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Article

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Accepted version

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2008-04

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Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/64966

Fiscal sustainability across government tiers: an assessment of soft budget constraints

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http://dx.doi.org/10.1007/s10368-008-0112-1

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.

Subject

Política fiscal, Deute públic, Anàlisi d'impacte econòmic, Inversions, Macroeconomia, Federalisme

Subject (English)

Fiscal policy, Public debt, Economic impact analysis, Investments, Macroeconomics, Federalism

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Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)

Citation

CLAEYS, Peter, RAMOS LOBO, Raúl and SURIÑACH CARALT, Jordi. Fiscal sustainability across government tiers: an assessment of soft budget constraints. International Economics and Economic Policy. 2008. Vol. 5, num. 1-2, pags. 139-163. ISSN 1612-4804. [consulted: 16 of August of 2026]. Available at: https://hdl.handle.net/2445/64966

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