In the absence of an equalization grant system, like we justify occurs in Spain at the local level of government, those governments that bear a decrease in their level of tax capacity will have to adjust their budget either by increasing their level of tax effort, by reducing their level of...

The dynamic fiscal policy adjustment of local jurisdictions is investigated empirically using a panel of more than 1000 U.S.~municipalities over a quarter of a century. Distinguishing own revenue, grants, expenditures, and debt service, the analysis is carried out using a vector error-correction...

Collusion and soft budget constraint are two conspicuous phenomena in transition economies¡¯ banking system. Literature has separately investigated those two phenomena from theoretical point of views. However, the cross-point of both phenomena has been neglected in the research of banking...

Municipalities financial distress (which we refer as financial vulnerability) is a recurrent concern of French political life. However, there is no universal and unique definition of financial distress. This paper presents a synthesis of some possible definitions and display the real importance...

We utilize county-level data to explore growth determination in the U.S. and possible heterogeneity in growth determination across individual states. The data includes over 3,000 cross-sectional observations and 39 demographic control variables. We use a consistent two stage least squares...

AFRICAN ECONOMIC PERFORMANCE HAS BEEN MARKEDLY WORSE THAN THAT OF OTHER REGIONS. THUS, THE GOVERNMENTS OF AFRICAN COUNTRIES HAVE ASSUMED MAJOR RESPONSIBILITIES FOR ECONOMIC REFORMS AND GROWTH. ALONG WITH THESE RESPONSIBILITIES HAS COME AN INCREASED AWARENESS OF THE INTERRELATEDNESS OF DIFFERENT...