Worldwide economic crisis that effects all major economies is rare. In the past, severe economic crises were usually contained within a country or a region. With the beginning of the financial and economic crisis in the United States and the rapid financial contagion of developed and developing...

This book addresses senior policy makers interested in understanding & debating key issues currently faced by the better performing emerging markets throughout the world. Papers in the volume address international capital flows, financial markets, globalization & private participation in...

This paper models the behavior of states in a federal country wishing to attract foreign firms to locate within their own individual jurisdictions. The essential intertemporal character of this decision is modeled as a multi-stage game to attract such foreign investment in these states. It is...

This article discusses the impact that economic liberalisation has had on federal relations in India. The article argues that economic liberalisation has transformed federal relations in India from intergovernmental co-operation between the central government and the states towards...

Many developing countries find it difficult to raise the revenue required to provide such basic public services as education, health care, and infrastructure. Complicating the policy challenges of taxation in developing countries are issues that most developed countries do not face, including...

We study the strategic incentives of regional governments to allocate their budget to public investment and to public consumption expenditures against the background of an incentive-compatible redistribution policy set by the central government. Regional investment changes the productivity...