DESIGNING ECONOMIC INSTRUMENTS FOR THE ENVIRONMENT IN A DECENTRALIZED FISCAL SYSTEM.(Report) Alm, James

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Author
Alm, James
Appears In
Journal of Economic Surveys
Subjects
Externalities (Economics) -- Analysis; Economics; Analysis
Audience
Academic
Summary
To authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1467-6419.2010.00632.x Byline: James Alm (1), H. Spencer Banzhaf (2) Keywords: Economic instruments; Environmental federalism; Externalities; Fiscal decentralization; Market failure; Subsidiarity principle Abstract: Abstract. When external effects are important, markets will be inefficient, and economists have considered several broad classes of economic instruments to correct these inefficiencies. However, the standard economic analysis has tended to take the region, and the government, as a given; that is, this work has neglected important distinctions and interactions between the geographic scope of different pollutants, the enforcement authority of various levels of government, and the fiscal responsibilities of the various levels of government. It typically ignores the possibility that the externality may be created and addressed by local governments, and it does not consider the implications of decentralization for the design of economic instruments targeted at environmental problems. This paper examines the implications of decentralization for the design of corrective policies; that is, how does one design economic instruments in a decentralized fiscal system in which externalities exist at the local level and in which subnational governments have the power to provide local public services and to choose tax instruments that can both finance these expenditures and correct the market failures of externalities? Author Affiliation: (1)Tulane University, New Orleans (2)Andrew Young School of Policy Studies, Georgia State University
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http://trove.nla.gov.au/work/260669
Work ID
260669

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