Global Crises and Municipal Finances: Evidence From Bulgaria
Global Crises and Municipal Finances: Evidence From Bulgaria

Author(s): Yana Kirilova, Dochka Velkova
Subject(s): Economy, Public Finances
Published by: Институт за икономически изследвания при Българска академия на науките
Summary/Abstract: Financial crises strike municipal finances more severely with longer recovery periods compared to state finance, while crises of non-financial origin do not impact so negatively local governments. Local own source revenues have limited growth potential as they usually do not play the role of automatic stabilizers as major state taxes do and are have territorial and base limitations.

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