Financial Autonomy and Debt Policies of Subnational Governments

Nikîlay Àvksåntyev (), Andrey Alaev, Michael Alexeev, Arseny Mamedov and Ekaterina Petreneva ()
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Nikîlay Àvksåntyev: Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Ekaterina Petreneva: Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Authors registered in the RePEc Author Service: Nikolay Avksentyev

Published Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: Budget consolidation and reduction of budget deficit are now becoming more urgent issues for a number of countries, especially for the European Union members. Though, today debt ratio is low at both federal and subnational levels in Russia, economic slowdown, problems with oil and gas related revenues of the federal budget, increase in the gap between revenues and expenditures on the region level, make research of budget consolidation determinants urgent. The current work analyzes the relationship between fiscal decentralization and budget consolidation. The first section presents theoretical arguments for both positive and negative relationship between fiscal decentralization and debt policy and the review of foreign empirical papers that study such relationship employing econometric approach. The second section is based on OECD experts’ research and devoted to quantitative estimation of fiscal decentralization and fiscal autonomy of subnational governments.

Keywords: Budget consolidation; European Union; Russia; subnational level; fiscal policy; debt policy (search for similar items in EconPapers)
Pages: 70 pages
Date: 2014-06
New Economics Papers: this item is included in nep-cis
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