This special issue advances the literature by examining the theory and practice of decision‑making in public finance and management during governance reforms, fiscal stress, and uncertainty. The four articles provide in‑depth empirical and comparative analyses in Slovakia, the United States, and Hungary, offering practical insights for policymakers and public managers confronting fiscal challenges. Collectively, the manuscripts address four interrelated themes: (a) decision‑making in public and banking sectors under conditions of fiscal stress; (b) comparative approaches to monitoring municipal fiscal health; (c) the dynamics of governance reforms in diverse institutional and national contexts; and (d) the impact of digital technologies on expenditures, social cohesion, innovation capacity, and competitiveness in settlements and regions. By integrating theoretical frameworks with applied research, this special issue enhances understanding of how the public and banking sectors interpret and respond to fiscal stress, while offering evidence‑based guidance for strengthening resilience, accountability, and long‑term fiscal sustainability. Looking forward, comparative research and policy experimentation will be essential to deepen insights into wise decision‑making under uncertainty.
Svenson et al. (Tue,) studied this question.