This book explores current, emerging and potential future challenges to global fiscal decentralization efforts from a public finance and interdisciplinary perspective. Blending insights from academic research and practical experience, leading experts examine the state of fiscal decentralization and consider how it could respond to evolving challenges. After taking stock of current systems, the book identifies forces that are reshaping and will continue to reshape fiscal decentralization globally, nationally and locally. Contributing authors address both enduring constraints, such as local fiscal autonomy, and emerging issues, including the evolution of globalization, political and socioeconomic context changes and rapid technological development. They explore how to design better intergovernmental fiscal systems as well as how to deal with decentralization measurement challenges, strengthen local capacity, manage extreme events, and improve equity and impact. The conclusion outlines strategies for adapting decentralization policies for the coming decades. These insights will be of value to public finance scholars seeking advanced analysis of fiscal federalism, taxation and intergovernmental finance. Policymakers and international development practitioners will also benefit from this practical guidance on the design and reform of decentralization policies.