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Cyclically Adjusted Local Government Balance

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  • Eugenia Panicara
  • Massimiliano Rigon
  • Gian Maria Tomat

Abstract

The paper provides an analysis of cyclically-adjusted budget balances of Italian local governments for the period 2002-2007. We find that local government balances appear to be relatively sensitive to the business cycle. In particular, a shock of 1 percent in GDP changes their financial resources by approximately 0.6 billion of euro. Moreover, we find evidence that both central and local governments' policies had a sizeable impact on cyclically-adjusted local government balances.

Suggested Citation

  • Eugenia Panicara & Massimiliano Rigon & Gian Maria Tomat, 2014. "Cyclically Adjusted Local Government Balance," Economia politica, Società editrice il Mulino, issue 3, pages 451-486.
    • Handle: RePEc:mul:jb33yl:doi:10.1428/78904:y:2014:i:3:p:451-486
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