special-purpose district financial health during
COVID-19 187
Temirlan T. Moldogaziev, Marc Joffe, and Allan Wheeler
11 Municipal budgets, balance sheets, and acute fiscal shock 204
Robert S. Kravchuk
12 Understanding financial success: an exploration of the determinants of
fiscally healthy cities 220
Bruce D. McDonald III and Michaela E. Abbott
13 State intervention in local government fiscal distress 235
Lang (Kate) Yang
14 The fiscal structure of county governments from 2002 to 2019: the impact
of the Great Recession and the run-up to the COVID-19 pandemic 257
Craig L. Johnson, Luis Navarro, and Andrey Yushkov
PART III DEBT AND PENSIONS
15 The security, structure, and market of municipal debt: recent trends, research,
and developments 271
W. Bartley Hildreth and Justina Jose
16 The status of municipal financial intermediaries after the financial crisis and
Dodd-Frank: underwriters, insurers, advisors, and credit rating agencies 301
Martin J. Luby and Joshua E. Terkel
17 The structure of county government debt from 2002 to 2020: the financial
crisis, the Great Recession, and the COVID-19 pandemic 319
Craig L. Johnson, Andrey Yushkov, and Luis Navarro
18 The impact of fiscal rules on local debt: credit ratings, borrowing costs, and
debt levels 335
Sungho Park, Craig S. Maher, and Steven C. Deller
19 Do municipal pensions matter? A review of pensions’ impact on US local
governments 352
Gang Chen
PART IV CITY AND MUNICIPAL FINANCE ACROSS THE GLOBE
20 Municipal finance in federalist systems 370
Chris Thayer, Alex Hathaway, and Jorge Martinez-Vazquez
21 Municipal finances in unitary systems: the effects of crises on financial
autonomy in four European countries 391
Ringa Raudla, Mark Callanan, Kurt Houlberg, and Filipe Teles
22 Government financial resilience – a European perspective 408
Carmela Barbera, Bernard Kofi Dom, C.line du Boys, Sanja Korac, Iris
Saliterer, and Ileana Steccolini
23 Measuring urban financial resilience: a resource flow perspective 433
Christine R. Martell and Temirlan T. Moldogaziev
24 Managing crises and public financial management in Singapore 453
Chang Yee Kwan and Hui Li
Conclusion: themes and directions for future research 469
Craig L. Johnson, Temirlan T. Moldogaziev, and Justin M. Ross
Index
