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• W2101278135 abstract "In fiscally decentralized countries, sub-national governments (SNGs) may face soft budget constraints and consequently invest and borrow too much. The policy literature claims that, with competitive capital markets and central governments imposing budget constraints (HBCs), inefficient investment by SNGs should not arise. We present a model where this is not the case: HBCs can be too hard and discourage investment that is socially efficient. The model combines a dynamic commitment problem as in Kornai, Maskin and Roland (2004) for central government with a moral hazard problem between central and SNG. The HBC over-incentivises the SNG to provide effort by penalizing it too much for project failure, thus leading ultimately to the possibility that socially efficient projects may not be undertaken." @default.
• W2101278135 created "2016-06-24" @default.
• W2101278135 creator A5005990047 @default.
• W2101278135 creator A5087209437 @default.
• W2101278135 date "2004-10-21" @default.
• W2101278135 modified "2023-10-02" @default.
• W2101278135 title "Are hard budget constraints for sub-national governments always efficient?" @default.
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• W2101278135 hasPublicationYear "2004" @default.
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