Research Handbook on City and Municipal Finance

Edited by Craig L. Johnson, Associate Professor of Public Finance and Policy Analysis, Temirlan T. Moldogaziev, Associate Professor of Public Finance and Management and Justin M. Ross, Professor of Public Finance and Economics, Paul H. O’Neill School of Public and Environmental Affairs, Indiana University, Bloomington, US

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