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The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...
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Local government debt in China is increasing and presents a great threat to China's financial stability. In China … to be shifted from the central government to the local governments. Resolving China's local government debt problem … afford any spending denominated in its own currency, China's central government should bear a greater fiscal burden. …
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