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Financial Management White Papers

Are Hard Budget Constraints for Sub-National Governments Always Efficient?

Overview 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 hard budget constraints (HBCs), inefficient investment by SNGs should not arise. This paper presents a model where this is not the case: HBCs can be too "hard" and discourage investment that is socially efficient.

Further White Paper Details
Publisher	University of Warwick	File Format	PDF, requires Acrobat Rdr 5
Date Published	October 2004	Downloads	1
Format	White Papers
Topics	Financial Management, Performance Budgeting and Management

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