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Fiscal decentralization policies and sub-national government debt in evolving federations

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dc.contributor.author Garcia-Milà, Teresa
dc.contributor.author Goodspeed, Timothy J.
dc.contributor.author McGuire, Therese J.
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2017-07-26T12:07:52Z
dc.date.available 2017-07-26T12:07:52Z
dc.date.issued 2001-07-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=549
dc.identifier.uri http://hdl.handle.net/10230/311
dc.description.abstract As part of a process of democratization, many countries spanning Europe, Latin Amertica, Africa, and Asia are reorganizing their governments by devolving fiscal responsibility and authority to newly empowered regional and local governments. Although decentralization in each country proceeds differently, a common element tends to be an initially heavy reliance on central government grants to fund regional spending. We develop a theoretical model of regional borrowing decisions in which the incentives for regional borrowing depend crucially on how the regions expect the federal system of finance to evolve. We examine the implications of the model using data on Spanish regions for the period 1984-1995 and find evidence that regions may be borrowing inefficiently in response to incentives imbedded in the Spanish system of fiscal decentralization.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 549
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Fiscal decentralization policies and sub-national government debt in evolving federations
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2017-07-23T02:06:08Z
dc.subject.keyword fiscal decentralization
dc.subject.keyword borrowing incentives
dc.subject.keyword Macroeconomics and International Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess

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