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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ftrepec:oai:RePEc:nbr:nberwo:20564 2024-04-14T08:13:41+00:00 Fiscal Challenges in Multilayered Unions: An Overview and Case Study Joshua Aizenman Gunnar Gunnarsson http://www.nber.org/papers/w20564.pdf unknown http://www.nber.org/papers/w20564.pdf preprint ftrepec 2024-03-19T10:30:10Z 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. Report Iceland RePEc (Research Papers in Economics) |
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RePEc (Research Papers in Economics) |
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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 |
Report |
author |
Joshua Aizenman Gunnar Gunnarsson |
spellingShingle |
Joshua Aizenman Gunnar Gunnarsson Fiscal Challenges in Multilayered Unions: An Overview and Case Study |
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 |
url |
http://www.nber.org/papers/w20564.pdf |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
http://www.nber.org/papers/w20564.pdf |
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1796311727442231296 |