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The Oxford Handbook of State and Local Government Finance
Edited by Robert D. Ebel and John E. Petersen
992 pages
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102 illustrations
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171x248mm
978-0-19-976536-2
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Hardback
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19 April 2012
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- Very up-to-date overview of state and local government finance. The chapters look at the past history of state and local finance in a large number of areas and the dramatic shift following the 2007-2008 Great Recession and the ensuing Great Retraction.
- Analysis of what went wrong with state and local fiscal management and the revenue estimating process.
- Historical presentations and current political analysis on the fiscal framework of the US constitution and its implications for a post-Great Recession era .
- Examination of the "next generation" of state and local government practices in the context of the nation's demographic, economic, and institutional trends.
State and local government fiscal systems have increasingly become vulnerable to economic changes. Over the past three decades, state and local deficits during economic recession have been larger and deeper each time. The impact of the Great Recession and its aftermath of feeble growth and lingering high unemployment has been dramatic both in scope and intensity. Before the crisis, long-term structural deficits were persistent for both individual governments and the entire sector as spending plans and patterns outpaced governments' revenue-generating capacity.
The revenue systems of these governments eroded while the workloads and scope on the expenditure side of the state and local system budget continued to grow.
This handbook evaluates the persistent problems in the fiscal systems of state and local governments and what can be done to solve them. It contains 35 chapters authored by 60 practitioners and academics who are renowned scholars in state and local finance. Each chapter provides a description of the discipline area, examines major developments in policy, practices and research, and opines on future prospects. The chapters are divided into four sections. Section I is a systematic discussion of the institutional, economic, and political framework that provides a background for understanding the structure and
financial performance of the state and local sector. The chapters in Section II provide an overview of the various components of state and local revenue systems and how they reacted to the Great Recession. They analyze the diverse forms of taxes and charges in detail, prescribe remedies and alternatives, and examine the implications for future revenue performance. Chapters in Section III turn to spending, borrowing and financial management in the state and local sector. The focus is on the big six service delivery sectors: education, health care, human services, transportation, pensions, and housing. Section IV is a set of chapters that look ahead and speculate about how the state and local government sector's money-raising, spending, and service delivery structures will adjust to the new
circumstances.Readership: State and local government officials, observers and academic community that follow the state and local sector. The book is not just for academics. It is written by and for practitioners of state and local government finance.
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Edited by Robert D. Ebel, Professor of Economics and Public Administration, University of the District of Columbia, and John E. Petersen, Professor of Finance and Public Policy, George Mason University Robert D. Ebel is Visiting Professor of Economics at the University of the District of Columbia and Chair of the Steering Committee of the Local Government and Public Sector Service Initiative. He is also a member of the IMF Panel of Experts/Fiscal Affairs Division. For the period 2006-2009 he served as Deputy Chief Financial Officer for Revenue analysis and Chief Economist for the Washington, DC government. Prior to joining the Office of the Chief Financial Officer, he was a Senior
Fellow at joint Urban Institute/Brookings Institution Tax Policy Center (TPC) and Lead Economist for the World Bank Institute's Capacity Building programs on Public Finance, Intergovernmental Relations, and Local Financial Management.
John Petersen is Professor of Public Policy and Finance at the George Mason School of Public Policy. Prior to joining the faculty, he was President and Division Director of the Government Finance Group, a financial research and
advisory firm. Earlier, Dr. Petersen served as Senior Director of the Government Finance Research Center, a division of the Government Finance Officers Association. Contributors:
Michael E. Bell is a Research Professor in the George Washington Institute for Public Policy at George Washington University in Washington, DC.; Carolyn Bourdeaux is an Associate Professor in the Andrew Young School of Policy Studies and the Associate Director of the Georgia State University Fiscal Research Center at Georgia State University.; Donald Boyd is a Senior Fellow in the Nelson A. Rockefeller Institute of Government at the University at Albany, State University of New York.; Andrew
Bristle is a Professorial Assistant in the Department of Economics at Michigan State University.; David Brunori is a Research Professor at the George Washington University and a Contributing Editor of State Tax Notes.; Robert M. Buckley is a Senior Fellow at the Milano School of International Affairs, Management and Urban Policy at the New School.; Richard Ciccarone is the Chief Research Officer and Managing Director of McDonnell Investment Management LLC.; Lee Cokorinos is the Principal of Democracy Strategies LLC.; Timothy J. Conlan is a University Professor of Government at George Mason University.; Joseph J. Cordes is a Professor of Economics at George Washington University.; Lucy Dadayan is a Senior Policy Analyst in the Nelson A. Rockefeller Institute of Government at the University
at Albany, State University of New York.; Bernard Dafflon is a Professor of Public Finance and Polices in the Department of Political Economy at the University of Fribourg, Switzerland.; Ellen Dannin is the Fannie Weiss Distinguished Faculty Scholar and Professor of Law in the Dickinson School Low at Pennsylvania State University.; Harley Duncan is the Tax Managing Director of KPMG LLP.; James R. Eads, Jr. is the Director of Public Affairs at Ryan, LLC.; Robert D. Ebel is a Professor of Public Administration at the University of the District of Columbia.; Ronald C. Fisher is a Professor of Economics at Michigan State University and Visiting Professor at the Zhongnan University of Economics and Law.; William F. Fox is the Director of the Center for Business and Economic Research and the
William B. Stokely Distinguished Professor of Economics at the University of Tennessee.; Norton Francis is the Director of Revenue Estimation and Research at the Office of the Chief Financial Officer in the District of Columbia.; Robert J. Freeman is a Professor of Accounting Emeritus in Rawls College of Business at Texas Tech University.; Thomas Gais is the Director of the Nelson A. Rockefeller Institute of Government at the University at Albany, State University of New York.; Jonathan Gifford is a Professor in the School of Public Policy at George Mason University.; Tracy M. Gordon is an Assistant Professor at the University of Maryland School of Public Policy and an Okun-Model Fellow at The Brookings Institution.; Adam Greenwade is a Research Associate in the School of Public Affairs at
the University of Colorado, Denver.; Billy C. Hamilton is the founder of Hamilton Consulting and a Former Texas Deputy Comptroller of Public Accounts in Austin, Texas.; W. Bartley Hildreth is a Professor in the Andrew Young School of Policy Studies at Georgia State University.; Jason Juffras is an affiliate of the Trachtenberg School of Public Policy and Public Administration at George Washington University.; Daphne A. Kenyon is a Visiting Fellow at the Lincoln Institute of Land Policy.; John Kincaid is the Robert B. & Helen S. Meyner Professor of Government and Public Service and the Director of the Meyner Center for the Study of State and Local Government at Lafayette College.; Iris J. Lav was the Deputy Director of the Center on Budget and Policy Priorities and is a Teaching Fellow at
the Center for Advance Governmental Studies at Johns Hopkins University.; Siona Listokin-Smith is an Assistant Professor in the School of Public Policy at George Mason University.; LeAnn Luna is an Associate Professor of Accounting in the Department of Accounting and Information Management at the Center for Business and Economic Research, University of Tennessee.; Justin Marlowe is an Assistant Professor in the Daniel J. Evans School of Public Affairs at the University of Washington.; Christine R. Martell is an Associate Professor in the School of Public Affairs at the University of Colorado, Denver.; Richard H. Mattoon is a Senior Economist and Economic Advisor at the Federal Reserve Bank of Chicago.; Leslie McGranahan is a Senior Economist at the Federal Reserve Bank of Chicago.; Matthew
N. Murray is a Professor of Economics at the University of Tennessee.; Robert H. Nelson is a Professor in the School of Public Policy at the University of Maryland.; Rudolph G.. Penner is an Institute Fellow at The Urban Institute.; John E. Petersen is a Professor of Finance and Public Policy in the School of Public Policy at George Mason University.; Paul L. Posner is a Professor in the School of Public and International Affairs at George Mason University.; Raymond Scheppach is a Professor of Practice in the Frank Batten School of Leadership and Public Policy and a Fellow in the Miller Center of Public Affairs at the University of Virginia.; Alex F. Schwartz is an Associate Professor and the Chair of the Graduate Program in Urban Policy Analysis and Management in the Milan School for
International Affairs, Management, and Urban Policy at the New School.; Craig D. Shoulders is a Professor and the Chairman of the Department of Accounting and Information Technology at the University of North Carolina at Pembroke.; David L. Sjoquist is a Professor of Economics and the Dan E. Sweat Distinguished Chair in Educational and Community Policy in the Andrew Young School of Policy Studies at George State University.; James E. Spiotto is a Partner at Chapman and Cutler LLP.; Rayna Stoycheva is an affiliate of the Department of Economics at the University of Miami.; Franois Vaillancourt is a Fellow at CIRANO and a Professeur Honoraire at the Universit de Montral.; Ha T.T. Vu is an affiliate of the World Bank.; Sally Wallace is a Professor and the Chair of the Department of Economics
in the Andrew Young School of Policy Studies at Georgia State University.; Robert B. Ward is the Deputy Director and Director of Fiscal Studies in the Nelson A. Rockefeller Institute of Government at the University at Albany, State University of New York.; Zhou Yang is an Assistant Professor of Economics at Robert Morris University.; Serdar Yilmaz is a Senior Economist at the World Bank.
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Foreword
Preface Robert D. Ebel and John E. Petersen
I. The Economic, Demographic and Institutional Framework
1. Introduction: State and Local Government Finance in the United States Robert D. Ebel, John E. Petersen and Ha T. T. Vu
2. The Constitutional Frameworks of State and Local Government Finance John Kincaid
3. Federalism Trends, Tensions and Outlook Timothy J. Conlan and Paul L. Posner
4. State and Local Government Finance: Why It Matters Serdar Yilmaz, François Vaillancourt, and Bernard Dafflon
5. State and Local Governments and the National Economy Rick Mattoon and Leslie McGranahan
6. Evolving Financial Architecture of State and Local Governments Sally Wallace
7. Profiles of Local Government Finance Christine R. Martell and Adam Greenwade
8. Federal Preemption of Revenue Autonomy James R. Eads, Jr.
9. State Intergovernmental Grant Programs Ronald C. Fisher and Andrew Bristle
10. State and Local Fiscal Institutions in Recession and Recovery Tracy M. Gordon
II. Impacts and Implications of the Great Recession: Current Revenues and Expenditures; Capital Budgeting, Borrowing and Debt
11. Real Property Tax Michael E. Bell
12. State Personal Income Taxes Joseph J. Cordes and Jason N. Juffras
13. State Corporate Income Taxes David Brunori
14. Entity Taxation of Business Enterprise LeAnn Luna, Matthew N. Murray and Zhou Yang
15. Implications of a Federal Value Added Tax for State and Local Governments Harley T. Duncan
16. Retail Sales and Use Taxation William F. Fox
17. Local Revenue Diversification: User Charges, Sales Taxes, and Income Taxes David L. Sjoquist and Rayna
Stoycheva
18. State Tax Administration: Seven Problems in Search of a Solution Billy Hamilton
19. Revenue Estimation Norton Francis
III. Direct Operating Expenditures
20. Providing and Financing K-12 Education Daphne Kenyon
21. The Social Safety Net, Health Care, and the Great Recession Thomas Gais, Donald Boyd, and Lucy Dadayan
22. Transportation Finance Jonathan L. Gifford
23 Housing Policy in the U.S.: The Evolving Subnational Role Robert M. Buckley and Alex F. Schwartz
IV. Capital Spending and Finance
24. Capital Budgeting and Spending Justin Marlowe
25. Financial Markets and State and Local Governments John E. Petersen and Richard Ciccarone
26. Infrastructure Privatization in the United States in the New Millennium Ellen Dannin and Lee Cokorinos
V. Further Impacts on Financial Activities and Processes
27. Financial Emergencies: Default and Bankruptcy James E. Spiotto
28. Government Financial Reporting Standards: Reviewing the Past and Present, Anticipating the Future Craig D. Shoulders and Robert J. Freeman
29. Pullback Management: State Budget Execution During Periods of Rapidly Declining Revenues Carolyn Boudreaux and W. Bartley Hildreth
30. Public Employee Pensions and Investments Siona Listokin-Smith
31. Accomplishing State Budget Policy and Process Reforms Iris J. Lav
32. Fiscal Austerity and the Future of Federalism Rudolph G. Penner
33. Achieving Fiscal Sustainability for State and Local Governments Robert B. Ward
34. The Intergovernmental Grant System Raymond C. Scheppach
35 Community Associations at Middle Age: Considering the Options Robert H. Nelson
Index
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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