Macro Federalism and Local Finance

Abstract

The book is divided into two parts. The
\n first part macro federalism provides a fresh look at
\n emerging constitutional challenges arising from
\n globalization and the information revolution, as well as the
\n dynamic-efficiency and growth implications of existing
\n federal constitutions. Several aspects of these systems are
\n examined: (a) institutional design to achieve internal
\n economic union; (b) policies for regional development; (c)
\n conduct of monetary policy; (d) coordination of fiscal
\n policies, with a special emphasis on tax harmonization; and
\n (e) management of risks of insolvency from sub-national
\n borrowing. The second part of the book local finance
\n provides a comparative perspective on local finances and
\n measures the progress of decentralized governance reforms in
\n developing countries.