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Local Government Budgeting : The Econometric Comparison of Political and Bureaucratic Models
Feldstein, Martin - 1977
The current paper presents a method of deciding the question of whether any given stage in the budget process is an example of the "political" or the "bureaucratic" model. We then use it to study local government spending on education. The basis for our method is the important difference between...
Persistent link: https://www.econbiz.de/10012478928
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The Political Economy of Budget Deficits
Alesina, Alberto - 1994
This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the...
Persistent link: https://www.econbiz.de/10012474299
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The Effects of Fiscal Decentralization on Publicly Provided Services and Labor Markets
Bianchi, Nicola; Giorcelli, Michela; Martino, Enrica Maria - National Bureau of Economic Research - 2021
This paper studies how fiscal decentralization affects local services. It explores a 1993 reform that increased the … identifica- tion leverages cross-municipal variation in the degree of decentralization that stems from differences in the average … age of buildings caused by bombings during WWII. Decentralization reduced local spending but expanded municipal services …
Persistent link: https://www.econbiz.de/10012794566
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Studies in state and local public finance
Rosen, Harvey S. (ed.) - 1986
Persistent link: https://www.econbiz.de/10000707718
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Trends and Deviations in Federal, State and Local Finance
Zax, Jeffrey S. - 1986
This paper contains a descriptive analysis o+ real per capita annual revenues, expenditures, deficits, debt levels and capital expenditures for federal, state and local government finance in the United States for the rears 1952-83. It summarizes each time series as a deterministic trend and an...
Persistent link: https://www.econbiz.de/10012477006
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Tax Deductibility and Municipal Budget Structure
Holtz-Eakin, Douglas - 1987
This paper investigates the effects of deductibility of local taxes on communities' budgetary decisions. Our focus is on how changes in the tax price of local spending induced by deductibility affect the mix between deductible and nondeductible revenue sources, and on expenditures. The...
Persistent link: https://www.econbiz.de/10012476845
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Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis
Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research - 2022
We use discounted cash flow analysis to measure a country's fiscal capacity. Crucially, the discount rate applied to projected cash flows includes a GDP risk premium. We apply our valuation method to the CBO's projections for the U.S. federal government's deficit between 2022 and 2051 and debt...
Persistent link: https://www.econbiz.de/10013190996
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Separation of Powers and the Budget Process
Grossman, Gene M. - 2006
We study budget formation in a model featuring separation of powers. In our model, the legislature designs a budget bill that can include a cap on total spending and earmarked allocations to designated public projects. Each project provides random benefits to one of many interest groups. The...
Persistent link: https://www.econbiz.de/10012466333
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Australian Government Balance Sheet Management
Au-Yeung, Wilson - 2006
Based on this framework, we find that a Future Fund portfolio that included (amongst other potential investments) domestic nominal securities and equities of selected countries would reduce overall balance sheet risk
Persistent link: https://www.econbiz.de/10012466348
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Budget Institutions and Fiscal Performance in Latin America
Alesina, Alberto - 1996
In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these institutions on a `hierarchical'/'collegial' scale, as a function of their transparency and the existence of legislative constraints on the deficit. We then show that...
Persistent link: https://www.econbiz.de/10012473262