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This paper investigates the factors that determine the configuration of rainy day funds along their two most important dimensions, deposit and withdrawal requirements. Most states in the United States have created budget stabilization funds (or rainy day funds) to accumulate savings that would allow them to reduce the impact of adverse fiscal conditions. However, it has been shown that the effectiveness of these funds greatly depends on their institutional structure and that most states choose configurations that compromise the efficacy of the fund. Using multinomial discrete techniques, and introducing for the first time the ordered nature of the requirements in the analysis, our results indicate that political and institutional factors, like political fragmentation and some strict fiscal institutions are associated with weak (less effective) budget stabilization funds, while some economic factors -such as the volatility of state tax revenues-are associated with stricter funds.I would like to thank

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California continues to undergo a series of budget crises. This paper examines the evolution of fiscal provisions in state constitutions over time, as well as in California. The evolution of fiscal provisions across the states shows an evolution from debt restrictions to balanced budget amendments to rainy day funds and tax and expenditure limits. California shows the same pattern. We suggest that many of the constitutional changes are responses to the previous constitutional change, which is why a definite pattern emerges. We end by suggesting that California return to the intent of the original 1849 debt restriction and require voters to actually raise taxes when they authorize new borrowing.

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