Para acceder a los documentos con el texto completo, por favor, siga el siguiente enlace:

Fiscal decentralization policies and sub-national government debt in evolving federations
Garcia-Milà, Teresa; Goodspeed, Timothy J.; McGuire, Therese J.
Universitat Pompeu Fabra. Departament d'Economia i Empresa
As part of a process of democratization, many countries spanning Europe, Latin Amertica, Africa, and Asia are reorganizing their governments bydevolving fiscal responsibility and authority to newly empowered regionaland local governments. Although decentralization in each country proceedsdifferently, a common element tends to be an initially heavy relianceon central government grants to fund regional spending. We develop atheoretical model of regional borrowing decisions in which the incentivesfor regional borrowing depend crucially on how the regions expect thefederal system of finance to evolve. We examine the implications of themodel using data on Spanish regions for the period 1984-1995 and findevidence that regions may be borrowing inefficiently in response toincentives imbedded in the Spanish system of fiscal decentralization.
Macroeconomics and International Economics
fiscal decentralization
borrowing incentives
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
Documento de trabajo

Mostrar el registro completo del ítem