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Debt bailouts and constitutions
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Kohlscheen, Emanuel (2008) Debt bailouts and constitutions. Economic Inquiry, Volume 46 (Number 3). pp. 480-492. doi:10.1111/j.1465-7295.2007.00102.x ISSN 0095-2583.
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Official URL: http://dx.doi.org/10.1111/j.1465-7295.2007.00102.x
Abstract
A demand-based theory, of subnational debt bailouts is presented. It is shown that demand for bailouts among politicians with regional constituencies is affected by revenue sharing arrangements as a bailout implies a shift of taxation toward the federal tier. Automatic revenue sharing may lead to the formation of pro-bailout coalitions formed by indebted states and states that (ire net recipients of the revenue sharing arrangement. The model shows that the state debt bailouts approved by the Brazilian Senate prior to the enactment of the Fiscal Responsibility Act were consistent with politicians who maximize the proceeds accruing to their constituencies. (JEL H70, D70).
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HJ Public Finance |
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Divisions: | Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation | ||||
Library of Congress Subject Headings (LCSH): | Debts, Public, Loans -- Government guaranty, Revenue sharing, Brazil -- Economic conditions -- 1985-, South America -- Economic conditions -- 1918- | ||||
Journal or Publication Title: | Economic Inquiry | ||||
Publisher: | Wiley-Blackwell Publishing, Inc. | ||||
ISSN: | 0095-2583 | ||||
Official Date: | July 2008 | ||||
Dates: |
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Volume: | Volume 46 | ||||
Number: | Number 3 | ||||
Number of Pages: | 13 | ||||
Page Range: | pp. 480-492 | ||||
DOI: | 10.1111/j.1465-7295.2007.00102.x | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access | ||||
Version or Related Resource: | Working paper: Kohlscheen, E. (2008). Debt bailouts and constitutions. [Coventry] : University of Warwick, Economics Department. (Warwick economic research papers, no.862). http://wrap.warwick.ac.uk/id/eprint/1354 | ||||
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