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http://hdl.handle.net/2445/64966
Title: | Fiscal sustainability across government tiers: an assessment of soft budget constraints |
Author: | Claeys, Peter 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: | Apr-2008 |
Publisher: | Springer Verlag |
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 debt consolidation, 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. |
Note: | Versió postprint del document publicat a: http://dx.doi.org/10.1007/s10368-008-0112-1 |
It is part of: | International Economics and Economic Policy, 2008, vol. 5, num. 1-2, p. 139-163 |
URI: | http://hdl.handle.net/2445/64966 |
Related resource: | http://dx.doi.org/10.1007/s10368-008-0112-1 |
ISSN: | 1612-4804 |
Appears in Collections: | Articles publicats en revistes (Econometria, Estadística i Economia Aplicada) |
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557408.pdf | 206.45 kB | Adobe PDF | View/Open |
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