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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

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

Do countries default in bad times? The role of alternative detrending techniques

Panizza, Ugo - 2022

Quantitative models of sovereign debt predict that countries should default during deep recessions. However, empirical research on sovereign debt has found a surprisingly large share of "good times" defaults (i.e., defaults that happen when GDP is above trend). Existing evidence also indicates...

Persistent link: https://www.econbiz.de/10013432965

Long-term debt sustainability in emerging market economies: A counterfactual analysis

Panizza, Ugo - 2022

The 2015 Addis Ababa Action Agenda recognized the need for policies aimed at maintaining longterm debt sustainability. This paper describes a set of commonly used definitions of debt sustainability and shows that none of them focuses on long-term debt sustainability. It then discusses concept...

Persistent link: https://www.econbiz.de/10013432966

Do we need a mechanism for solving sovereign debt crises? A rule-based discussion

Panizza, Ugo - 2013

This paper uses the rules of engineering as a rhetorical device to discuss why the international financial architecture needs a structured mechanism for dealing with sovereign insolvency. The paper suggests that the most important problem with the status-quo relates to delayed defaults and...

Persistent link: https://www.econbiz.de/10010316771

Debt reduction in Latin America and the Caribbean

Panizza, Ugo; Powell, Andrew - 2023

During the pandemic, public debt in Latin America and the Caribbean rose to more than 70 percent of GDP, and countries are now attempting to lower debt ratios. We analyze past debt reduction episodes and find inflation and the real interest rate were the most frequent main drivers, while higher...

Persistent link: https://www.econbiz.de/10014563995

Public investment quality and its implications for sovereign risk and debt sustainability

Adarov, Amat; Panizza, Ugo - 2024

This paper introduces a novel index to measure public investment quality, utilizing the World Bank's investment project performance data from 120 countries over the period 2000-2021. After detailing the construction of the index, the paper examines how public investment quality influences the...

Persistent link: https://www.econbiz.de/10015046508

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

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