On the Determinants of Fiscal Non-Compliance PDF (Adobe DRM) download by Victor Duarte Lledo

On the Determinants of Fiscal Non-Compliance

INTERNATIONAL MONETARY FUND
Publication date: January 2017
ISBN: 9781475569940
Digital Book format: PDF (Adobe DRM)

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This paper proposes an empirical framework that distinguishes voluntary from involuntary compliance with fiscal deficit targets on the basis of economic, institutional, and political factors. The framework is applied to Spain's Autonomous Communities (regions) over the period 2002-2015. Fiscal noncompliance among Spain's regions has shown to be persistent. It increases with the size of growth forecast errors and the extent to which fiscal targets are tightened, factors not fully under the control of regional governments. Non-compliance also tends to increase during election years, when vertical fiscal imbalances accentuate, and market financing costs subside. Strong fiscal rules have not shown any significant impact in containing fiscal non-compliance. Reducing fiscal non-compliance in multilevel governance systems such as the one in Spain requires a comprehensive assessment of intergovernmental fiscal arrangements that looks beyond rules-based frameworks by ensuring enforcement procedures are politically credible.
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On the Determinants of Fiscal Non-Compliance PDF (Adobe DRM) download by Victor Duarte Lledo
INTERNATIONAL MONETARY FUND, January 2017
ISBN: 9781475569940
EAN:  9781475569940
PDF (Adobe DRM)
List Price: $9.00 eBook price: $6.99
On the Determinants of Fiscal Non-Compliance ePub (Adobe DRM) download by Victor Duarte Lledo
INTERNATIONAL MONETARY FUND, January 2017
ISBN: 9781475569926
EAN:  9781475569926
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99
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