Pub Date : 2023-11-15DOI: 10.1177/10911421231213214
Raymond G. Batina, Toshihiro Ihori
We study the Ricardian Equivalence Theorem in the presence of a reserve requirement. Banks pay depositors the deposit rate and receive the borrowing rate on loans. Equivalence fails because the reserve requirement drives a wedge between the deposit and borrowing rates implying that government faces a different intertemporal tradeoff than savers. A tax cut financed by an increase in government debt causes an increase in savings but only increases the supply of loanable funds by a fraction because of the reserve requirement. This causes interest rates to rise and consumption to fall. We also show that if the central bank pays interest on reserves at the borrowing rate, the various rates are equal, however, equivalence still fails. The reason is that future taxes to pay down the debt must be higher for the central bank to pay interest and consumption will fall in response.
{"title":"On the Ricardian Equivalence Theorem in the Presence of Banks and a Reserve Requirement","authors":"Raymond G. Batina, Toshihiro Ihori","doi":"10.1177/10911421231213214","DOIUrl":"https://doi.org/10.1177/10911421231213214","url":null,"abstract":"We study the Ricardian Equivalence Theorem in the presence of a reserve requirement. Banks pay depositors the deposit rate and receive the borrowing rate on loans. Equivalence fails because the reserve requirement drives a wedge between the deposit and borrowing rates implying that government faces a different intertemporal tradeoff than savers. A tax cut financed by an increase in government debt causes an increase in savings but only increases the supply of loanable funds by a fraction because of the reserve requirement. This causes interest rates to rise and consumption to fall. We also show that if the central bank pays interest on reserves at the borrowing rate, the various rates are equal, however, equivalence still fails. The reason is that future taxes to pay down the debt must be higher for the central bank to pay interest and consumption will fall in response.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"54 2","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139274037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-03DOI: 10.1177/10911421231210730
Séverine Menguy
In the European Economic and Monetary Union, the fiscal background must ensure the sustainability of the public debt, but fiscal policies must also keep enough flexibility to stabilize global economic activity in case of large shocks, as the common monetary policy becomes less efficient. In the prospect of a reform of the Fiscal Compact after the standby of European fiscal rules with the COVID-19 health crisis, and in conformity with theoretical studies underlying the advantages of such rules, the current paper suggests a rule related to nominal public expenditure excluding interest rates, with a debt feedback mechanism to ensure the sustainability of the public debt path. According to this rule, it appears that six Economic and Monetary Union member countries are particularly highly indebted and should probably control and reduce their public expenditure in order to make their public debt sustainable: France, Spain, Italy, Belgium, Portugal, and Greece.
在欧洲经济与货币联盟(European Economic and Monetary Union)，财政背景必须确保公共债务的可持续性，但财政政策也必须保持足够的灵活性，以便在发生重大冲击时稳定全球经济活动，因为共同货币政策的效率会降低。在应对新冠肺炎健康危机的欧洲财政规则出台后，考虑到《财政契约》改革的前景，结合相关理论研究，本文提出了一种与扣除利率的名义公共支出相关的规则，并配有债务反馈机制，以确保公共债务路径的可持续性。根据这一规则，似乎有六个经济和货币联盟成员国负债特别高，可能应该控制和减少公共支出，以使其公共债务可持续:法国、西班牙、意大利、比利时、葡萄牙和希腊。
{"title":"Limiting Public Expenditure to Ensure Public Debt Sustainability in the EMU","authors":"Séverine Menguy","doi":"10.1177/10911421231210730","DOIUrl":"https://doi.org/10.1177/10911421231210730","url":null,"abstract":"In the European Economic and Monetary Union, the fiscal background must ensure the sustainability of the public debt, but fiscal policies must also keep enough flexibility to stabilize global economic activity in case of large shocks, as the common monetary policy becomes less efficient. In the prospect of a reform of the Fiscal Compact after the standby of European fiscal rules with the COVID-19 health crisis, and in conformity with theoretical studies underlying the advantages of such rules, the current paper suggests a rule related to nominal public expenditure excluding interest rates, with a debt feedback mechanism to ensure the sustainability of the public debt path. According to this rule, it appears that six Economic and Monetary Union member countries are particularly highly indebted and should probably control and reduce their public expenditure in order to make their public debt sustainable: France, Spain, Italy, Belgium, Portugal, and Greece.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"40 15","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135869096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We contrast the net fiscal position (NFP) of immigrants versus natives using data from the European Survey on Living Conditions for 2007–2015. Using a quantile regression approach, we find that European and non-European migrants have a different fiscal position from natives only on the extreme tails of the NFP distribution. Non-EU migrants contribute even more than natives in the top quantile of the NFP, but they are more fiscally dependent than native citizens in the lowest quantile. These findings suggest that immigrants are not a public finance burden and do not increase public spending in the destination country. We also examine the relationship between migrants’ fiscal position and the fiscal perception of natives versus migrants as measured in the European Social Survey. We believe that by examining the effects of migrants on public spending, we can gain valuable insights into the economic implications of immigration and develop evidence-based migration policies, fostering integration.
{"title":"The Public Finance Position of Immigrants in Europe: A Quantile Regression Approach","authors":"Majlinda Joxhe, Pasquale Scaramozzino, Skerdilajda Zanaj","doi":"10.1177/10911421231197280","DOIUrl":"https://doi.org/10.1177/10911421231197280","url":null,"abstract":"We contrast the net fiscal position (NFP) of immigrants versus natives using data from the European Survey on Living Conditions for 2007–2015. Using a quantile regression approach, we find that European and non-European migrants have a different fiscal position from natives only on the extreme tails of the NFP distribution. Non-EU migrants contribute even more than natives in the top quantile of the NFP, but they are more fiscally dependent than native citizens in the lowest quantile. These findings suggest that immigrants are not a public finance burden and do not increase public spending in the destination country. We also examine the relationship between migrants’ fiscal position and the fiscal perception of natives versus migrants as measured in the European Social Survey. We believe that by examining the effects of migrants on public spending, we can gain valuable insights into the economic implications of immigration and develop evidence-based migration policies, fostering integration.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"3 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135272328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-12DOI: 10.1177/10911421231204651
J. Stephen Ferris, Bharatee Bhusana Dash
Two dimensions of the intensity of interparty rivalry are used to test the hypothesis that greater interparty competition enhances government efficiency. Using data from a set of 14 large Indian state governments between 1957 and 2018, we find confirmation for two political rivalry hypotheses. The first is that the ex-post size of the first versus second place seat share winning margin is a useful metric of the (in)effectiveness of rival party policing of incumbent spending behavior. The second is the hypothesis that excessive spending by the incumbent governing party is decreased by the expectation of greater election contestability and that contestability is related to the expected effective number of competing parties ( ENPSeats) nonmonotonically. Our analysis suggests that contestability across Indian States reaches a maximum when the incumbent faces an expectation of ENPSeats that is closer to 5 than to Duverger's 2.
{"title":"Between Election Rivalry and the Agency Costs of Government: The Effectiveness of Party Competition Across Indian States, 1957–2018","authors":"J. Stephen Ferris, Bharatee Bhusana Dash","doi":"10.1177/10911421231204651","DOIUrl":"https://doi.org/10.1177/10911421231204651","url":null,"abstract":"Two dimensions of the intensity of interparty rivalry are used to test the hypothesis that greater interparty competition enhances government efficiency. Using data from a set of 14 large Indian state governments between 1957 and 2018, we find confirmation for two political rivalry hypotheses. The first is that the ex-post size of the first versus second place seat share winning margin is a useful metric of the (in)effectiveness of rival party policing of incumbent spending behavior. The second is the hypothesis that excessive spending by the incumbent governing party is decreased by the expectation of greater election contestability and that contestability is related to the expected effective number of competing parties ( ENPSeats) nonmonotonically. Our analysis suggests that contestability across Indian States reaches a maximum when the incumbent faces an expectation of ENPSeats that is closer to 5 than to Duverger's 2.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135969313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-29DOI: 10.1177/10911421231199023
Hyewon Kang, Gang Chen
State government's role in monitoring local governments’ fiscal distress gained importance after several local financial crises. Although many states have implemented state monitoring systems, the effectiveness of these systems has not been well understood. Using the case of the New York State, we conducted a regression discontinuity analysis to examine the effect of fiscal stress labeling on local governments. We find some evidence to support that fiscal stress labels lead local governments to improve their fund balance and cash positions. Specifically, school districts at the early stage of fiscal stress are more responsive to the labels than districts under more severe fiscal stress.
{"title":"The Effect of Fiscal Stress Labels on Local Governments’ Financial Management: Evidence from New York State Fiscal Stress Monitoring System","authors":"Hyewon Kang, Gang Chen","doi":"10.1177/10911421231199023","DOIUrl":"https://doi.org/10.1177/10911421231199023","url":null,"abstract":"State government's role in monitoring local governments’ fiscal distress gained importance after several local financial crises. Although many states have implemented state monitoring systems, the effectiveness of these systems has not been well understood. Using the case of the New York State, we conducted a regression discontinuity analysis to examine the effect of fiscal stress labeling on local governments. We find some evidence to support that fiscal stress labels lead local governments to improve their fund balance and cash positions. Specifically, school districts at the early stage of fiscal stress are more responsive to the labels than districts under more severe fiscal stress.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135192789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-29DOI: 10.1177/10911421231198738
Bart Capéau, André Decoster, Stijn Van Houtven
In this article, we elicit the assumptions needed for an assessment of a joint reform of personal income and indirect taxes in a consistent conceptual framework. One often lacks an encompassing model for both labor supply decisions in real world tax and benefit contexts and the allocation of disposable income to commodities. We characterize households’ labor supply decisions by a random utility random opportunity model of job choice. We illustrate the framework with a Belgian tax reform proposal that shifts the burden away from labor taxes to indirect taxation. We find substantial empirical evidence that, both from a distributional and from a budgetary perspective, it is important to account for the impact of indirect taxes on the labor supply decision of households. The cost recovery effects of the tax shift are negative. This is, among other things, explained by the income effect in our job choice model.
{"title":"Piecemeal Modeling of the Effects of Joint Direct and Indirect Tax Reforms","authors":"Bart Capéau, André Decoster, Stijn Van Houtven","doi":"10.1177/10911421231198738","DOIUrl":"https://doi.org/10.1177/10911421231198738","url":null,"abstract":"In this article, we elicit the assumptions needed for an assessment of a joint reform of personal income and indirect taxes in a consistent conceptual framework. One often lacks an encompassing model for both labor supply decisions in real world tax and benefit contexts and the allocation of disposable income to commodities. We characterize households’ labor supply decisions by a random utility random opportunity model of job choice. We illustrate the framework with a Belgian tax reform proposal that shifts the burden away from labor taxes to indirect taxation. We find substantial empirical evidence that, both from a distributional and from a budgetary perspective, it is important to account for the impact of indirect taxes on the labor supply decision of households. The cost recovery effects of the tax shift are negative. This is, among other things, explained by the income effect in our job choice model.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135193909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-29DOI: 10.1177/10911421231197454
Chris M. Herbst, Esra Kose
This paper provides some of the first evidence on the relationship between Head Start funding expansions and program inputs. We take advantage of the county–year variation in funding increases that were implemented due to a number of legislated policy changes in the late 1980s and throughout the 1990s. By focusing on the period between 1988 and 2007, we show that the funding increases were directed at increasing total and full-time enrollment. We also show that the funding expansions were used to make several quality-related investments, including increasing the number of teachers and staff and upgrading the skill level of teachers.
{"title":"Head Start Funding Expansions and Program Inputs","authors":"Chris M. Herbst, Esra Kose","doi":"10.1177/10911421231197454","DOIUrl":"https://doi.org/10.1177/10911421231197454","url":null,"abstract":"This paper provides some of the first evidence on the relationship between Head Start funding expansions and program inputs. We take advantage of the county–year variation in funding increases that were implemented due to a number of legislated policy changes in the late 1980s and throughout the 1990s. By focusing on the period between 1988 and 2007, we show that the funding increases were directed at increasing total and full-time enrollment. We also show that the funding expansions were used to make several quality-related investments, including increasing the number of teachers and staff and upgrading the skill level of teachers.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135193917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-27DOI: 10.1177/10911421231199517
Robert W. Baumann, John Charles Bradbury
Although researchers have demonstrated conclusively that sports stadiums are not economic development catalysts, stadium projects that include preplanned ancillary developments have been proposed as a salutary strategy to overcome the widely observed dismal economic performance of standalone stadiums. Using an objective rubric for evaluating economic impact studies, we review a commissioned pro forma model that claims to demonstrate net positive fiscal impacts of two prominent publicly-financed stadium-anchored developments. Using assumptions informed by existing research and established discipline standards, the model estimates substantial negative returns for both projects (−$40 to −$60 million in Worcester, Massachusetts and −$100 to −$200 million in Cobb County, Georgia). We find that the reported fiscal surpluses derive from chosen assumptions and not the stadiums’ complementary developments. We conclude that pro forma estimates do not provide credible forecasts of fiscal impacts, and ancillary developments do not improve the fiscal returns of stadium projects.
{"title":"Estimating the Fiscal Impact of Stadium Developments: Evaluating a Pro Forma Model","authors":"Robert W. Baumann, John Charles Bradbury","doi":"10.1177/10911421231199517","DOIUrl":"https://doi.org/10.1177/10911421231199517","url":null,"abstract":"Although researchers have demonstrated conclusively that sports stadiums are not economic development catalysts, stadium projects that include preplanned ancillary developments have been proposed as a salutary strategy to overcome the widely observed dismal economic performance of standalone stadiums. Using an objective rubric for evaluating economic impact studies, we review a commissioned pro forma model that claims to demonstrate net positive fiscal impacts of two prominent publicly-financed stadium-anchored developments. Using assumptions informed by existing research and established discipline standards, the model estimates substantial negative returns for both projects (−$40 to −$60 million in Worcester, Massachusetts and −$100 to −$200 million in Cobb County, Georgia). We find that the reported fiscal surpluses derive from chosen assumptions and not the stadiums’ complementary developments. We conclude that pro forma estimates do not provide credible forecasts of fiscal impacts, and ancillary developments do not improve the fiscal returns of stadium projects.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135472711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-06DOI: 10.1177/10911421231191566
Christian F. Pfeil, Lars P. Feld
The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was thus also discussed as a blueprint in the debates about fiscal rules in Germany, the European Union member states and Israel. However, evidence that this rule really contributes to sound federal finances, in the sense of reducing the cyclically adjusted deficits, does not exist yet. We investigate the effectiveness of the Swiss debt brake by employing the Synthetic Control Method. We find that the introduction of this fiscal rule improved the budget balance by about 3.7 percentage points on average in a post-intervention period covering five years.
{"title":"Does the Swiss Debt Brake Induce Sound Federal Finances? A Synthetic Control Analysis","authors":"Christian F. Pfeil, Lars P. Feld","doi":"10.1177/10911421231191566","DOIUrl":"https://doi.org/10.1177/10911421231191566","url":null,"abstract":"The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was thus also discussed as a blueprint in the debates about fiscal rules in Germany, the European Union member states and Israel. However, evidence that this rule really contributes to sound federal finances, in the sense of reducing the cyclically adjusted deficits, does not exist yet. We investigate the effectiveness of the Swiss debt brake by employing the Synthetic Control Method. We find that the introduction of this fiscal rule improved the budget balance by about 3.7 percentage points on average in a post-intervention period covering five years.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135097977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-01DOI: 10.1177/10911421231191961
Prianto Budi Saptono, Gustofan Mahmud
This study quantifies intergovernmental transfers’ contemporaneous and lagged effects on local tax revenues of districts/municipalities in Indonesia. This study found that transfer as aggregate and unconditional transfers/ Dana Alokasi Umum have crowding-in effects on local tax revenues. Meanwhile, revenue sharing/ Dana Bagi Hasil and conditional transfers/ Dana Alokasi Khusus do not significantly affect the tax revenues of districts/municipalities. In addition, system-Generalized Method of Moments estimation results show that the contemporaneous effects of transfers are more prominent in magnitude than their lagged effects. It indicates that local tax enforcement due to transfers provides a larger portion than the local spending stimulus in determining local revenue increases. Our findings refute the negative stigma that emerged after implementing fiscal decentralization, particularly related to the disincentive effect of transfers on local government efforts to generate their revenues. Therefore, equitably endowing local governments with intergovernmental transfers will improve their accountability and build public trust.
本研究量化了政府间转移对印度尼西亚各地区/市政府地方税收收入的同期和滞后影响。这项研究发现，作为累计和无条件转移/Dana Alokasi Umum的转移对地方税收有挤入效应。同时，收入分享/Dana Bagi Hasil和有条件转移/Dana Alokasi Khusus不会对地区/市政府的税收产生重大影响。此外，系统广义矩量法估计结果表明，转移的同期效应比滞后效应在幅度上更为突出。它表明，在决定地方收入增长方面，由于转移而产生的地方税收执法比地方支出刺激提供了更大的份额。我们的研究结果驳斥了在实施财政权力下放后出现的负面污名，特别是与转移支付对地方政府创收的抑制作用有关。因此，公平地向地方政府提供政府间转移将提高其问责制并建立公众信任。
{"title":"Stimulus or Enforcement? How Intergovernmental Transfers Crowd-in Local Taxes in Indonesia","authors":"Prianto Budi Saptono, Gustofan Mahmud","doi":"10.1177/10911421231191961","DOIUrl":"https://doi.org/10.1177/10911421231191961","url":null,"abstract":"This study quantifies intergovernmental transfers’ contemporaneous and lagged effects on local tax revenues of districts/municipalities in Indonesia. This study found that transfer as aggregate and unconditional transfers/ Dana Alokasi Umum have crowding-in effects on local tax revenues. Meanwhile, revenue sharing/ Dana Bagi Hasil and conditional transfers/ Dana Alokasi Khusus do not significantly affect the tax revenues of districts/municipalities. In addition, system-Generalized Method of Moments estimation results show that the contemporaneous effects of transfers are more prominent in magnitude than their lagged effects. It indicates that local tax enforcement due to transfers provides a larger portion than the local spending stimulus in determining local revenue increases. Our findings refute the negative stigma that emerged after implementing fiscal decentralization, particularly related to the disincentive effect of transfers on local government efforts to generate their revenues. Therefore, equitably endowing local governments with intergovernmental transfers will improve their accountability and build public trust.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47196753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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