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Financial Autonomy and Debt Policies of Subnational Governments

Author

Listed:
  • Àvksåntyev, Nikîlay

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Andrey Alaev

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Michael Alexeev

    (Indiana University Bloomington - Department of Economics)

  • Arseny Mamedov

    (Gaidar Institute for Economic Policy)

  • Ekaterina Petreneva

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Abstract

Budget consolidation and reduction of budget deficit are now becoming more urgent issues for a number of countries, especially for the European Union members. Though, today debt ratio is low at both federal and subnational levels in Russia, economic slowdown, problems with oil and gas related revenues of the federal budget, increase in the gap between revenues and expenditures on the region level, make research of budget consolidation determinants urgent. The current work analyzes the relationship between fiscal decentralization and budget consolidation. The first section presents theoretical arguments for both positive and negative relationship between fiscal decentralization and debt policy and the review of foreign empirical papers that study such relationship employing econometric approach. The second section is based on OECD experts’ research and devoted to quantitative estimation of fiscal decentralization and fiscal autonomy of subnational governments.

Suggested Citation

  • Àvksåntyev, Nikîlay & Andrey Alaev & Michael Alexeev & Arseny Mamedov & Ekaterina Petreneva, 2014. "Financial Autonomy and Debt Policies of Subnational Governments," Published Papers r90222, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:ppaper:r90222
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    File URL: https://repec.ranepa.ru/rnp/ppaper/r90222.pdf
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    References listed on IDEAS

    as
    1. Baldwin,Richard & Haapararanta,Pertti & Kiander,Jaakko (ed.), 1995. "Expanding Membership of the European Union," Cambridge Books, Cambridge University Press, number 9780521481342, January.
    2. Afonso, António & Hauptmeier, Sebastian, 2009. "Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness," Working Paper Series 1054, European Central Bank.
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    More about this item

    Keywords

    Budget consolidation; European Union; Russia; subnational level; fiscal policy; debt policy;
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