Please use this identifier to cite or link to this item: http://hdl.handle.net/2445/63556
Title: Fiscal sustainability across government tiers: an assessment of soft budget constraints (IREA)
Author: Claeys, Peter Gunther
Ramos Lobo, Raúl
Suriñach Caralt, Jordi
Keywords: Política fiscal
Deute públic
Anàlisi d'impacte econòmic
Inversions
Macroeconomia
Federalisme
Fiscal policy
Public debt
Economic impact analysis
Investments
Macroeconomics
Federalism
Issue Date: 2007
Publisher: Universitat de Barcelona. Institut de Recerca en Economia Aplicada Regional i Pública
Abstract: This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of adjustment, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances.
It is part of: IREA – Working Papers, 2007, IR07/014
URI: http://hdl.handle.net/2445/63556
ISSN: 2014-1254
Appears in Collections:Documents de treball (Institut de Recerca en Economia Aplicada Regional i Pública (IREA))
Documents de treball / Informes (Econometria, Estadística i Economia Aplicada)

Files in This Item:
File Description SizeFormat 
IR07-014_Claeys-Ramos.pdf347.12 kBAdobe PDFView/Open


This item is licensed under a Creative Commons License Creative Commons