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This paper addresses arguments that a system of fiscal insurance between member states of the European Union is needed to act in replacement of nominal exchange rate flexibility as an automatic stabilizer under monetary union. Many authors have argued or assumed that asymmetric real...
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For decades the rhetoric of federalism has been an important part of the debate over welfare reform. The alignments … alignments and the stereotyped quality of most federalism rhetoric, skeptics might argue that this is an arena in which “the …, the abstractions comprising the rhetoric of federalism serve to mask conflicts and lead us to apply our normative concerns …
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This paper analyses and compares the efficiency of alternative incentive compatible grant schemes under asymmetric information relieving subnational governments of excessive debt burden. They allow intervention into local debt, local tax or complete local fiscal policy. In the fist case,...
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-seeking ; fiscal federalism ; opportunistic government …
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