The question of what makes fiscal decentralization work is faced by many policymakers around the world. This book draws on both the relevant literature and policy and technical advice provided by the IMF to a wide range of member countries, and discusses the key factors that help make...

In this paper, Ter-Minassian and Fedelino assess the impact of the 2008-09 global financial crisis on sub-national government (SNG) finances. The crisis affected sub-national budgets both directly (via the decline in own revenues and upward pressure on cyclically-sensitive spending programs) and...