- Abstract
- Non-technical summary
- 1 Introduction
- 2 Motivation and empirical strategy
- 2.1 The relevance of fi scal rules
- 2.2 The degree of government spendingdecentralization
- 2.3 The relevance of the electoral cycle
- 3 Empirical analysis
- 3.1 Primary balance reaction functions
- 3.2 Primary spending reaction functions
- 4 Conclusion
- References
- Tables
- Appendices
- European Central Bank Working Paper Series
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