A Sub-national Perspective on Financing Investment for Growth I - Measuring Fiscal Space for Public Investment : Influences, Evolution and Perspectives

Claudia Hulbert ; Camila Vammallei iOECD

Organisation for Economic Co-operation and Development

关键词: public investment;    public services;    institutions;    sub-national government;    fiscal space;    fiscal relations across levels of government;   

DOI  :  https://doi.org/10.1787/5jz5j1qk8fhg-en

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

Sub-national governments are key players for public investment, as they are responsible on average for 62% of total public investment in OECD countries. This article analyses the different factors affecting sub-national governments’ fiscal space for public investment. It proposes an indicator for measuring this fiscal space and analyses the evolution of its different components over 2007-2012. The article shows that the global financial crisis and the ensuring consolidation drive have reduced sub-national governments’ fiscal space for public investment, through a downward pressure on revenues, increased expenditure obligations, and constrained capacity to borrow or issue debt on financial markets.