Decentralization and Macroeconomic Management

The literature on fiscal federalism has amply discussed both the potential efficiency and welfare gains from decentralization and the potential trade-offs between decentralization and income redistribution. By contrast, it has generally put less emphasis on the effects of decentralization on macroec...

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Bibliographic Details
Main Author: Ter-Minassian, Teresa
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1997
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Decentralization and Macroeconomic Management  |c Teresa Ter-Minassian 
260 |a Washington, D.C.  |b International Monetary Fund  |c 1997 
300 |a 16 pages 
651 4 |a United States 
653 |a Public debt 
653 |a Debt service 
653 |a Budget Systems 
653 |a Public finance & taxation 
653 |a State and Local Government 
653 |a Debt Management 
653 |a Debts, Public 
653 |a Debt 
653 |a Budget planning and preparation 
653 |a Exports and Imports 
653 |a International Lending and Debt Problems 
653 |a International economics 
653 |a Intergovernmental Relations: General 
653 |a External debt 
653 |a Debts, External 
653 |a Budgeting 
653 |a National Government Expenditures and Related Policies: General 
653 |a Sovereign Debt 
653 |a Expenditure 
653 |a Expenditures, Public 
653 |a Budget 
653 |a Public financial management (PFM) 
653 |a National Budget 
653 |a Budgeting & financial management 
653 |a Public Finance 
653 |a Debt financing 
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520 |a The literature on fiscal federalism has amply discussed both the potential efficiency and welfare gains from decentralization and the potential trade-offs between decentralization and income redistribution. By contrast, it has generally put less emphasis on the effects of decentralization on macroeconomic management, although policymakers worldwide increasingly have to grapple with these effects. This paper examines the constraints that a high degree of decentralization can place on the ability of the central government to carry out its traditional macroeconomic management functions and explores various ways to minimize these constraints