In a bad state : responding to state and local budget crises / David Schleicher.

New York, NY : Oxford University Press, [2023]

©2023

1 online resource (xiii, 234 pages)

"Scholars writing about how the federal government should respond to state and local fiscal stress fall into roughly two camps. One group argues that federal bailouts create excessive moral hazard. Another group argues that federal aid is instead a necessary form of macroeconomic stimulus given the pro-cyclical nature of state budgets. While this debate is important, it is incomplete. This chapter will show that there is another consideration that has often been the dominant concern in federal responses to state and local budget crises: maintaining the ability of states and cities to borrow to build infrastructure and make other investments. It will explain how these three interests - avoiding moral hazard, stimulating the economy during recessions, and preserving state capacity to borrow - interact, laying out a "trilemma" at the core of federal responses to state and local budget crises"-- Provided by publisher.

Includes bibliographical references and index.

Description based on online resource (viewed on June 27, 2023).

Print version: Schleicher, David. In a bad state. New York, NY : Oxford University Press, [2023]

Oxford Academic

English

0197629172 electronic book
9780197629185 electronic book
0197629180 electronic book
9780197629161 electronic book
0197629164 electronic book
9780197629178 (electronic book)
9780197629154 hardcover

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