Both global imbalances and financial market (de-)regulation feature prominently among the potential causes of the … investigate the relationship between financial market regulation and current account balances, an area for which limited empirical …

This paper revisits the fiscal quot;decentralization theoremquot;, by relaxing the role of the assumption that … voting, (i) centralization can welfare-dominate decentralization even if there are no externalities and regions are … heterogenous; (ii) decentralization can welfare-dominate centralization even if there are positive externalities and regions are …

This paper attempts to identify the effect of fiscal decentralization on public sector efficiency (PSE). We employ data … alternative fiscal decentralization measures. Backed by strong empirical results, obtained from a number of different … specifications, we contend that PSE is increasing with fiscal decentralization …

decentralization on economic growth. Much of the traditional literature focuses on the efficiency aspects of a decentralized provision … of public services. However, decentralization may also increase growth by raising the ability of the political system to … innovate and carry out reforms. On the contrary, some authors argue that decentralization increases corruption and government …