enterprises. Fiscal decentralization combined with monetary centralization (i.e. fiscal federalism) may achieve not only hard … village levels. We study the effect of regional decentralization on soft budget constraints in these enterprises. We show that …. Decentralization of monetary authority leads to a softening of local governments' budget constraints, however, as well as those of …

transition to a market economy. (JEL E62, E63, H7, L30, P3) <p> Key Words: Soft Budget Constraints, Federalism, Decentralization … are determined by the tradeoff between political benefits and economic costs, the latter depending on the decentralization … of government. Two effects of federalism are derived: First, fiscal competition among local governments under factor …

even when we control for the conventional measure of fiscal decentralization. Finally, we compare federalism, Chinese style …, to federalism, Russian style …

politically sensible ways. We then argue that privatization, Chinese style, rests on an adequate economic and political foundation--federalism … their harder budget constraints and increased competition from the non-state sector. In this sense, federalism, Chinese …

researchers have argued that federalism could play a central role in development. We agree, but with an important caveat. We …

Understanding the logic of fiscal decentralization is pivotal to the next steps of fiscal reform. The first step is a … devolution reforms, China is the ideal context to examine the causes, processes, and effects of fiscal decentralization, which … the evidence on fiscal decentralization remains mixed and inconclusive. This paper is a comprehensive review of the latest …

This paper provides a comparative assessment of fiscal decentralization in China and India, including the standard …, despite decentralizing reforms. The implications of differences in decentralization for fiscal outcomes and economic growth … are discussed. The characterization of each country in terms of concepts of federalism, i.e., competitive, cooperative and …