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Subnational Government Tools for Budget Stabilization

In: State Government Budget Stabilization

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  • Yilin Hou

    (University of Georgia)

Abstract

The two major policy tools for budget stabilization at the subnational level are general fund surplus (GFS) and budget stabilization funds (BSF); this chapter elaborates on these two tools with regard to their definitions, working mechanisms, data sources, and changing patterns over their evolution in the past half century. The chapter starts with general fund surplus as the informal policy tool, then treats budget stabilization funds as the formal policy tool. The chapter pays more attention to BSF, providing details on their enabling legislation, structural features, and diffusion across US states over time. Early research of subnational budget stabilization did not provide concise definitions of concepts used nor paid due attention to the enabling legislations of BSFs; the couplet of the two aspects partly contributed to confusion and difficulty in data mining. This chapter clearly defines GFS and BSF and offers detailed analyses of state BSF legislations and reliable data sources using a unique data source and collection method. BSF structural features are classified into purposes, funding sources, balance caps, and use-approval procedures. This chapter also analyzes the trends of GFS and BSF balances from 1979 to 1999, thereby laying a solid foundation for empirical work in the rest of the book.

Suggested Citation

  • Yilin Hou, 2013. "Subnational Government Tools for Budget Stabilization," Studies in Public Choice, in: State Government Budget Stabilization, edition 127, chapter 0, pages 31-73, Springer.
    • Handle: RePEc:spr:stpchp:978-1-4614-6061-9_3
    DOI: 10.1007/978-1-4614-6061-9_3
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    Cited by:

    1. Michelle L. Lofton, 2022. "The impact of excess taxing capacity on short‐term resources," Public Budgeting & Finance, Wiley Blackwell, vol. 42(1), pages 3-27, March.
    2. Soyoung Park & Sungchan Kim, 2022. "The Effects of Fiscal Rules Based on Revenue Structure: Evidence from U.S State Governments," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 39(3), pages 763-781, October.

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