Early US Struggles with Fiscal Federalism: Lessons for Europe&quest

Richard Sylla ()
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Richard Sylla: Stern School of Business, New York University, 44 West, 4th Street, New York, NY 10012, USA.

Comparative Economic Studies, 2014, vol. 56, issue 2, 157-175

Abstract: Europe’s struggles with fiscal federalism, sovereign state debts, and the euro common currency have been compared and contrasted with the success of the United States in launching durable institutions in these areas two centuries ago. Then, the American finance minister Hamilton instituted a series of reforms that put US fiscal federalism on a lasting footing. Not noted in today’s discussions is that Hamilton’s efforts in the early 1790s were a second attempt. A decade earlier, another finance minister, Morris, tried and failed to accomplish what Hamilton did. Morris’s failure as well as Hamilton’s success may have pertinent lessons for Europe.

Date: 2014
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