Similar Search Results

On the Determinants of Fiscal Centralization : Theory and Evidence

Panizza, Ugo - 1999

centralization. The recent years have witnessed strong movements for both decentralization and secession. At the same time, a divided … economic and monetary union of some European countries. It is therefore natural that decentralization has been at the center of … particularly interesting because it explains the wave of decentralization that has followed the end of the Cold War. The model also …

Persistent link: https://www.econbiz.de/10014183362

On the Determinants of Fiscal Centralization : Theory and Evidence

Panizza, Ugo - 1999

This paper presents a simple positive model that unifies most of the results of the normative literature on fiscal federalism. The model describes an economy characterized by two levels of government, one public good, and a private good. The predictions of the model are tested by using a new set...

Persistent link: https://www.econbiz.de/10014056842

Debt levels, debt composition, and sovereign spreads in emerging and advanced economies

Dell'Erba, Salvatore; Hausmann, Ricardo; Panizza, Ugo - 2013

This paper studies the relationship between sovereign spreads and the interaction between debt composition and debt levels in advanced and emerging market countries. It finds that in emerging market countries there is a significant correlation between spreads and debt levels. This correlation,...

Persistent link: https://www.econbiz.de/10011381201

Public debt and private firm funding: Evidence from Chinese cities

Huang, Yi; Pagano, Marco; Panizza, Ugo - 2016

In China, local public debt issuance between 2006 and 2013 crowded out investment by private manufacturing firms by tightening their funding constraints, while it did not affect state-owned and foreign firms. Using novel data for local public debt issuance, we establish this result in three...

Persistent link: https://www.econbiz.de/10011621560

The Hausmann-Gorky effect

Gulati, Mitu; Panizza, Ugo - 2018

For over a century, legal scholars have debated the question of what to do about the debts incurred by despotic governments; asking whether successor non-despotic governments should have to pay them. That debate has gone nowhere. This paper examines whether an Op Ed written by Harvard economist,...

Persistent link: https://www.econbiz.de/10012049276

Investment gaps in IDB borrowing countries

Castellani, Francesca; Olarreaga, Marcelo; Panizza, Ugo; … - 2018

We estimate public investment gaps in a sample of developing countries using a public investment demand function. We then use GDP per capita projections, forecasts of structural transformation, and three SDG targets (poverty, infant mortality and lower secondary school completion) to predict...

Persistent link: https://www.econbiz.de/10012049277

Does public debt crowd out corporate investment? International evidence

Huang, Yi; Panizza, Ugo; Varghese, Richard - 2018

Using data for advanced and emerging economies, we show that there is a negative correlation between public debt and corporate investment. Industry-level regressions show that high levels of government debt are particularly damaging for industries that need more external financial resources....

Persistent link: https://www.econbiz.de/10012049282

Maduro bonds

Gulati, Mitu; Panizza, Ugo - 2018

For multiple decades, activists have sought to institute an international legal regime that limits the ability of despotic governments to borrow money and then shift those obligations onto more democratic successor governments. Our goal in this article is to raise the possibility of an alternate...

Persistent link: https://www.econbiz.de/10012049286

When governments promise to prioritize public debt: Do markets care?

Gulati, Mitu; Panizza, Ugo; Weidemaier, W. Mark C.; … - 2019

During the European sovereign debt crisis of 2011-13, some nations faced with rising borrowing costs adopted commitments to treat bondholders as priority claimants. That is, if there was a shortage of funds, bondholders would be paid first. In this article, we analyze the prevalence and variety...

Persistent link: https://www.econbiz.de/10012049294

Local crowding out in China

Huang, Yi; Pagano, Marco; Panizza, Ugo - 2019

In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their funding constraints, while leaving state-owned firms' investment unaffected. We establish this result using a purpose-built dataset for Chinese local public debt. Private firms...

Persistent link: https://www.econbiz.de/10012118737