Fiscal Challenges in Multilayered Unions: An Overview and Case Study
This paper reviews recent research dealing with fiscal discipline and revisit the issues of fiscal control in federal systems, focusing on selective case studies covering the 2000s, before and after the global financial crisis (GFC). We start by contrasting the recent fiscal history of California to...
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ftmdpi:oai:mdpi.com:/2076-0760/4/2/373/ 2023-08-20T04:07:26+02:00 Fiscal Challenges in Multilayered Unions: An Overview and Case Study Joshua Aizenman Gunnar Gunnarsson 2015-05-19 application/pdf https://doi.org/10.3390/socsci4020373 EN eng Multidisciplinary Digital Publishing Institute https://dx.doi.org/10.3390/socsci4020373 https://creativecommons.org/licenses/by/4.0/ Social Sciences; Volume 4; Issue 2; Pages: 373-392 fiscal union fiscal discipline debt crisis Text 2015 ftmdpi https://doi.org/10.3390/socsci4020373 2023-07-31T20:43:42Z This paper reviews recent research dealing with fiscal discipline and revisit the issues of fiscal control in federal systems, focusing on selective case studies covering the 2000s, before and after the global financial crisis (GFC). We start by contrasting the recent fiscal history of California to that of Greece, illustrating the different ways of dealing with fiscal deficiencies in a mature union, U.S., versus a young union, Eurozone. We continue with an overview of the fiscal developments in Brazil, illustrating the challenges facing federal systems in emerging markets, and possible ways to move forward in upgrading a country’s fiscal institutions. We conclude with the fiscal history of Iceland before and after the financial crisis—a standalone small country, assessed favorably by rating agencies prior to the GFC, and now recovering from a deep financial crisis. Text Iceland MDPI Open Access Publishing Social Sciences 4 2 373 392 |
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MDPI Open Access Publishing |
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ftmdpi |
language |
English |
topic |
fiscal union fiscal discipline debt crisis |
spellingShingle |
fiscal union fiscal discipline debt crisis Joshua Aizenman Gunnar Gunnarsson Fiscal Challenges in Multilayered Unions: An Overview and Case Study |
topic_facet |
fiscal union fiscal discipline debt crisis |
description |
This paper reviews recent research dealing with fiscal discipline and revisit the issues of fiscal control in federal systems, focusing on selective case studies covering the 2000s, before and after the global financial crisis (GFC). We start by contrasting the recent fiscal history of California to that of Greece, illustrating the different ways of dealing with fiscal deficiencies in a mature union, U.S., versus a young union, Eurozone. We continue with an overview of the fiscal developments in Brazil, illustrating the challenges facing federal systems in emerging markets, and possible ways to move forward in upgrading a country’s fiscal institutions. We conclude with the fiscal history of Iceland before and after the financial crisis—a standalone small country, assessed favorably by rating agencies prior to the GFC, and now recovering from a deep financial crisis. |
format |
Text |
author |
Joshua Aizenman Gunnar Gunnarsson |
author_facet |
Joshua Aizenman Gunnar Gunnarsson |
author_sort |
Joshua Aizenman |
title |
Fiscal Challenges in Multilayered Unions: An Overview and Case Study |
title_short |
Fiscal Challenges in Multilayered Unions: An Overview and Case Study |
title_full |
Fiscal Challenges in Multilayered Unions: An Overview and Case Study |
title_fullStr |
Fiscal Challenges in Multilayered Unions: An Overview and Case Study |
title_full_unstemmed |
Fiscal Challenges in Multilayered Unions: An Overview and Case Study |
title_sort |
fiscal challenges in multilayered unions: an overview and case study |
publisher |
Multidisciplinary Digital Publishing Institute |
publishDate |
2015 |
url |
https://doi.org/10.3390/socsci4020373 |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Social Sciences; Volume 4; Issue 2; Pages: 373-392 |
op_relation |
https://dx.doi.org/10.3390/socsci4020373 |
op_rights |
https://creativecommons.org/licenses/by/4.0/ |
op_doi |
https://doi.org/10.3390/socsci4020373 |
container_title |
Social Sciences |
container_volume |
4 |
container_issue |
2 |
container_start_page |
373 |
op_container_end_page |
392 |
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1774719056891346944 |