Foremny, Dirk, Solé-Ollé, Albert, (2016), “Who’s Coming to the Rescue? Revenue-Sharing Slumps and Implicit Bailouts During the Great Recession”, ZEW, Discussion Paper No. 16-049, Μάιος
Local governments across the globe experienced high levels of fiscal stress during the last recession (Ter-Minassian and Fedelino, 2010). The causes of these fiscal imbalances were twofold. First, many local governments had to deal with a reduction in their own-source revenues, based as they were on taxes (most notably, property transactions, capital gains, and business taxes) that fell sharply during the crisis. However, much of the problem was caused by the reduction in transfers originating from the upper tiers of government (Martínez-Vázquez and Searle, 2007).
- Rocholl, J., and A. Stahmer (2016), “Where did the Greek bailout money go?”, ESMT White Paper No. WP–16–02
- Fratzscher, Marcel, Rieth, Malte, (2015), “Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area”, European Commission Directorate-General for Economic and Financial Affairs, DISCUSSION PAPER 009, Σεπτέμβριος 2015