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date: 26 May 2020

Abstract and Keywords

Significant developments of US state and local finance are converging in a manner that will newly frame the practices of state and local governance in the next decade and beyond. These trends can move from low-priority “problems to be addressed” to becoming urgent, high-priority concerns when the governments face economic and political shocks that are beyond their direct control—for example, the Great Recession (2007–2009). In this context, this article offers to bring together in the book the existing knowledge on the principles and practices of state and local finance. It takes an explicit look at how the issues proposed to be addressed fit into the broader framework of the practice of US intergovernmental relations (fiscal decentralization). The organization of the book is explained.

Keywords: local government finance, US state, high-priority problems, economic shock, Great Recession, intergovernmental relations

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