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How Should Subnational Government Borrowing Be Regulated? Some Cross-Country Empirical Evidence

  • Alexander Plekhanov
  • Raju Jan Singh

Countries have adopted various institutional responses to subnational government borrowing. Using a sample of 44 countries 1982-2000, this paper provides a panel data analysis to determine the most effective borrowing constraints for containing local fiscal deficits. The results suggest that no single institutional arrangement is superior under all circumstances. The appropriateness of specific arrangements depends upon other institutional characteristics, particularly the degree of vertical fiscal imbalance, the existence of any bailout precedent, and the quality of fiscal reporting.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/54.

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Length: 33
Date of creation: 01 Mar 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/54
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  1. Johansson, Eva, 2003. "Intergovernmental grants as a tactical instrument: empirical evidence from Swedish municipalities," Journal of Public Economics, Elsevier, vol. 87(5-6), pages 883-915, May.
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