| Description |
1 online resource (viii, 241 pages) : illustrations |
| Contents |
Federalism's emerging fiscal crisis / Paul E. Peterson and Daniel J. Nadler -- Competitive federalism under pressure / Paul E. Peterson and Daniel J. Nadler -- Can market discipline survive in the U.S. federation? / Jonathan Rodden -- Putting a price on teacher pensions / Andrew G. Biggs and Jason Richwine -- Structural flaws in the design of public pension plans / Cory Koedel, Shawn Ni, Michael Podgursky -- Past and present high-risk investments by states and localities / Daniel Shoag -- Between centralization and federalism in the European Union / Daniel Ziblatt -- German federalism at the crossroads / Henrik Enderlein and Camillo von Müller -- Spanish federalism in crisis / César Colino and Eloísa del Pino -- Regional identity and fiscal constraints in Spanish federalism / Carlos Xabel Lastra-Anadón -- The resilience of Canadian federalism / Richard Simeon, James Pearce, and Amy Nugent |
| Summary |
"Stockton, California, recently became the largest American city in history to declare bankruptcy, having incurred a debt as high as $1 billion. Since 2010, seven U.S. cities, towns, or counties have filed for bankruptcy, while many more teeter on the brink of insolvency. Not since the Great Depression has America witnessed such grand-scale municipal bankruptcies. The Global Debt Crisis looks at this growing crisis and its implications for governance and federalism, both domestically and internationally. The situation in Stockton is emblematic of other current sovereign and sub-sovereign fiscal solvency crises, from the streets of Vallejo, California, to those of Valencia, Spain. These crises have major consequences for the intergovernmental structure of the United States and the European Union--the largest and most important federations in the world. The people of Stockton may not realize that the group that will bear the burden of budget cuts--public sector employees or bondholders--has massive impacts on the entire federalist structure. Ultimately, as the contributors explain in The Global Debt Crisis, the option for bailout or the circumvention of creditors has deep implications for competitive federalism as we know it."--Publisher's website |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Print version record |
| Subject |
Debts, Public -- Europe
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Debts, Public -- United States
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Federal government -- Europe
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Federal government -- United States.
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Financial crises -- Government policy
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BUSINESS & ECONOMICS -- Public Finance.
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POLITICAL SCIENCE -- Public Policy -- Economic Policy.
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Debts, Public
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Economic policy
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Federal government
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Financial crises -- Government policy
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| SUBJECT |
Europe -- Economic policy
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United States -- Economic policy.
http://id.loc.gov/authorities/subjects/sh85140033
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| Subject |
Europe
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United States
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| Form |
Electronic book
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| Author |
Nadler, Daniel J., 1983- editor.
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Peterson, Paul E., editor.
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| ISBN |
0815724179 |
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9780815724179 |
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