Overview of the variables included in the econometric exercise
| Variable | Description |
|---|---|
| Fiscal resilience | Difference between the year 2022 (end time of observation) and the years it took for municipalities to recover or surpass their pre-crisis operational revenue–expenditure ratios (pre-2008) |
| Fiscal sustainability | Three-year moving average of the percentage change of the operational revenue–expenditure ratio |
| Population | Population size (counted at the beginning of the year) |
| Population change | Yearly population change (%) |
| Average income | Average gross income of the residents living in the municipality (per capita) |
| Tertiary education | Ratio of people with tertiary education to overall population |
| Unemployment rate | Unemployment rate (ILO method) |
| Dependency ratio | Ratio of people over 65 and under 15 to overall population |
| Social infrastructure expenditure | Municipal spending on social infrastructure per capita (current and capital spending on education, health and social protection) |
| Share municipal revenue | Ratio of own-generated revenue (i.e. property taxes) to total revenue |
| Debt | Ratio of administrative financial debt (including interests) to operational revenue |
| Financial leeway | Ratio of free financial surplus (total revenue-total expenditure) to operational revenue |
| Variable | Description |
|---|---|
| Fiscal resilience | Difference between the year 2022 (end time of observation) and the years it took for municipalities to recover or surpass their pre-crisis operational revenue–expenditure ratios (pre-2008) |
| Fiscal sustainability | Three-year moving average of the percentage change of the operational revenue–expenditure ratio |
| Population | Population size (counted at the beginning of the year) |
| Population change | Yearly population change (%) |
| Average income | Average gross income of the residents living in the municipality (per capita) |
| Tertiary education | Ratio of people with tertiary education to overall population |
| Unemployment rate | Unemployment rate (ILO method) |
| Dependency ratio | Ratio of people over 65 and under 15 to overall population |
| Social infrastructure expenditure | Municipal spending on social infrastructure per capita (current and capital spending on education, health and social protection) |
| Share municipal revenue | Ratio of own-generated revenue (i.e. property taxes) to total revenue |
| Debt | Ratio of administrative financial debt (including interests) to operational revenue |
| Financial leeway | Ratio of free financial surplus (total revenue-total expenditure) to operational revenue |
Note(s): All monetary variables are at constant 2004 prices and calculated on a per capita basis
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