Purpose As a crucial institutional form established since the Chinese economic reform, the system of competitive local governments has been shaping the characteristics of China's socialist market economy to a considerable degree. Design/methodology/approach This study not only adopts the view of...

Most of the G20 countries have experienced large deteriorations in their fiscal accounts and large increases in their public debts. This deterioration was only partly the consequence of the financial and economic crisis. The countercyclical policies followed by many countries were not effective...