{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,24]],"date-time":"2026-03-24T23:20:57Z","timestamp":1774394457024,"version":"3.50.1"},"reference-count":58,"publisher":"Emerald","issue":"4","license":[{"start":{"date-parts":[[2021,4,2]],"date-time":"2021-04-02T00:00:00Z","timestamp":1617321600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JPBAFM"],"published-print":{"date-parts":[[2021,7,19]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>This paper explores how global pandemic crises affect the financial vulnerability of municipalities.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>This paper is developed from the relevant literature an analytical framework to examine municipal financial vulnerability before a global pandemic crisis and in its immediate aftermath by mapping and systematizing its dimensions and sources. To illustrate how it can be used and evaluate its robustness and flexibility, such a tool was applied to Portugal and Italy, two countries that particularly suffered from the Covid-19 crisis.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The application of the analytical framework has shown how financially vulnerable municipalities are to global pandemic crises. Financial vulnerability relates to issues ranging from institutional design to internal financial conditions and the perception of the capacity to cope with a crisis. Results further reveal that vulnerability has an inherent contingent nature in time and space and can lead to paradoxical outcomes.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title><jats:p>This paper provides a tool that can be useful for both academic and public policy purposes, to further appreciate municipal financial vulnerability, especially during crises.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>Municipalities can use the framework to better manage their financial vulnerability, strengthening their anticipatory and copying capacities, while oversight authorities can use it to help municipalities become less financially vulnerable or, at least, more aware of their financial vulnerability.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>Municipal financial vulnerability to global shocks has not been explored extensively. Also, the Covid-19 pandemic is different from previous global crises as it affected society overnight with the implementation of lockdown and social distancing measures.<\/jats:p><\/jats:sec>","DOI":"10.1108\/jpbafm-07-2020-0129","type":"journal-article","created":{"date-parts":[[2021,3,31]],"date-time":"2021-03-31T02:46:06Z","timestamp":1617158766000},"page":"387-408","source":"Crossref","is-referenced-by-count":19,"title":["Municipal financial vulnerability in pandemic crises: a framework for analysis"],"prefix":"10.1108","volume":"33","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-4429-4381","authenticated-orcid":false,"given":"Emanuele","family":"Padovani","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1742-178X","authenticated-orcid":false,"given":"Silvia","family":"Iacuzzi","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4850-2387","authenticated-orcid":false,"given":"Susana","family":"Jorge","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9058-9749","authenticated-orcid":false,"given":"Liliana","family":"Pimentel","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2021,4,2]]},"reference":[{"issue":"5","key":"key2021072010323454500_ref001","doi-asserted-by":"publisher","first-page":"813","DOI":"10.1108\/JPBAFM-07-2020-0098","article-title":"Financial resilience of English local government in the aftermath of COVID-19","volume":"32","year":"2020","journal-title":"Journal of Public Budgeting, Accounting and Financial Management"},{"key":"key2021072010323454500_ref002","unstructured":"ANCI \u2013 Associazione Nazionale Comuni Italiani (2020), \u201cAudizione informale ANCI presso le commissioni bilancio riunite Camera e Senato per la conversione del \u201cDL Rilancio\u201d\u201d, available at: https:\/\/finanze.regione.emilia-romagna.it\/documenti-di-finanza\/audizione-anci-dl-34-rilancio-28-05-2020.pdf (accessed 14 July 2020)."},{"issue":"5","key":"key2021072010323454500_ref003","doi-asserted-by":"crossref","first-page":"957","DOI":"10.1108\/JPBAFM-07-2020-0115","article-title":"Reconsidering public budgeting after the COVID-19 outbreak: key lessons and future challenges","volume":"32","year":"2020","journal-title":"Journal of Public Budgeting, Accounting and Financial Management"},{"key":"key2021072010323454500_ref004","volume-title":"Os munic\u00edpios no contexto da pandemia Covid-19, Legisla\u00e7\u00e3o publicada com relevo para as autarquias locais","author":"ANMP \u2013 Associa\u00e7\u00e3o Nacional dos Munic\u00edpios Portugueses","year":"2020"},{"issue":"1","key":"key2021072010323454500_ref005","first-page":"39","article-title":"A model for measuring financial sustainability of local authorities: model development and application","volume":"12","year":"2017","journal-title":"Asia-Pacific Management Accounting Journal"},{"issue":"3","key":"key2021072010323454500_ref006","doi-asserted-by":"crossref","first-page":"670","DOI":"10.1111\/padm.12350","article-title":"Governmental financial resilience under austerity in Austria, England and Italy: how do local governments cope with financial shocks?","volume":"95","year":"2017","journal-title":"Public Administration"},{"issue":"1","key":"key2021072010323454500_ref007","doi-asserted-by":"publisher","first-page":"154","DOI":"10.1177\/0020852319842661","article-title":"Local government strategies in the face of shocks and crises: the role of anticipatory capacities and financial vulnerability","volume":"87","year":"2019","journal-title":"International Review of Administrative Sciences"},{"issue":"3","key":"key2021072010323454500_ref008","doi-asserted-by":"crossref","first-page":"529","DOI":"10.1108\/AAAJ-11-2018-3739","article-title":"How do governments cope with austerity? The roles of accounting in shaping governmental financial resilience","volume":"33","year":"2020","journal-title":"Accounting, Auditing and Accountability Journal"},{"key":"key2021072010323454500_ref009","doi-asserted-by":"crossref","first-page":"45","DOI":"10.1080\/10967494.2014.874257","article-title":"Explaining interest rates in local government borrowing","volume":"17","year":"2014","journal-title":"International Public Management Journal"},{"key":"key2021072010323454500_ref010","volume-title":"The Financial Analysis of Governments","year":"1986"},{"key":"key2021072010323454500_ref011","doi-asserted-by":"crossref","unstructured":"Bettoni, G. (2017) \u201cConstitutional reform and territorial organisation in Italy\u201d, in Ruano, J.M. and Profirain, M. (Eds), Palgrave Handbook of Decentralization. Palgrave McMillan, Cham, pp. 103-122.","DOI":"10.1007\/978-3-319-32437-1_5"},{"key":"key2021072010323454500_ref012","article-title":"Local and regional democracy in Italy","year":"2013","journal-title":"Council of Europe"},{"issue":"2","key":"key2021072010323454500_ref013","doi-asserted-by":"crossref","first-page":"122","DOI":"10.1108\/IJPSM-11-2017-0328","article-title":"Budgetary solvency of Italian local governments: an assessment","volume":"32","year":"2019","journal-title":"International Journal of Public Sector Management"},{"issue":"2","key":"key2021072010323454500_ref014","doi-asserted-by":"crossref","first-page":"289","DOI":"10.1111\/padm.12264","article-title":"Designing resilient institutions for transboundary crisis management: a time for public administration","volume":"94","year":"2016","journal-title":"Public Administration"},{"issue":"2","key":"key2021072010323454500_ref015","doi-asserted-by":"crossref","first-page":"161","DOI":"10.4335\/13.2.161-184(2015)","article-title":"Drivers for the financial condition of local government: a comparative study between Italy and Spain","volume":"13","year":"2015","journal-title":"Lex Localis - Journal of Local Self-Government"},{"issue":"6","key":"key2021072010323454500_ref016","doi-asserted-by":"crossref","first-page":"729","DOI":"10.1177\/0275074012451523","article-title":"Developing a method to assessing the municipal financial health","volume":"43","year":"2013","journal-title":"The American Review of Public Administration"},{"issue":"2","key":"key2021072010323454500_ref017","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1080\/09540962.2014.887518","article-title":"Assessing the influence of socioeconomic drivers on Italian municipal financial destabilization","volume":"34","year":"2014","journal-title":"Public Money and Management"},{"issue":"3","key":"key2021072010323454500_ref018","first-page":"73","article-title":"Local fiscal policies, default risk, and municipal borrowing costs","volume":"53","year":"1994","journal-title":"Journal of Public Economics"},{"issue":"4","key":"key2021072010323454500_ref019","doi-asserted-by":"crossref","first-page":"445","DOI":"10.1108\/JAAR-03-2015-0019","article-title":"The sticky cost phenomenon at the local government level: empirical evidence from Greece","volume":"18","year":"2017","journal-title":"Journal of Applied Accounting Research"},{"issue":"3","key":"key2021072010323454500_ref020","doi-asserted-by":"crossref","first-page":"369","DOI":"10.1093\/cjres\/rsr019","article-title":"Regional resilience in the 2008-2010 downturn: comparative evidence from European countries","volume":"4","year":"2011","journal-title":"Cambridge Journal of Regions, Economy and Society"},{"issue":"1","key":"key2021072010323454500_ref021","doi-asserted-by":"publisher","DOI":"10.1108\/JPBAFM-07-2020-0137","article-title":"Emerging fiscal health and governance concerns resulting from COVID-19 challenges","volume":"33","year":"2020","journal-title":"Journal of Public Budgeting, Accounting and Financial Management"},{"key":"key2021072010323454500_ref022","doi-asserted-by":"crossref","first-page":"314","DOI":"10.1177\/004208169102700210","article-title":"Urban county fiscal stress: a survey of public officials' perceptions and government experiences","volume":"27","year":"1991","journal-title":"Urban Affairs Quarterly"},{"key":"key2021072010323454500_ref023","volume-title":"Anu\u00e1rio financeiro dos munic\u00edpios portugueses \u2013 2018; Edi\u00e7\u00e3o do CICF\/IPCA e CICP\/UM","year":"2019"},{"key":"key2021072010323454500_ref024","volume-title":"Local Public Finance in Europe","year":"2019"},{"issue":"2","key":"key2021072010323454500_ref025","first-page":"79","article-title":"Financial sustainability and cutback management: global issues for public organizations. Editorial","volume":"34","year":"2014","journal-title":"Public Money and Management"},{"issue":"5","key":"key2021072010323454500_ref026","doi-asserted-by":"crossref","first-page":"737","DOI":"10.1108\/JPBAFM-12-2020-189","article-title":"Budgetary responses to a global pandemic: international experiences and lessons for a sustainable future","volume":"32","year":"2020","journal-title":"Journal of Public Budgeting, Accounting and Financial Management"},{"issue":"2","key":"key2021072010323454500_ref027","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1111\/1540-5850.00511","article-title":"Financial indicators for local governments","volume":"1","year":"1981","journal-title":"Public Budgeting and Finance"},{"key":"key2021072010323454500_ref028","volume-title":"Macroeconomic Risk Management Against Natural Disasters","year":"2006"},{"key":"key2021072010323454500_ref029","unstructured":"Jacob, B. and Hendrick, R. (2012), \u201cAssessing the financial condition of local governments: what is financial condition and how is IT measured?\u201d, in Levine, H., Justice, B.J. and Scorsone, E.A. (Eds), Handbook of Local Government Fiscal Health, Jones & Bartlett Publishers, Burlington, Massachusetts, pp. 11-40."},{"key":"key2021072010323454500_ref030","unstructured":"Jorge, S. (2015), \u201cAutonomia e (In)Depend\u00eancia financeira dos munic\u00edpios\u201d, de Sousa, L., Tavares, A.F., da Cruz, N.F. and Jorge, S. (Eds), A Reforma do Poder Local em Debate, ICS \u2013 Imprensa de Ci\u00eancias Sociais, Lisbon, pp. 145-151."},{"key":"key2021072010323454500_ref031","volume-title":"Introduction to Comparative Public Administration: Administrative Systems and Reforms in Europe","year":"2014"},{"key":"key2021072010323454500_ref032","first-page":"57","article-title":"O enquadramento legal do endividamento municipal em Portugal","volume":"28","year":"2011","journal-title":"Revista Portuguesa de Estudos Regionais"},{"key":"key2021072010323454500_ref033","doi-asserted-by":"crossref","first-page":"79","DOI":"10.1111\/j.1468-0491.2011.01557.x","article-title":"Into an age of multiple austerities? Public management and public service bargains across OECD countries","volume":"25","year":"2012","journal-title":"Governance"},{"issue":"3","key":"key2021072010323454500_ref034","doi-asserted-by":"crossref","first-page":"427","DOI":"10.1108\/JPBAFM-23-03-2011-B006","article-title":"Measuring municipal fiscal condition: do objective measures of fiscal health relate to subjective measures?","volume":"23","year":"2011","journal-title":"Journal of Public Budgeting, Accounting and Financial Management"},{"issue":"4","key":"key2021072010323454500_ref035","doi-asserted-by":"crossref","first-page":"644","DOI":"10.1111\/puar.13238","article-title":"Fiscal responses to COVID-19: evidence from local governments and nonprofits","volume":"80","year":"2020","journal-title":"Public Administration Review"},{"key":"key2021072010323454500_ref036","doi-asserted-by":"crossref","first-page":"30","DOI":"10.1002\/pad.474","article-title":"Fiscal institutions of Brazilian municipal borrowing","volume":"28","year":"2008","journal-title":"Public Administration and Development"},{"key":"key2021072010323454500_ref037","volume-title":"Fiscal Administration","year":"2013","edition":"8th ed."},{"key":"key2021072010323454500_ref038","unstructured":"MLSP \u2013 Ministry of Labour and Social Policies and ANCI - Associazione Nazionale Comuni Italiani (2020), \u201cI servizi sociali al tempo del coronavirus\u201d, available at: https:\/\/www.fondiwelfare.it\/wp-content\/uploads\/2020\/07\/I-Servizi-Sociali-al-tempo-del-Coronavirus.pdf (accessed 14 July 2020)."},{"issue":"5","key":"key2021072010323454500_ref039","doi-asserted-by":"publisher","first-page":"835","DOI":"10.1108\/JPBAFM-07-2020-0109","article-title":"The Covid-19 pandemic and local government finance: Czechia and Slovakia","volume":"32","year":"2020","journal-title":"Journal of Public Budgeting, Accounting and Financial Management"},{"key":"key2021072010323454500_ref040","volume-title":"OECD Economic Outlook","author":"OECD","year":"2020"},{"key":"key2021072010323454500_ref041","volume-title":"The Territorial Impact of COVID-19: Managing the Crisis Across Levels of Government","author":"OECD","year":"2020"},{"key":"key2021072010323454500_ref042","doi-asserted-by":"crossref","DOI":"10.1787\/27a4198a-en","volume-title":"Fiscal Resilience to Natural Disasters: Lessons from Country Experiences","author":"OECD and World Bank","year":"2019"},{"issue":"2","key":"key2021072010323454500_ref043","doi-asserted-by":"crossref","first-page":"101","DOI":"10.1108\/09513550810855618","article-title":"Introduction: the reform of public management in France, Greece, Italy, Portugal and Spain","volume":"21","year":"2008","journal-title":"International Journal of Public Sector Management"},{"key":"key2021072010323454500_ref044","unstructured":"Padovani, E. (2020), \u201cFinanza locale: impatto del covid-19. Gli impatti della pandemia sulle finanze delle amministrazioni comunali\u201d, working paper, University of Bologna, Bologna, 30 June 2020."},{"issue":"3","key":"key2021072010323454500_ref045","doi-asserted-by":"crossref","first-page":"623","DOI":"10.2307\/2171864","article-title":"Federal fiscal constitutions: risk sharing and moral hazard","volume":"64","year":"1996","journal-title":"Econometrica"},{"issue":"1","key":"key2021072010323454500_ref046","doi-asserted-by":"crossref","first-page":"75","DOI":"10.1080\/09540962.2011.545551","article-title":"Governance responses to the fiscal crisis: comparative perspectives","volume":"31","year":"2011","journal-title":"Public Money and Management"},{"key":"key2021072010323454500_ref047","volume-title":"Time, Policy, Management: Governing with the Past","year":"2008"},{"key":"key2021072010323454500_ref048","volume-title":"Public Management Reform: A Comparative Analysis into the Age of Austerity","year":"2017"},{"key":"key2021072010323454500_ref049","volume-title":"Honduras. Catastrophe Risk Exposure of Public Assets. An Analysis of Financing Instruments for Smoothing Fiscal Volatility","year":"2001"},{"key":"key2021072010323454500_ref050","unstructured":"Raffer, C. and Padovani, E. (2019), \u201cItaly\u201d, in Geissler, R., Hammerschmid, G. and Raffer, C. (Eds), Local Public Finance in Europe, Bertelsmann Stiftung, Berlin, pp. 141-153."},{"key":"key2021072010323454500_ref051","doi-asserted-by":"crossref","unstructured":"Saliterer, I., Jones, M. and Steccolini, I. (2017), \u201cIntroduction\u201d, in Steccolini, I., Jones, M. and Saliterer, I. (Eds), Governmental Financial Resilience, Public Policy and Governance, Emerald Publishing, Bingley, pp. 1-16.","DOI":"10.1108\/S2053-769720170000027001"},{"issue":"2","key":"key2021072010323454500_ref052","doi-asserted-by":"crossref","first-page":"294","DOI":"10.1177\/1065912907313077","article-title":"Case study selection techniques in case study research: a menu of qualitative and quantitative options","volume":"61","year":"2008","journal-title":"Political Research Quarterly"},{"key":"key2021072010323454500_ref053","doi-asserted-by":"crossref","unstructured":"Steccolini, I., Jones, M. and Saliterer, I. (2017), \u201cConclusion\u201d, in Steccolini, I., Jones, M. and Saliterer, I. (Eds), Governmental Financial Resilience, Public Policy and Governance, Emerald Publishing, Bingley, pp. 229-240.","DOI":"10.1108\/S2053-769720170000027013"},{"issue":"2","key":"key2021072010323454500_ref054","first-page":"1","article-title":"Editorial","volume":"39","year":"2020","journal-title":"Journal of Accounting and Public Policy"},{"key":"key2021072010323454500_ref055","article-title":"GOLD V 2019. The localization of the global agendas. How local action is transforming territories and communities. Fifth global report on decentralization and local democracy","author":"UCLG","year":"2019","journal-title":"UCLG"},{"issue":"1","key":"key2021072010323454500_ref056","first-page":"181","article-title":"Organizational solutions for financial sustainability: a comparative case study from the Swedish municipalities","volume":"26","year":"2014","journal-title":"Journal of Public Budgeting, Accounting and Financial Management"},{"issue":"1","key":"key2021072010323454500_ref057","article-title":"Resilience management in social-ecological systems: a working hypothesis for a participatory approach","volume":"6","year":"2002","journal-title":"Conservation Ecology"},{"issue":"3","key":"key2021072010323454500_ref058","doi-asserted-by":"crossref","first-page":"175","DOI":"10.1080\/09540960902891731","article-title":"Developing an alert system for local governments in financial crisis","volume":"29","year":"2009","journal-title":"Public Money and Management"}],"container-title":["Journal of Public Budgeting, Accounting &amp; Financial Management"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JPBAFM-07-2020-0129\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JPBAFM-07-2020-0129\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T21:42:22Z","timestamp":1753393342000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/jpbafm\/article\/33\/4\/387-408\/450579"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,4,2]]},"references-count":58,"journal-issue":{"issue":"4","published-online":{"date-parts":[[2021,4,2]]},"published-print":{"date-parts":[[2021,7,19]]}},"alternative-id":["10.1108\/JPBAFM-07-2020-0129"],"URL":"https:\/\/doi.org\/10.1108\/jpbafm-07-2020-0129","relation":{},"ISSN":["1096-3367","1945-1814"],"issn-type":[{"value":"1096-3367","type":"print"},{"value":"1945-1814","type":"print"}],"subject":[],"published":{"date-parts":[[2021,4,2]]}}}