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Market-Based Fiscal Discipline Under Evolving Decentralisation: The Case of Russian Regions

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  • Andrey Timofeev

    (Andrew Young School of Policy Studies, Georgia State University, PO Box 3992, Atlanta, GA 30302-3992, USA.)

Abstract

Subnational governments' access to credit is essential for smoothing out shocks to their revenue and expenditures, including those associated with large infrastructure projects. However, governments might pursue an unsustainable borrowing path unless they face appropriate incentives. Theoretically, credit markets can discourage excessive borrowing by charging risk premia rising with the level of indebtedness. We examine the robustness of this market mechanism under the evolving institutions of decentralised governance in a transitional country. Russia presents a perfect case for such analysis, for the market discipline was the only constraint on subnational borrowing there throughout the 1990s. Comparative Economic Studies (2007) 49, 177–200. doi:10.1057/palgrave.ces.8100188

Suggested Citation

  • Andrey Timofeev, 2007. "Market-Based Fiscal Discipline Under Evolving Decentralisation: The Case of Russian Regions," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 49(2), pages 177-200, June.
    • Handle: RePEc:pal:compes:v:49:y:2007:i:2:p:177-200
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