The federalism, introduced in Brazil by the 1891 Constitution, was instituted based on the cession of power from Central Government to subnational government. This specificity of Brazilian federalism has affected the intergovernmental relations. This paper discusses the role of state debt, a...

In 2017, the budgets of subjects of the Russian Federation ran a deficit of RUB 15.5 billion, urban districts' budgets ran a deficit of RUB 29.5 billion, federal-status cities' inner-city municipalities' budgets ran a surplus of RUB 0.5 billion, municipal areas' budgets ran a deficit of RUB 5.4...

With a view to establishing a Capital Markets Union (CMU), efforts to integrate (private) capital markets and private risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial potential threat to sovereign bond market stability in the...

We analyze how secession movements unfold and the interdependence of regions' decisions to secede. We first model and then empirically examine how secessions can occur sequentially because the costs of secession decrease with the number of seceders and because regions update their decisions...

The fiscal and financial reforms carried out in Mexico in 2000 have encouraged a widespread presence of rating agencies and have allowed several States and unicipalities to raise funds through bond offerings in the capital market. Any local government in Mexico intending to access credit and...

The fiscal and financial reforms carried out in Mexico in 2000 have encouraged a widespread presence of rating agencies and have allowed several States and Municipalities to raise funds through bond offerings in the capital market. Any local government in Mexico intending to access credit and...

To what extent do bond market reactions to an unexpected deficit shock depend on state-specific politics? To answer this question, we calculate German state bond spreads over government benchmark paper using information from Datastream for the period 2006-2010. We test for a variety of...

The fiscal and financial reforms carried out in Mexico in 2000 have encouraged a widespread presence of rating agencies and have allowed several States and unicipalities to raise funds through bond offerings in the capital market. Any local government in Mexico intending to access credit and...