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FISCAL IMBALANCE (2) answer(s).
 
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ID:   160033


Assessment of India’s Fiscal and External Sector Vulnerability: A Balance Sheet Approach / Pradhan, Krishanu   Journal Article
Pradhan, Krishanu Journal Article
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Summary/Abstract The article is an attempt to assess India’s fiscal and external sector vulnerability in the context of the deterioration in major macroeconomic indicators in recent years. The balance sheet approach (BSA) developed mainly by the International Monetary Fund (IMF) is applied to analyse episodes of major fiscal, financial and external payment crises in developing countries between the late 1990s to early 2000. The present work assesses the vulnerability in India’s fiscal and external sectors by descriptive and comparative analyses of relevant indicators and developing a composite vulnerability index (CVI) consisting of the indicators under study. Fiscal or external sector vulnerability can also be assessed by how easily or smoothly a government or a nation can finance its budgetary deficit or rollover of debt or the external sector funding needs. The method of financing and management of debt-related liabilities become important in this context. This may get reflected in currency composition, maturity pattern and ownership pattern of liabilities. The CVI score and favourable currency composition, maturity pattern and ownership pattern of liabilities largely helped India reduce both fiscal and external sector liabilities significantly in recent years.
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2
ID:   130541


Fiscal decentralization and local expenditure policy in China / Jia, Junxue; Guo, Qingwang; Zhang, Jing   Journal Article
Guo, Qingwang Journal Article
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Publication 2014.
Summary/Abstract Since the tax-sharing reform in 1994, the Chinese fiscal system has exhibited a marked vertical fiscal imbalance-a mismatch between expenditure and revenue assignments-at the local levels, which may cause the common-pool problem in local governments' behavior. Using a large fiscal dataset at the county level from 1997 to 2006, this paper studies the effects of fiscal decentralization on local expenditure policy and analyzes how the vertical fiscal imbalance shapes these effects. The estimation results show that expenditure decentralization increases government spending and leads to a fund allocation with a larger weight on capital construction and smaller weights on education and administration. In contrast, revenue decentralization has little influence on local government expenditures. We show that the differences in the effects of expenditure and revenue decentralization can be attributed to the distortionary effects caused by the vertical fiscal imbalance and, thus, offer support to the importance of the common-pool problem at the county level of China's fiscal system.
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