A closer look at subnational government finances

Hans Olsson and Julia Catz

No 42, Statistics Paper Series from European Central Bank

Abstract: To carry out the analysis required for monetary policy, the European Central Bank (ECB) and the European System of Central Banks (ESCB) need comprehensive and reliable government finance statistics. The focus of government finance statistics has traditionally been the government as a whole (consolidated), with a particular emphasis on central government. In recent years, however, the focus on subnational government finance statistics has increased, with stories of misreporting by a number of such governments hitting the news. Moreover, subnational governments are the layer of government to which people have the closest connection through their use of services that are either subsidised or directly provided by these bodies. These two aspects prompted the authors to take a closer look at the subnational government finance statistics of all European Union (EU) countries during the period 2000-19 (before, during and after the financial crisis). Data for the year 2020 are not included in this paper to prevent the analysis being skewed by the impact of government coronavirus measures. JEL Classification: H11, H2, H41, H7

Keywords: debt; deficit; expenditure; financial crisis; government finance statistics; net financial worth; revenue; state and local government (search for similar items in EconPapers)
Date: 2023-02
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbsps:202342

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