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PUBLIC DEBT EXTERNAL COMPETITIVENESS ND FISCAL DISCIPLINE IN DEVELOPING COUNTRIES

Macroeconomic -stabilization and structural -adjustment programs for debt – ridden developing countries generally center on two major policies: reduction of the fisc l deficit as the expenditure-reducing policy and deval-uation of the domestic currency as the expenditure -switching policy. Thisstudy discusses and quantifies the conditions under which those policies are consistent for countries such as…

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On the link between fiscal decentralization and public debt in OECD countries

Excessive borrowing by subnational governments is considered to be one of the perils of fiscal decentralization. On the other hand, fiscal decentralization might ensure the fiscal stability of the public sector by constraining Leviathan governments. Since the impact of decentralized government on fiscal outcomes is therefore ambiguous from a theoretical perspective, we explore this question…

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