Current Challenges in Intergovernmental Fiscal Relations

Teresa Ter-Minassian and Luiz de Mello
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Teresa Ter-Minassian: International Monetary Fund
Luiz de Mello: OECD

International Center for Public Policy Working Paper Series, at AYSPS, GSU from International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University

Abstract: The global economy is undergoing structural changes that have implications for subnational governments and intergovernmental fiscal relations more broadly. They include increased macroeconomic volatility, population ageing, climate change, and rapid technological change, not least through digitalization. This paper reviews these trends and identifies a range of policy and institutional reforms that may help subnational governments strengthen their ability to mitigate the adverse consequences and better exploit the opportunities created by some of these structural trends. Many of these reform options involve trade-offs that need to be balanced depending on specific institutional, social, and economic contexts.

Pages: 39 pages
Date: 2024-12
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Persistent link: https://EconPapers.repec.org/RePEc:ays:ispwps:paper2413

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