| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11655 |
| 来源ID | Working Paper 11655 |
| Is It Is or Is It Ain't My Obligation? Regional Debt in a Fiscal Federation | |
| Russell Cooper; Hubert Kempf; Dan Peled | |
| 发表日期 | 2005-10-03 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper studies the repayment of regional debt in a multi-region economy with a central authority: who pays the obligation issued by a region? With commitment, a central government will use its taxation power to smooth distortionary taxes across regions. Absent commitment, the central government may be induced to bailout the regional government in order to smooth consumption and distortionary taxes across the regions. We characterize the conditions under which bailouts occur and their welfare implications. The gains to creating a federation are higher when the (government spending) shocks across regions are negatively correlated and volatile. We use these insights to comment on actual fiscal relations in three quite different federations: the US, the European Union and Argentina. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w11655 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569301 |
| 推荐引用方式 GB/T 7714 | Russell Cooper,Hubert Kempf,Dan Peled. Is It Is or Is It Ain't My Obligation? Regional Debt in a Fiscal Federation. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11655.pdf（348KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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