000			02020nab a2200301 c 4500
003			ES-MaIEF
005			20181008135711.0
007			ta
008			181008t2018 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_a2ng
100	1		_966583 _aJimenez, Benedict S.
245		0	_aFiscal institutional externalities _b : the negative effects of local tax and expenditure limits on municipal budgetary solvency _c Benedict S. Jimenez
260			_c2018
500			_aDisponible también en formato electrónico a través de la Biblioteca del IEF.
500			_aResumen.
504			_aBibliografía.
520			_aThis study explores the effects of state-imposed local tax and expenditure limits or TELs on the budgetary solvency of city governments in the US. Most local TELs were enacted in the late 1970s and early 1980s, and have remained largely unchanged in the last three to four decades. These quasi-permanent fiscal institutions do not take into account changes in voters’ fiscal policy preferences across time or the possibility of external fiscal shocks that require flexibility in changing tax and spending policies. Without this flexibility, TELs can lead to poor financial management practices that negatively affect budgetary solvency. The empirical analysis produces strong evidence supporting this argument. Whether TELs are assumed to be exogenously or endogenously determined, the results of the econometric analysis, including various robustness tests, indicate that TELs weaken city budgetary solvency.
650		4	_948620 _aTRIBUTOS LOCALES
650		4	_948067 _aPOLITICA FISCAL
650		4	_944179 _aEXTERNALIDADES
650		4	_948115 _aPRESUPUESTOS LOCALES
650		4	_944650 _aGASTO PUBLICO LOCAL
650		4	_942888 _aESTADOS UNIDOS
773	0		_9157683 _oOP 1716/2018/3 _tPublic Budgeting and Finance _w(IEF)90019 _x 0275-1100 _g v. 38, n. 3, Fall 2018, p. 3-31
856			_uhttps://onlinelibrary.wiley.com/doi/epdf/10.1111/pbaf.12194
942			_cART
999			_c139027 _d139027