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| DOI | 10.1108/JPBAFM-09-2023-0171 |
| The impact of inflation on local government fiscal health | |
| 发表日期 | 2024 |
| ISSN | 1096-3367 |
| EISSN | 1945-1814 |
| 起始页码 | 36 |
| 结束页码 | 2 |
| 卷号 | 36期号:2 |
| 英文摘要 | PurposeInflation and federal monetary efforts to control it with interest rate hikes have very real and overwhelmingly negative consequences on US local governments following the onset of COVID-19. This study explores the post-pandemic inflationary environment of US local governments; examines the impacts of inflation and high interest rates on local government revenue, operating costs, capital costs, and debt service; reviews local government inflation management strategies, including the use of intergovernmental revenue; and assesses ongoing threats to local government financial health and financial resilience.Design/methodology/approachThis study uses trend and literature analysis to comment on current issues local governments face.FindingsThe study finds that the growth of property values and resulting stability of property tax revenue has been important to local government revenues; that local governments bear very real burdens as operating and capital costs increase; and that the combination of high inflation and interest rates affects local government debt issuance by negatively affecting credit quality and interest costs, leading to municipal market contraction. Local governments have benefitted tremendously from intergovernmental revenue, but would be ill-advised to rely on it.Practical implicationsVulnerabilities owing from revenue mismatch with the economy; inadequate affordable housing, inequality, and social issues; a changing workforce and tight labor market; climate change; and federal fiscal contraction-all of which are exacerbated by high inflation and interest rates-require local governments to act strategically, boldly and collaboratively to achieve fiscal health and financial resilience, and to realize positive returns of investments in people and capital.Originality/valueThis work is unique in addressing the post-pandemic impact of inflation and interest rates on local governments. |
| 英文关键词 | Local government; Inflation; Financial resilience; Post-pandemic; Intergovernmental revenue; Fiscal health; Costs; Debt |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics ; Public Administration |
| WOS类目 | Business, Finance ; Public Administration |
| WOS记录号 | WOS:001139128800001 |
| 来源期刊 | JOURNAL OF PUBLIC BUDGETING ACCOUNTING & FINANCIAL MANAGEMENT
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| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/299243 |
| 作者单位 | University of Colorado System; University of Colorado Denver |
| 推荐引用方式 GB/T 7714 | . The impact of inflation on local government fiscal health[J],2024,36(2). |
| APA | (2024).The impact of inflation on local government fiscal health.JOURNAL OF PUBLIC BUDGETING ACCOUNTING & FINANCIAL MANAGEMENT,36(2). |
| MLA | "The impact of inflation on local government fiscal health".JOURNAL OF PUBLIC BUDGETING ACCOUNTING & FINANCIAL MANAGEMENT 36.2(2024). |
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