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State and local government finances in the time of COVID-19

Following the global financial crisis, subnational governments engaged in pro-cyclical fiscal policy by reducing investment, drawing out the recovery. This column presents evidence suggesting that the Covid crisis has impacted the fiscal positions of subnational governments in the OECD far less than the previous crisis, which should mitigate this tendency towards
United States System Of National Network Of Fiscal Relations Network On Fiscal Relations International Economics Global Financial Crisis
Source: voxeu.org

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