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. (Recent experience in major U.S. cities shows that these problems...
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1997/11/30
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Documento de trabalho sobre pesquisa de políticas
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WPS1843
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1
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1
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2010/07/01
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Externalities and bailouts : hard and soft budget constraints in intergovernmental fiscal relations
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local public good provision
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