Transparent public financial management at the subnational level requires institutions and processes that mirror those needed at the central government level, in order to generate better accountability and competition among different subnational governments, critical elements in ensuring good...

Independent central banks prefer balanced budgets due to the long-run connection between deficits and inflation and can enforce their preference through interest rate increases and denial of credit to the government. We argue that legal central bank independence (CBI) deters fiscal deficits...

This article analyzes the e ect of central bank independence on scal de cits. Previous literature nds a negative relationship between bank independence and de cits in OECD countries. No such relationship is found for developing countries. We argue that independent and conservative central...

Bilateral Investment Treaties (BITs) allow developing countries to trade some policy autonomy for improved access to internationally mobile capital. While the impact on capital flows is widely written about, BITs' impact on policymaking is typically studied more narrowly in the context of...