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Werning, Iván - 2012

We study cross-country risk sharing as a second-best problem for members of a currency union using an open economy model with nominal rigidities and provide two key results. First, we show that if financial markets are incomplete, the value of gaining access to any given level of aggregate risk...

Persistent link: https://www.econbiz.de/10013102600

Endowments, Fiscal Federalism, and the Cost of Capital for States : Evidence from Brazil, 1891-1930

Martinez, Andre - 2010

In the last few years there has been an explosion in the number of papers that aim to explain what determines country risk (defined as the difference between the yield of a sovereign's bonds and the risk free rate). In this paper, we contribute to the discussion using by showing that Brazilian...

Persistent link: https://www.econbiz.de/10013150649

Fiscal Federalism and Legislative Malapportionment : Causal Evidence from Independent But Related Natural Experiments

Galiani, Sebastian - 2014

We exploit three natural experiments in Argentina in order to study the role of legislative malapportionment on the biased federal tax sharing scheme prevalent in the country. We do not find support to attribute it to legislative malapportionment during periods when democratic governments were...

Persistent link: https://www.econbiz.de/10013056579

What Does the European Union Do?

Alesina, Alberto F.; Angeloni, Ignazio; Schuknecht, Ludger - 2021

We construct a set of indicators to measure the policy-making role of the European Union (European Council, Parliament, Commission, Court of Justice, etc.), in a selected number of policy domains. Our goal is to examine the division of prerogatives between European institutions and national...

Persistent link: https://www.econbiz.de/10013215691

The Budgetary Repercussions of Capital Convictions

Baicker, Katherine - 2021

Control of public spending and revenues is increasingly being left to states and localities. In order to understand the consequences of such a movement on the distribution of social spending, it is necessary to understand how fiscal distress will affect state and local budgets. This paper...

Persistent link: https://www.econbiz.de/10013226061

Fiscal Federalism in Europe : Lessons from the United States Experience

Inman, Robert P.; Rubinfeld, Daniel L. - 2021

eastern European and Soviet states experiment with policy decentralization, the states of western Europe are looking to a more …--notably, the need to consider, and balance, the inefficiencies of fiscal policy decentralization (spillovers and wasteful fiscal …

Persistent link: https://www.econbiz.de/10013234060

An Optimal Taxation Approach to Fiscal Federalism

Gordon, Roger H. - 2021

In a Federal system of government, each unit of government decides independently how much of each type of public good to provide, and what types of taxes, and which tax rates, to use in funding the public goods. In this paper we explore what types of problems can arise from this decentralized...

Persistent link: https://www.econbiz.de/10013210669

Fiscal Federalism and the Budget Impacts of the Affordable Care Act'S Medicaid Expansion

Gruber, Jonathan; Sommers, Benjamin - 2021

Medicaid’s federal-state matching system of financing is the nation’s largest example of fiscal federalism. Using generous federal subsidies, the Affordable Care Act incentivized states to expand Medicaid, which became a state option in the aftermath of a 2012 Supreme Court ruling. As of...

Persistent link: https://www.econbiz.de/10013313405

Evaluating the Efficiency and Equity of Federal Fiscal Equalization

Albouy, David - 2010

In theory, federal transfers that make household location decisions efficient should ignore local cost differences, subsidize positive externalities, and offset differences in federal-tax payments and local taxes levied on non-residents, but not local tax revenues from residents. Transfers that...

Persistent link: https://www.econbiz.de/10013141358

Decentralization in Developing Economies

Gadenne, Lucie - 2013

Standard models of fiscal federalism suggest many benefits of decentralization in developing economies, and there has … been a recent push toward decentralization around the world. However, developing countries presently still have less … decentralization, particularly on the revenue side, than both developed countries today and the United States and Europe historically …

Persistent link: https://www.econbiz.de/10013076576