Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe write by Ananya Kotia. This book was released on 2016-04-07. Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe available in PDF, EPUB and Kindle. This paper studies how fiscal rules interact with the intergovernmental fiscal framework to foster fiscal discipline among European subnational governments. We use political variables describing the fiscal attitudes of the central government as instruments to obtain consistent estimates of the impact of subnational fiscal rules on fiscal balances. The results suggest that the discipline-enhancing effect of fiscal rules is weaker when there are large “vertical fiscal imbalances” that is, large differences in revenue and spending assignments across the different levels of government. These findings imply that separate reforms to reduce excessive vertical fiscal imbalances complement a rules-based fiscal framework that is aimed at fostering fiscal discipline.
Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe
Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe write by Ananya Kotia. This book was released on 2016-04-12. Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe available in PDF, EPUB and Kindle. This paper studies how fiscal rules interact with the intergovernmental fiscal framework to foster fiscal discipline among European subnational governments. We use political variables describing the fiscal attitudes of the central government as instruments to obtain consistent estimates of the impact of subnational fiscal rules on fiscal balances. The results suggest that the discipline-enhancing effect of fiscal rules is weaker when there are large “vertical fiscal imbalances” that is, large differences in revenue and spending assignments across the different levels of government. These findings imply that separate reforms to reduce excessive vertical fiscal imbalances complement a rules-based fiscal framework that is aimed at fostering fiscal discipline.
Designing a European Fiscal Union
Designing a European Fiscal Union - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Designing a European Fiscal Union write by Carlo Cottarelli. This book was released on 2014-11-13. Designing a European Fiscal Union available in PDF, EPUB and Kindle. Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
How to Design Subnational Fiscal Rules
How to Design Subnational Fiscal Rules - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook How to Design Subnational Fiscal Rules write by Luc Eyraud. This book was released on 2020-02-25. How to Design Subnational Fiscal Rules available in PDF, EPUB and Kindle. This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands on the guidance provided at the national level on rule selection and calibration in IMF (2018a) and IMF (2018b). Thinking on subnational fiscal rules is still evolving, including their effectiveness (for example, Heinemann, Moessinger, and Yeter 2018; Kotia and Lledó 2016; Foremny 2014), and this note only provides a first analysis based on international experiences and the technical assistance provided by the IMF. Main findings are summarized in Box 1. The note is divided into five sections. The first section defines fiscal rules. The second section discusses the rationale for subnational rules. The third section provides some guidance on how to select the appropriate rule(s) and whether they should differ across individual jurisdictions. The fourth section explores the issue of flexibility by looking at how rules should adjust to shocks. Finally, the last section focuses on the “calibration” of the rules.
Local Public Finance
Local Public Finance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Local Public Finance write by René Geissler. This book was released on 2021-04-20. Local Public Finance available in PDF, EPUB and Kindle. This book is based upon a comparative public administration research project, initiated by the Hertie School of Governance (Germany) and the Bertelsmann Foundation (Germany) and supported by a network of researchers from many EU countries. It analyzes both the regimes and the practices of local fiscal regulation in 21 European countries. The book brings together key findings of this research project. The regulatory discussion is not limited to the prominent issue of fiscal rules but focuses on every component of regulation. Beyond this, the book covers affiliated topics such as the impact of regulation for local governments, evolution of regulation, administrative costs and crisis prevention. The various book chapters throughout provide a broad picture of local public finance regulation in theory and in practice, using different theoretical and national lenses for the analysis. Furthermore, the authors investigate the effects of budgetary constraints and higher-level regulatory efforts on local governments and on democracy and public services in every European country. This book fills a gap with respect to the lack of discussion on local government finance from an international, comparative perspective and, in particular, the regulation of local public finance. With its mix of authors, this book will be useful for practitioners as well as for scholars and for theory-driven research.
