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  • 标题:Fiscal Consolidation Across Government Levels - Part 3. Intergovernmental Grants, Pro- or Counter-cyclical?
  • 本地全文:下载
  • 作者:Hansjörg Blöchliger ; Balázs Égert
  • 期刊名称:Economics Department Working Papers / OECD
  • 印刷版ISSN:0259-4633
  • 出版年度:2013
  • 卷号:2013
  • DOI:10.1787/5k43nxqrlmtf-en
  • 出版社:Organisation for Economic Co-operation and Development (OECD)
  • 摘要:This paper provides empirical analysis that measures the cyclical properties of intergovernmental transfers (or grants). Modelling a fiscal policy reaction function this paper tests whether the transfers systems in OECD countries are pro- or counter-cyclical, i.e. whether they offset cyclical fluctuations of sub-central economies or, on the contrary, exacerbate them. Regression results suggest that transfer systems tend to be pro-cyclical in general and in more than half of OECD countries they tend to destabilise sub-central budgets. Transfer pro-cyclicality may be the result of several factors: Transfer spending is often determined as a share of central government tax revenue, which itself tends to fluctuate with the cycle. Moreover, many grants are matching sub-central spending and hence tend to exacerbate fluctuations of that sub-central spending. Pro-cyclical grants could partly explain the often observed pro-cyclicality of subcentral government fiscal policy.
  • 关键词:pro-cyclicality; stabilisation; fiscal federalism; intergovernmental grants
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