English, Article edition: Market-Based Fiscal Discipline Under Evolving Decentralisation: The Case of Russian Regions Andrey Timofeev

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Market-Based Fiscal Discipline Under Evolving Decentralisation: The Case of Russian Regions
Author
  • Andrey Timofeev
Physical Description
  • article
Notes
  • Subnational governments' access to credit is essential for smoothing out shocks to their revenue and expenditures, including those associated with large infrastructure projects. However, governments might pursue an unsustainable borrowing path unless they face appropriate incentives. Theoretically, credit markets can discourage excessive borrowing by charging risk premia rising with the level of indebtedness. We examine the robustness of this market mechanism under the evolving institutions of decentralised governance in a transitional country. Russia presents a perfect case for such analysis, for the market discipline was the only constraint on subnational borrowing there throughout the 1990s. Comparative Economic Studies (2007) 49, 177–200. doi:10.1057/​palgrave.ces.8100188
  • RePEc:pal:compes:v:49:y:2007:i:2:p:177-200
Language
  • English
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