出版社：Economic Laboratory for Transition Research Podgorica
摘要：Transformation of the mechanism of responsibility redistribution
between central and sub-central government resulted in expansion
of fiscal decentralization (FD) ideas. The concept of fiscal decentralization
in general features was formed at the second half of XX
century, however, key ideas appeared far more earlier. Nevertheless,
many controversial empirical research results are focused on
the identification of fiscal decentralization influence on economic
and social development (different empirical researches confirmed
its positive, negative or insignificant influence). Thus, because of
dynamic change of worldwide socio-economic trends, it becomes
crucial to realize up-to-date empirical comprehensive research on
fiscal decentralization impact on different aspects of country social
and economic development. This article is devoted to the analysis of
peculiarities, positive and negative consequences of fiscal decentralization
and empirical testing of hypothesis that fiscal decentralization
positively affected country social and economic development
aspects. For this purpose, evolution of fiscal decentralization concept
was analized. Main positive features (increase of transparency
and accountability of sub-central government financial policy,
amendment of public services quality etc.) and risks of its implementation
(increase of macroeconomic instability due to lack of
centralized control, along with high dependence of fiscal decentralization
measures efficiency on competence of sub-central governments,
decrease of large-scale social projects financing and others)
were found. Thence, there is no single opinion about the impact of
fiscal decentralization on country social and economic development,
the main objective of the research is to test empirically the hypothesis
that expansion of FD positively affected different measures of
social and economic development (economic growth rate, inflation, employment rate, social contribution and others) (Simionescu et al.,
2017; Lazányi et al., 2017). Testing the hypothesis of FD’s positive
influence on different parameters of social and economic development
was realized on the base of panel data analysis for the set of
European countries (Albania, Bosnia and Herzegovina, Bulgaria,
Croatia, Macedonia, Moldova, Montenegro, Romania, Serbia, Slovenia,
Turkey and Ukraine). Methodologically it was realized through
the using of panel data regression model (independent variables –
measures of fiscal decentralization, dependent variables –
measures of social or economic development) in Stata 12/SE. This
research allowed to confirm the hypothesis on positive impact of
different measures of fiscal decentralization on GDP, GDP growth
rate, foreign direct investments, and social contributions. Nevertheless,
negative impact of fiscal decentralization on GNI per capita
and export of goods and services was found. Besides, increase of
public finance centralization stimulates inflation. There was identified
controversial impact of different parameters of fiscal decentralization
on dynamic of import of goods and services, accordingly.
关键词：fiscal decentralization;
economic development;
social development;
fiscal policy;
taxation
