Sub-central governments are consolidating
Sub-central debt is stabilising
SCG gross financial liabilities are considerable in some countries
Dispersion of SCG debt
Spending has fallen since consolidation started, while tax revenues have remained stable
SCG spreads have widened
Markets are increasingly punishing low-rated SCGs
Sub-central government deficits and debt
A few sub-central budgets are far from being sustainable
Central and sub-central government balances do not always evolve in parallel
Market mechanisms in public service provision
Taxes on immovable property are typically a sub-central tax
User charges in OECD countries
In some countries, grants are pro-cyclical