A MODEL OF REGIONAL DEBT WITH A SOFT BUDGET CONSTRAINT

被引：1

作者：

Breuille, Marie-Laure ^{[1
]}

Madies, Thierry ^{[2
]}

Taugourdeau, Emmanuelle ^{[3
]}

机构：

[1] Univ Paris X Nanterre, THEMA, 200 Ave Republ, F-92001 Nanterre, France

[2] Univ Fribourg, CNRS, CREM, CH-1700 Fribourg, Switzerland

[3] Univ Caen, CNRS, CREM, F-14032 Caen, France

来源：

REVUE ECONOMIQUE | 2006年 / 57卷 / 03期

关键词：

D O I：

10.3917/reco.573.0553

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this article, we endogenously derive the soft budget constraint phenomenon in a federation when fiscal decisions are delegated to regions. In this framework, the softness of the regional budget constraint results from federal government cross-subsidization objective. We analyse the impact of the soft budget constraint on the borrowing opportunity cost.

引用

页码：553 / 561

页数：9

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