Evaporation of Wealth: The Financial Crisis and Its Effects on Municipal Finance

Jennifer Johnston, Paul Winghart, Robert Kurtter and Wolfgang Opitz

Municipal Finance Journal, 2010, vol. 30, issue 4, 23 - 51

Abstract: This article explores the many ways the housing and financial crisis has affected municipal credit, including the impact of the loss of “wealth” from rapidly declining home values, the effect of the contraction of consumer spending on sales tax revenues, the effects of higher unemployment and lower wages on personal income tax revenues, and the impact of the stock market downturn on tax revenues from capital gains. It asks what the outlook is for states and local governments, which credits will fare better than others, and which credits will suffer the most.

Date: 2010
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