This paper studies the different economic configurations that may give rise to incomplete fiscal decentralization, with …? Does incomplete fiscal decentralization arises in equilibrium? We obtain two different sets of equilibria as result of a … decentralization. The model may apply to economies like Argentina, Ecuador, the CFA in Africa and Eastern European countries willing to …

This paper offers a theoretical explanation of the difficulties embodied in a process of fiscal decentralization from …-national governments' fiscal profligacy, may give rise to an incomplete level of fiscal decentralization. Two different sets of equilibria … falls in an inefficient level of fiscal decentralization, as measured in terms of revenue collection …

This paper examines whether revenue decentralization and direct external financial supervision affect the incidence and …

This paper examines whether revenue decentralization and direct external financial supervision affect the incidence and …

This paper explores the nuanced relationship between fiscal decentralization and fiscal sustainability. Employing panel … data analyses, it scrutinizes how decentralization influences fiscal discipline across different governmental levels …. Results for 185 countries show that while tax decentralization often hampers the degree of fiscal responsiveness, potentially …

default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … low, or a cross default more likely. These predictions are consistent with empirical evidence. …

default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped …, output low, or a cross default more likely. These predictions are consistent with empirical evidence. …

of taxes--arising, for example, from income-tax evasion by some categories of taxpayers--increasethe likelihood of a … confidence crisis on the public debt. On the other hand, perhapssurprisingly, the probability of a run followed by default is …

default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped …, output low, or a cross default more likely. These predictions are consistent with empirical evidence. …

one-period debt and can renege on its obligations by suffering a stochastic default cost. When faced with a credible … default threat, creditors can make a take-it-or-leave-it debt haircut offer to the sovereign. The risk of renegotiation is …