Del i serien Studies in Fiscal Federalism and State-local Finance series

Multi-level Finance and the Euro Crisis

Causes and Effects

Inbunden, Engelska, 2016

AvEhtisham Ahmad,Massimo Bordignon,Giorgio Brosio

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Representing a unique contribution to the analysis and discussion of the unfolding Eurozone crisis in terms of the relationship between central and local government, this book addresses a number of important fiscal and political economy questions. To what extent have local and regional governments contributed to the crisis? To what degree have sub-national services and investments borne the brunt of the adjustments? How have multi-level fissures affected tensions between different levels of government from the supranational to the local? This volume covers these and many other critical issues that have been largely ignored despite their relevance.The book first addresses general issues of fiscal coordination and management across levels of government in the context of incentives, which can be altered by the existence of a supranational tier. The country-specific chapters, prepared by leading experts, provide a thorough review of the key problems of multi-levels of government in the biggest economies in the Eurozone (France and Germany) and Southern Europe (Portugal, Spain, Italy and Greece). In further chapters the juxtaposition of Barcelona and Turin provides an opportunity to evaluate large investments in a multi-level context, associated, in this case, with the Olympics. Macedonia provides a discussion of the related issues in an EU accession country. As a whole, the book explores the long-term impact of the crisis on local service delivery and investment, and the consequences for sustainable growth and political cohesion. It also offers rarely found insights and suggestions to increase the stability and strength of multi-level European institutions.This is an enlightening resource for all those, from academics and graduates to policy makers and practitioners, seeking a comprehensive understanding of European fiscal, federal and financial issues.Contributors: E. Ahmad, M.F. Ambrosanio, P. Balduzzi, M. Bordignon, G. Brosio, G. Chortareas, M. Fortuna, P. Garello, S. Lagos-Peñas, V.E. Logothetis, G. Milbradt, L.F. Minervini, A. Mourmouras, M. Nikolov, J.S. Pandiello, S. Piperno, P. Rangazas, A. Solé Ollé, P.B. Spahn, T. Ter-Minassian, A. Vinella

Produktinformation

Utgivningsdatum2016-01-29
Mått156 x 234 x undefined mm
FormatInbunden
SpråkEngelska
SerieStudies in Fiscal Federalism and State-local Finance series
FörlagEdward Elgar Publishing Ltd
ISBN9781784715106

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Finanskriser inom Ekonomi och Ledarskap
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Contents:Introduction: How Multilevel Finance has Contributed to the Crisis and is Affected by it? Ehtisham Ahmad, Massimo Bordignon and Giorgio BrosioPART I MANAGING SUBNATIONAL LIABILITIES IN EUROPE1. Promoting Stabilizing and Sustainable Sub-national Fiscal Policies in the Euro AreaTeresa Ter-Minassian2. Political Economy of Information Generation and Financial Management for Sub-national Governments: Some lessons from International Experience Ehtisham Ahmad3. History of the Constitutional Debt Limits in Germany and the New “Debt Brake” - Experiences and Critique: Georg MilbradtPART II INCIPIENT PROBLEMS IN THE BIGGEST COUNTRIES IN EUROPE4. Multi-level Finance and the Euro Crisis: The German ExperiencePaul Bernd Spahn5. French Subnational Public Finances: On the Difficulty of being a Decentralized Unitary State. Pierre GarelloPART III THE TROUBLED COUNTRIES OF SOUTHERN EUROPE6. Economics and Politics of Local Greek GovernmentGiorgios Chortareas and Vassileios E. Logothetis7. Portugal’s Multi-level Finance Adjustments Within the Sovereign Debt and Euro CrisesMário Fortuna8. Multi-level Finance and Governance in Spain: The Impact of the Euro CrisisSantiago Lago-Peñas and Alberto Solé Ollé9. Economic Crisis and Fiscal Federalism in ItalyMaria Flavia Ambrosanio, Paolo Balduzzi and Massimo BordignonPART IV CITIES, THE OLYMPICS AND GROWTH 10. A Tale of Two Cities: The Olympics in Barcelona and Turin Giorgio Brosio, Stefano Piperno and Javier Suarez Pandiello PART V ACCESSION STATES11. The Impact of the Global Crisis on Macedonian Local Governments.Marjan NikolovPART VI SOME GENERAL LESSONS12. Clientelistic Politics and Multi-level Finance: Some Implications for Regional Inequality and GrowthAlex Mourmouras and Peter Rangazas 13. Incentives Facing Local Governments in the Absence of Credible EnforcementLeo Fulvio Minervini and Annalisa VinellaIndex

‘Are fiscally decentralized countries inherently more unstable? Or is it a question of the design of decentralization, requiring, for example, higher sub-national revenue autonomy and hard budget constraints? The ongoing euro crisis offers an assortment of relevant country case studies to test some of those important propositions. This volume provides authoritative and insightful assessments of how decentralization and macroeconomic stability relate to each other, and significantly contributes to our understanding of multi-level finance and to improving decentralization design.’