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e Silva, Mônica Mora de Araujo de Couto - 2016

A new state debt cycle occurred mainly through external and contracted credit operations with federal banks from 2008, after a long period with few loans and debt stock fall. It is argued that exogenous macroeconomic factors were essential in the downward trend of the debt in the early 2000s,...

Persistent link: https://www.econbiz.de/10011516686

Restricted Bailouts and the Commitment Problem in Federations

Kaiser, Karolina - 2008

Standard models of soft budget constraints consider bailouts as pure monetary transfers. However, in practice often additional obligations or restrictions, such as savings goals, are linked to monetary bailouts. This paper analyzes in a model of a federation if such restrictions change economic...

Persistent link: https://www.econbiz.de/10010294688

Institutional Arrangements for Coordination Among Governments in Germany

Spahn, Paul Bernd - Volkswirtschaftliche Fakultät, … - 2001

The theory of fiscal federalism makes a strong case for decentralizing government functions in order to enhance the … of politicians, and by mobilizing citizens through greater participation at the local level. Federalism respects … different cultural and individual traditions among regions, and it emphasizes local diversity. Federalism thus reflects the …

Persistent link: https://www.econbiz.de/10005835433

Restricted Bailouts and the Commitment Problem in Federations

Kaiser, Karolina - Wirtschafts- und Sozialwissenschaftliche Fakultät, … - 2008

Persistent link: https://www.econbiz.de/10005163035

Limites ao endividamento e sustentabilidade fiscal : o caso dos governos estaduais

Pessoa, Mônica Mora y Araujo de Couto e Silva; Santos, … - 2016

Persistent link: https://www.econbiz.de/10011540845

Evolução recente da dívida estadual

Silva, Mônica Mora de Araujo de Couto e - 2016

Persistent link: https://www.econbiz.de/10011446424

The Challenge of Fiscal Adjustment in a Democracy : The Case of India

Hausmann, Ricardo - 2006

India`s fiscal problem has deep roots in its federal fiscal system, where multiple players find it difficult to coordinate adjustment. The size and closed nature of the Indian economy, aided by its deep domestic capital market and large captive pool of domestic savings, has disguised the cost of...

Persistent link: https://www.econbiz.de/10012783125

Debt Rule Federalism : The Case of Germany

Ciaglia, Sarah - 2012

federation. Due to bailout-guarantees enshrined in German federalism, German states do not have incentives to impress bond …

Persistent link: https://www.econbiz.de/10013099527

Who Honor the Rules of Federalism? Party System Nationalization and Fiscal Performance

Lago-Peñas, Santiago - 2015

This paper explores the impact of decentralization on countries' fiscal outcomes paying attention to one aspect usually neglected in the literature: the relevance of self-interested local politics. Relevance that can be proxied by the nationalization of political party systems, namely the extent...

Persistent link: https://www.econbiz.de/10013025983

Our Federalism Is Not Europe’s : It's Becoming Argentina’s

Greve, Michael - 2012

American “we-do-federalism-right” triumphalism. In the United States, as in Europe, subordinate governments are beset by … governments. That commitment was once the glory of American federalism. Over the past decade, however, the no-bailout commitment … has effectively collapsed. Its demise entails fundamental changes in American federalism, none of them encouraging. After …

Persistent link: https://www.econbiz.de/10014164095