Research Handbook on City and Municipal Finance

Edited by Craig L. Johnson, Associate Professor of Public Finance and Policy Analysis, Temirlan T. Moldogaziev, Associate Professor of Public Finance and Management and Justin M. Ross, Professor of Public Finance and Economics, Paul H. O’Neill School of Public and Environmental Affairs, Indiana University, Bloomington, US

• Contents:Introduction to the Research Handbook on City and Municipal Finance 1Craig L. Johnson, Temirlan T. Moldogaziev, and Justin M. RossPART I RAISING REVENUES AND SPENDING FUNDS1 Municipal revenues: data dilemmas, structures, and trends 8Justin M. Ross and Lanjun Peng2 Property taxes and municipal finance 24Joan Youngman3 Local option taxes 42Whitney Afonso4 The growing role of nontax revenue sources in American cities 64Min Su5 Municipalities in the intergovernmental revenue system: the federalgovernment’sstabilization function? 88Amanda Kass, Christiana McFarland, Farhad Omeyr, and Michael A. Pagano6 The role of cities and public health expenditures in the COVID-19 era 105Yusun Kim7 Spending on physical infrastructure: is it enough? 138Yonghong Wu8 Mitigating fiscal risk through municipal cybersecurity 159Douglas A. CarrPART II FISCAL ORGANIZATION STRUCTURE, BUDGETING,AND FINANCIAL CONDITION9 The role of special districts and intergovernmental constraints 173Christopher B. Goodman10 Municipal financial risks: special-purpose district financial health duringCOVID-19 187Temirlan T. Moldogaziev, Marc Joffe, and Allan Wheeler11 Municipal budgets, balance sheets, and acute fiscal shock 204Robert S. Kravchuk12 Understanding financial success: an exploration of the determinants offiscally healthy cities 220Bruce D. McDonald III and Michaela E. Abbott13 State intervention in local government fiscal distress 235Lang (Kate) Yang14 The fiscal structure of county governments from 2002 to 2019: the impactof the Great Recession and the run-up to the COVID-19 pandemic 257Craig L. Johnson, Luis Navarro, and Andrey YushkovPART III DEBT AND PENSIONS15 The security, structure, and market of municipal debt: recent trends, research,and developments 271W. Bartley Hildreth and Justina Jose16 The status of municipal financial intermediaries after the financial crisis andDodd-Frank: underwriters, insurers, advisors, and credit rating agencies 301Martin J. Luby and Joshua E. Terkel17 The structure of county government debt from 2002 to 2020: the financialcrisis, the Great Recession, and the COVID-19 pandemic 319Craig L. Johnson, Andrey Yushkov, and Luis Navarro18 The impact of fiscal rules on local debt: credit ratings, borrowing costs, anddebt levels 335Sungho Park, Craig S. Maher, and Steven C. Deller19 Do municipal pensions matter? A review of pensions’ impact on US localgovernments 352Gang ChenPART IV CITY AND MUNICIPAL FINANCE ACROSS THE GLOBE20 Municipal finance in federalist systems 370Chris Thayer, Alex Hathaway, and Jorge Martinez-Vazquez21 Municipal finances in unitary systems: the effects of crises on financialautonomy in four European countries 391Ringa Raudla, Mark Callanan, Kurt Houlberg, and Filipe Teles22 Government financial resilience – a European perspective 408Carmela Barbera, Bernard Kofi Dom, C.line du Boys, Sanja Korac, IrisSaliterer, and Ileana Steccolini23 Measuring urban financial resilience: a resource flow perspective 433Christine R. Martell and Temirlan T. Moldogaziev24 Managing crises and public financial management in Singapore 453Chang Yee Kwan and Hui LiConclusion: themes and directions for future research 469Craig L. Johnson, Temirlan T. Moldogaziev, and Justin M. RossIndex

‘This book is a very engaging and informative compilation of research in municipal finance topics. It will serve as a good reference for young scholars just embarking on a research career, as well as more experienced researchers and practitioners looking for summaries of the more important research on a topic. I especially enjoyed the inclusion of relatively new areas of research such as the effects of COVID-19 on fiscal health, the role of cybersecurity in financial risk, and the role of public health spending. I thoroughly enjoyed reading the book and will use it as a reference for years to come.’