Journal Article


Regional and municipal debt in the Eurozone: A cross-country analysis

Abstract

This paper analyses the development of sub-sovereign debt in the Eurozone, based on a sample of 58 regional and municipal governments for the period 2004–17. The findings show that when examined from the prism of sub-sovereign debt, Eurozone countries cannot be readily divided into core and periphery, as conventionally done nationally. For many countries, a significant domestic variegation in local economic conditions is identified. Driving forces in the rise of debt positions are also varied. Despite such variegations, the analysis also confirms the overarching role of national governments in setting the fiscal and financial boundaries within which local governments operate.

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Authors

Ioannou, Stefanos

Oxford Brookes departments

Department of Accounting, Finance and Economics

Dates

Year of publication: 2022
Date of RADAR deposit: 2022-04-29


Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License


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