Federal Fiscal Constitutions: Risk Sharing and Redistribution
This paper studies the political and economic determinants of regional public transfers. Specifically, it focuses on how such transfers are shaped by alternative fiscal constitutions, where a constitution is an allocation of fiscal instruments across different levels of governments plus a procedure for the collective choice of these instruments. Realistic restrictions on fiscal instruments introduce a trade-off between risk sharing and redistribution. Different constitutions produce very different results. In particular, a federal social insurance scheme, chosen by voting, provides overinsurance, whereas an intergovernmental transfer scheme, chosen by bargaining, provides underinsurance. Copyright 1996 by University of Chicago Press.
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Volume (Year): 104 (1996)
Issue (Month): 5 (October)
Pages: 979-1009
| Handle: | RePEc:ucp:jpolec:v:104:y:1996:i:5:p:979-1009 |
| Contact details of provider: | Web page: http://www.journals.uchicago.edu/JPE/
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