This paper deals with interbudgetary relations and subnational finances in the Russian Federation. The authors focus on the issue of subnational budgets during the financial crisis of 2008. They analyze financial aid from the federal budget to regional authorities

Growing experience with decentralization indicates that a country's public finance system suffers when subnational governments expose themselves to excessive risk. But central governments often lack the information needed to monitor the fiscal risks of subnational governments. Several countries,...

This paper analyzes mergers of regions in a two-tier setting with both horizontal and vertical tax competition. The merger of regions induces three effects on regional and local tax policies, which are transmitted both horizontally and vertically: i) an alleviation of tax competition at the...