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Title:
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Fiscal sustainability across government tiers
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Author:
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Claeys, Peter; Ramos Lobo, Raúl; Suriñach Caralt, Jordi
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Other authors:
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Xarxa de Referència en Economia Aplicada (XREAP) |
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Abstract:
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This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of debt consolidation, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances. |
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Publication date:
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2007 |
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Subject (UDC):
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33 - Economia
332 - Economia regional i territorial. Economia del sòl i de la vivenda |
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Subject(s):
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Administració central
Administració local
Finances públiques
Pressupost
Relacions fiscals intergovernamentals |
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Rights:
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Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i la xarxa i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/) |
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Pages:
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34 p. |
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Document type:
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Working Paper |
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