IDEAS home Printed from https://ideas.repec.org/p/rnp/ppaper/r90222.html
   My bibliography  Save this paper

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
    as

    Download full text from publisher

    File URL: https://repec.ranepa.ru/rnp/ppaper/r90222.pdf
    Download Restriction: no
    ---><---

    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Juan Antonio Cerón Cruz, 2011. "¿Qué preocupa a los gobiernos, la brecha de producción o el PIB?," Revista de Economia Critica, Asociacion de Economia Critica, vol. 12, pages 199-205.
    2. Campos, Eduardo Lima & Cysne, Rubens Penha, 2017. "A time-varying fiscal reaction function for Brazil," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 795, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    3. Richard Baldwin & Theresa Carpenter, 2010. "A 3-Bloc Dance: East Asian Regionalism And The North Atlantic Trade Giants," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 55(01), pages 27-47.
    4. Daisuke Oyama & Yasuhiro Sato & Takatoshi Tabuchi & Jacques-François Thisse, 2009. "On the impact of trade on industrial structures: The role of entry cost heterogeneity," Working Papers halshs-00566786, HAL.
    5. Rupa Duttagupta & Arvind Panagariya, 2007. "Free Trade Areas And Rules Of Origin: Economics And Politics," Economics and Politics, Wiley Blackwell, vol. 19(2), pages 169-190, July.
    6. Hans Pitlik & Michael Klien & Stefan Schiman-Vukan, 2017. "Stabilitätskonforme Berücksichtigung nachhaltiger öffentlicher Investitionen," WIFO Studies, WIFO, number 60595.
    7. de Melo, Jaime & Vijil, Mariana, 2014. "Barriers to Trade in Environmental Goods and Environmental Services: How Important Are They? How Much Progress at Reducing Them?," Climate Change and Sustainable Development 172425, Fondazione Eni Enrico Mattei (FEEM).
    8. William F. Fox & Sanela Porca, 2001. "Investing in Rural Infrastructure," International Regional Science Review, , vol. 24(1), pages 103-133, January.
    9. Chortareas G. & Desli E. & Pelagidis Th., 2002. "International Evidence on Convergence and Openness," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 1-91, July-Dece.
    10. Julián Tole Martínez, 2019. "Colombia entre los TLC y la OMC: ¿liberación o administración del comercio internacional?," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1139, August.
    11. Heinemann, Friedrich & Moessinger, Marc-Daniel & Yeter, Mustafa, 2018. "Do fiscal rules constrain fiscal policy? A meta-regression-analysis," European Journal of Political Economy, Elsevier, vol. 51(C), pages 69-92.
    12. Baldwin, Richard Edward & Rieder , Roland, 2007. "A Test of Endogenous Trade Bloc Formation Theory on EU Data," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 11(2), pages 77-110, December.
    13. Raymond Riezman, 1999. "Can Bilateral Trade Agreements Help Induce Free Trade," Canadian Journal of Economics, Canadian Economics Association, vol. 32(3), pages 751-766, May.
    14. Reuter, Wolf Heinrich, 2019. "When and why do countries break their national fiscal rules?," European Journal of Political Economy, Elsevier, vol. 57(C), pages 125-141.
    15. Baier, Scott L & Bergstrand, Jeffery H & Mariutto, Roland., 2010. "The Growth of Bilateralism," CAGE Online Working Paper Series 12, Competitive Advantage in the Global Economy (CAGE).
    16. Philippe Martin & Thierry Mayer & Mathias Thoenig, 2012. "The Geography of Conflicts and Regional Trade Agreements," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(4), pages 1-35, October.
    17. Sapir, Andre, 1998. "The political economy of EC regionalism," European Economic Review, Elsevier, vol. 42(3-5), pages 717-732, May.
    18. Winters, L. Alan, 1996. "Regionalism versus Multilateralism," CEPR Discussion Papers 1525, C.E.P.R. Discussion Papers.
    19. Gorčák Martin & Šaroch Stanislav, 2021. "Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature," Review of Economic Perspectives, Sciendo, vol. 21(2), pages 215-232, June.
    20. Helena Marques, 2008. "Trade And Factor Flows In A Diverse Eu: What Lessons For The Eastern Enlargement(S)?," Journal of Economic Surveys, Wiley Blackwell, vol. 22(2), pages 364-408, April.

    More about this item

    Keywords

    Budget consolidation; European Union; Russia; subnational level; fiscal policy; debt policy;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rnp:ppaper:r90222. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: RANEPA maintainer (email available below). General contact details of provider: https://edirc.repec.org/data/aneeeru.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.