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Title: Fiscal sustainability across government tiers: an assessment of soft budget constraints
Author: Claeys, Peter Gunther
Ramos Lobo, Raúl
Suriñach Caralt, Jordi
Keywords: Política fiscal
Deute públic
Anàlisi d'impacte econòmic
Fiscal policy
Public debt
Economic impact analysis
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:
It is part of: International Economics and Economic Policy, 2008, vol. 5, num. 1-2, p. 139-163
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ISSN: 1612-4804
Appears in Collections:Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)

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