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Fiscal aspect of evolving federations : issues for policy and research (English)

Recent experience with fiscal decentralization in many developing and transition economies has led many observers to question whether fiscal decentralization undermines macroeconomic stability. ... See More +

Policy Research Working Paper WPS1884 FEB 28, 1998

Wildasin, David E.

Externalities and bailouts : hard and soft budget constraints in intergovernmental fiscal relations (English)

Subnational governments are assuming greater fiscal responsibility in many developing and transition countries. There is concern, however, that fiscal decentralization may weaken fiscal discipline -that local authorities may undertake commitments or incur debt obligations that subsequently result in massive central government support, in the form of extraordinary transfers, or bailouts. ... See More +

Policy Research Working Paper WPS1843 NOV 30, 1997

Wildasin, David E.