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Regional and municipal debt in the Eurozone: a cross-country analysis

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  • Stefanos Ioannou

Abstract

This paper analyses the development of sub-sovereign debt in the Eurozone, based on a sample of 58 regional and municipal governments for the period 2004–17. The findings show that when examined from the prism of sub-sovereign debt, Eurozone countries cannot be readily divided into core and periphery, as conventionally done nationally. For many countries, a significant domestic variegation in local economic conditions is identified. Driving forces in the rise of debt positions are also varied. Despite such variegations, the analysis also confirms the overarching role of national governments in setting the fiscal and financial boundaries within which local governments operate.

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  • Stefanos Ioannou, 2023. "Regional and municipal debt in the Eurozone: a cross-country analysis," Regional Studies, Taylor & Francis Journals, vol. 57(1), pages 97-111, January.
    • Handle: RePEc:taf:regstd:v:57:y:2023:i:1:p:97-111
    DOI: 10.1080/00343404.2022.2047914
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    Cited by:

    1. Lukáš Bernat & Radka Michlová & Helena Mitwallyová, 2023. "Pattern classification on specifics of public sector investments and budgeting principles," International Journal of Economic Sciences, European Research Center, vol. 12(1), pages 32-54, May.
    2. David Blake, 2023. "Target2: The Silent Bailout System That Keeps the Euro Afloat," JRFM, MDPI, vol. 16(12), pages 1-126, December.

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