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Employing the Modern Monetary Theory (MMT), this paper examines the current Chinese fiscal system and highlights its three characteristics. First, fiscal revenues are centralized at the central government while expenditures are decentralized at the local governments; second, fiscal spending...
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This book investigates the reasons for persistent public deficits and delayed fiscal reform in Japan, placing a special … emphasis on political economy aspects. Japan is confronted with the need to pursue fiscal discipline for fiscal consolidation …
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