This paper calls for a new focus on the financial resilience of governments, trying to identify patterns of financial behaviour in Italian municipalities at a juncture where economic downturn, fiscal crises and austerity are posing unprecedented challenges. A possible measure of financial resilience is proposed, as well as a classification of municipalities' approaches to financial resilience based on the scope and volatility of the budgetary position. From the combination of the two dimensions, four strategies are analyzed and discussed
Barbera, C., Guarini, E., Steccolini, I. (2013). Municipal financial resilience: Four patterns of response to external shocks. In 14th CIGAR Conference 'In the Eye of the Storm: Public Sector Accounting, Financial Crisis and Austerity', 2-3 September 2013, The University of Birmingham Business School.
Municipal financial resilience: Four patterns of response to external shocks
GUARINI, ENRICO;
2013
Abstract
This paper calls for a new focus on the financial resilience of governments, trying to identify patterns of financial behaviour in Italian municipalities at a juncture where economic downturn, fiscal crises and austerity are posing unprecedented challenges. A possible measure of financial resilience is proposed, as well as a classification of municipalities' approaches to financial resilience based on the scope and volatility of the budgetary position. From the combination of the two dimensions, four strategies are analyzed and discussed
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