Adapting the system of intergovernmental fiscal relations and sub-national finances to fluctuations in economic conditions

Anton Siluanov and Vladimir Nazarov
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Anton Siluanov: Department of Finances of Russian Federation

Ekonomicheskaya Politika / Economic Policy, 2009, vol. 4, 171-189

Abstract: Distribution in led to the fact that many countries have begun to apply the anti-crisis program aimed at mitigating the adverse impact of the crisis, or are considering the possibility of their application for 2008, the financial crisis that began in the United States, other countries, the emergence of the crisis in the real sector. The most widely used traditional countercyclical measures of monetary (lower interest rates) and fiscal policy (tax cuts and increased government spending). If monetary policy is centralized at the national level, the adoption of fiscal policies in federal states require coordination between different levels of the budget system.

Keywords: bank system; intergovernmental fiscal relations; sub-national finances (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:0948

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