Fiscal Federalism, Fiscal Consolidations and Cuts in Central Government Grants: Evidence from an Event Study

Julia Darby, Anton Muscatelli, Graeme Roy

Research output: Working paperDiscussion paper

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Abstract

In this paper we examine nancial interactions between tiers of government.
Whilst most existing empirical evidence has focused on the US, it is dicult
to generalize conclusions obtained to countries where the position and remit
of lower tiers of government is evolving or is less clear constitutionally. Applying event study methodology to a dataset covering 15 countries we examine
the timing, extent and composition of scal changes around consolidation
attempts and central government grant cuts. Highlighting the participation
of central and sub-central tiers of government our analysis also sheds light on
key outcomes including decentralized service provision and macroeconomic
adjustment.
Original languageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Pages1-42
Number of pages46
Volume04
Publication statusPublished - 15 Jul 2004

Keywords

  • financial interactions
  • fiscal consolidation
  • central government
  • grant cut

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