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Is it is or is it ain't my obligation? : regional debt in a fiscal federation

Author: Russell W Cooper; Hubert Kempf, agrégé de science économique.; Dan Peled; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11655.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper studies the repayment of regional debt in a multi-region economy with a central authority: who pays the obligation issued by a region? With commitment, a central government will use its taxation power to smooth distortionary taxes across regions. Absent commitment, the central government may be induced to bailout the regional government in order to smooth consumption and distortionary taxes  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Russell W Cooper; Hubert Kempf, agrégé de science économique.; Dan Peled; National Bureau of Economic Research.
OCLC Number: 61817598
Notes: September 2005.
Title from first page of PDF document.
Description: 1 online resource (30 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 11655.
Responsibility: Russell Cooper, Hubert Kempf, Dan Peled.

Abstract:

Abstract: This paper studies the repayment of regional debt in a multi-region economy with a central authority: who pays the obligation issued by a region? With commitment, a central government will use its taxation power to smooth distortionary taxes across regions. Absent commitment, the central government may be induced to bailout the regional government in order to smooth consumption and distortionary taxes across the regions. We characterize the conditions under which bailouts occur and their welfare implications. The gains to creating a federation are higher when the (government spending) shocks across regions are negatively correlated and volatile. We use these insights to comment on actual fiscal relations in three quite different federations: the US, the European Union and Argentina.

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