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Books > History > History of specific subjects > Economic history
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Hamilton's Paradox - The Promise and Peril of Fiscal Federalism (Hardcover, New)
Loot Price: R1,528
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Hamilton's Paradox - The Promise and Peril of Fiscal Federalism (Hardcover, New)
Series: Cambridge Studies in Comparative Politics
Expected to ship within 10 - 15 working days
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As new federations take shape and old ones are revived around the
world, a difficult challenge is to create incentives for fiscal
discipline. A key question is whether a politically-motivated
central government can credibly commit not to bail out subnational
governments in times of crisis if it funds most of their
expenditures. The center can commit when subnational governments
retain significant tax autonomy, as in the United States. Or if the
center dominates taxation, it can tightly regulate borrowing, as in
many unitary systems. In a third group of countries including
Brazil and Germany, the center can neither commit to a system of
market-based discipline nor gain a monopoly over borrowing. By
combining theory, quantitative analysis, and historical and
contemporary case studies, this book explains why different
countries have had dramatically different experiences with
subnational fiscal discipline.
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