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Fiscal Institutions and the Relation between Central and Sub-National Government Fiscal Balances

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  • John Thornton

    (International Monetary Fund, Washington, D.C., jthornton@imf.org)

  • Amine Mati

    (International Monetary Fund, Washington, D.C.)

Abstract

Skeptics of fiscal decentralization argue that it can complicate fiscal stabilization policies at the level of the central government because of uncoordinated fiscal actions by the national and sub-national tiers of government. However, panel data estimates for Organisation for Economic Co-operation and Development economies suggest that this danger has been overstated in that changes in the fiscal balances of central and sub-national governments are highly positively correlated. This result partly reflects the success of institutional arrangements that govern intergovernmental fiscal relations and appears unrelated to the extent of fiscal decentralization.

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Bibliographic Info

Article provided by in its journal Public Finance Review.

Volume (Year): 36 (2008)
Issue (Month): 2 (March)
Pages: 243-254

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Handle: RePEc:sae:pubfin:v:36:y:2008:i:2:p:243-254

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Related research

Keywords: fiscal decentralization; macroeconomic management; procyclicality;

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Cited by:
  1. Baskaran, Thushyanthan, 2011. "Tax decentralization and public deficits in OECD countries," MPRA Paper 35141, University Library of Munich, Germany.
  2. Eichler, Stefan & Hofmann, Michael, 2013. "Sovereign default risk and decentralization: Evidence for emerging markets," European Journal of Political Economy, Elsevier, vol. 32(C), pages 113-134.

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