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Author: Luc Eyraud
Publisher: International Monetary Fund
ISBN: 1475591543
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
The purpose of this paper is to assess whether expenditure decentralization has contributed to weakening fiscal performance in Europe. Using a panel of EU15 countries for the period 1995-2011, we estimate three econometric models and ask the following questions: (1) does the form of spending decentralization affect the general government fiscal balance?; (2) is there evidence of spending duplication?; and (3) are soft budget constraints prevalent at the subnational level in Europe? Our results indicate that current decentralization models may have some shortcomings and efforts to achieve fiscal consolidation would require improvements in three areas: better matching subnational spending and revenues; reshaping some expenditure assignments to reduce overlap; and improving the effectiveness of institutional arrangements at the subnational level.
Author: Luc Eyraud
Publisher: International Monetary Fund
ISBN: 1475591543
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
The purpose of this paper is to assess whether expenditure decentralization has contributed to weakening fiscal performance in Europe. Using a panel of EU15 countries for the period 1995-2011, we estimate three econometric models and ask the following questions: (1) does the form of spending decentralization affect the general government fiscal balance?; (2) is there evidence of spending duplication?; and (3) are soft budget constraints prevalent at the subnational level in Europe? Our results indicate that current decentralization models may have some shortcomings and efforts to achieve fiscal consolidation would require improvements in three areas: better matching subnational spending and revenues; reshaping some expenditure assignments to reduce overlap; and improving the effectiveness of institutional arrangements at the subnational level.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484301307
Category : Business & Economics
Languages : en
Pages : 130
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Book Description
This Selected Issues paper on Serbia’s Article IV Consultation reviews the precrisis growth paradigm and its legacy vulnerabilities. The underlying growth model proved vulnerable to shocks, being associated with a high share of nontradable, low domestic savings, and a fragile external position. Convergence to EU income levels was relatively moderate. Economic growth fell following the onset of the global financial crisis and further slowed the pace of convergence. Serbia’s postcrisis income gap remains larger by comparison to more advanced regional economies. Structural bottlenecks continue to undermine overall competitiveness and constrain growth potential.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264204571
Category :
Languages : en
Pages : 136
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Book Description
This book provides an overview on recent trends and policies in intergovernmental fiscal relations and sub-central govenrment.
Author: Mr.Sergio Sola
Publisher: International Monetary Fund
ISBN: 1513538640
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
This paper examines the determinants of sub-national governments risk premia using secondary market data for U.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matter in the pricing of risk premia, and sub-national governments with higher public debt and larger deficits pay higher premia. However, this relationship is not uniform across countries. Market pricing mechanisms are less effective in presence of explicit or implicit guarantees from the central government. Specifically, we show that in pricing risk premia of sub-national governments, markets are less responsive to fiscal fundamental when sub-national governments depend on high transfers from the central government, i.e., when there is some form of implicit guarantee from the center. Using primary market data, the paper also looks at whether transfer dependency from the central government influences sub-national governments’ incentive to access markets. We show that high transfer dependency lowers the probability of sub-national governments to borrow on capital markets.
Author: Alejandro Izquierdo
Publisher: Inter-American Development Bank
ISBN: 1597823317
Category : Business & Economics
Languages : en
Pages : 453
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Book Description
How can this puzzle of larger demands and fiscal strengthening be solved? This edition of the development in the Americas (DIA) report focuses precisely on this question. The book suggests that the answer is about fiscal efficiency and smart spending rather than the standard solution of across-the-board spending cuts to achieve fiscal sustainability— sometimes at great cost for society. It is about doing more with less. · Analysis of government spending in Latin America and the Caribbean reveals widespread waste and inefficiencies that could be as large as 4.4 percent of the region’s GDP, showing there is ample room to improve basic services without necessarily spending more resources. · The publication argues against across-the-board cuts. It looks at whether countries spend too much or too little on different priorities, whether they invest enough to ensure a better future, and whether those expenditures make inequality better or worse. · Along with the diagnosis, the report offers several policy recommendations on how to improve the efficiency of government spending.
Author: Lago, Ignacio
Publisher: Edward Elgar Publishing
ISBN: 1839103280
Category : Political Science
Languages : en
Pages : 400
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Book Description
Taking a multidisciplinary approach to the dynamics of political and economic decentralization in contemporary regimes, this comprehensive Handbook offers a critical examination of how the decentralization of governance affects citizen well-being.
Author: Ehtisham Ahmad
Publisher: Edward Elgar Publishing
ISBN: 0857932292
Category : Business & Economics
Languages : en
Pages : 661
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Book Description
This Handbook explores and explains new developments in the _second generation‘ theory of public finance, in which benevolent rulers and governments have been replaced by personally motivated politicians and the associated institutions. Following a com
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498341608
Category : Business & Economics
Languages : en
Pages : 65
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Book Description
This paper investigates how developments during and after the 2008–09 crisis have changed economists’ and policymakers’ views on: (i) fiscal risks and fiscal sustainability; (ii) the effectiveness of fiscal policy as a countercyclical tool; (iii) the appropriate design of fiscal adjustment programs; and (iv) the role of fiscal institutions.
Author: Korea Institute of Public Finance
Publisher: OECD Publishing
ISBN: 9264246967
Category :
Languages : en
Pages : 260
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Book Description
This book takes an interdisciplinary look at how the institutions of intergovernmental fiscal relations are shaped, drawing on work by both academics and practitioners in the field.
Author: Xavier Bertrana
Publisher: Routledge
ISBN: 1317374851
Category : Political Science
Languages : en
Pages : 374
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Book Description
Debates about multi-level governance have led to a profound restructuring of regional and local government. The second level of local government is under review in most European countries, with the aim to strengthen the institutional capacity of municipalities or to develop appropriate institutional structures for governing fragmented urban areas. This book provides a thematic and cross-national analysis of the key actors in local government that form the crucial components of effective and democratic policy making. Focussing on the second tier of local government, it examines new empirical data on councillors from this level of government in 15 European countries and integrates important variables such as party politics, notions of democracy, finance, multi-level settings. Divided into five parts, it addresses: Attitudes of county/provincial councillors towards administrative and territorial reforms; Their role perceptions and role behaviour; Their political orientation; Actor constellations and governance arrangements; Political socialization and recruitment, professionalization and career patterns of county/provincial councillors. This book will be of interest to students and scholars of local government, urban studies, regional studies, political science, sociology and geography.
