BAILOUTS IN FEDERATIONS: IS A HARD BUDGET CONSTRAINT ALWAYS BEST?
نویسندگان
چکیده
منابع مشابه
EXTERNALITIES AND BAILOUTS∗ Hard and Soft Budget Constraints in Intergovernmental Fiscal Relations
Central government matching grants can, in principle, induce socially-efficient provision of local public goods that produce spillover benefits. Local underprovision of public goods may however elicit direct central-government provision and finance (a “bailout”) that makes local residents better off than under grant-subsidized local provision; local underprovision that induces bailouts reveals ...
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ژورنال
عنوان ژورنال: International Economic Review
سال: 2008
ISSN: 0020-6598,1468-2354
DOI: 10.1111/j.1468-2354.2008.00490.x