Are fiscally decentralized countries inherently more unstable? Or
is it a question of the design of decentralization, requiring, for
example, higher sub-national revenue autonomy and hard budget
constraints? The ongoing euro crisis offers an assortment of
relevant country case studies to test some of those important
propositions. This volume provides authoritative and insightful
assessments of how decentralization and macroeconomic stability
relate to each other, and significantly contributes to our
understanding of multi-level finance and to improving
decentralization design.' - Jorge Martinez-Vazquez, Georgia State
University, USRepresenting a unique contribution to the analysis
and discussion of the unfolding Eurozone crisis in terms of the
relationship between central and local government, this book
addresses a number of important fiscal and political economy
questions. To what extent have local and regional governments
contributed to the crisis? To what degree have sub-national
services and investments borne the brunt of the adjustments? How
have multi-level fissures affected tensions between different
levels of government from the supranational to the local? This
volume covers these and many other critical issues that have been
largely ignored despite their relevance. The book first addresses
general issues of fiscal coordination and management across levels
of government in the context of incentives, which can be altered by
the existence of a supranational tier. The country-specific
chapters, prepared by leading experts, provide a thorough review of
the key problems of multi-levels of government in the biggest
economies in the Eurozone (France and Germany) and Southern Europe
(Portugal, Spain, Italy and Greece). In further chapters the
juxtaposition of Barcelona and Turin provides an opportunity to
evaluate large investments in a multi-level context, associated, in
this case, with the Olympics. Macedonia provides a discussion of
the related issues in an EU accession country. As a whole, the book
explores the long-term impact of the crisis on local service
delivery and investment, and the consequences for sustainable
growth and political cohesion. It also offers rarely found insights
and suggestions to increase the stability and strength of
multi-level European institutions. This is an enlightening resource
for all those, from academics and graduates to policy makers and
practitioners, seeking a comprehensive understanding of European
fiscal, federal and financial issues. Contributors: E. Ahmad, M.F.
Ambrosanio, P. Balduzzi, M. Bordignon, G. Brosio, G. Chortareas, M.
Fortuna, P. Garello, S. Lagos-Penas, V.E. Logothetis, G. Milbradt,
L.F. Minervini, A. Mourmouras, M. Nikolov, J.S. Pandiello, S.
Piperno, P. Rangazas, A. Sole Olle, P.B. Spahn, T. Ter-Minassian,
A. Vinella
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