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452 results · page 2 of 19
Qingfu Liu, Pingyi Lou, Hong Song, Chuanjie Wang
No abstract is available for this record.
Ramil Abbasov
Government budgeting and expenditure policies play a central role in shaping national economic trajectories, influencing fiscal sustainability, and determining the quality of public services. This article provides a comprehensive review of the multifaceted effects of public budgeting, addressing key issues such as the impact of government spending on economic growth, the dynamics of budget deficits and public debt sustainability, and the roles of fiscal rules, gender budgeting, and political cycles. Additional attention is given to the effectiveness of performance-based budgeting, the challenges of balancing budgets in welfare states, and the implications of military spending, budget transparency, and participatory budgeting on governance and public trust. Further discussions analyze how fiscal decentralization, off-budget expenditures, and differing budgeting frameworks between federal and unitary states affect long-term economic stability and public finance. By synthesizing empirical and theoretical insights, this article offers policy recommendations to enhance fiscal discipline, encourage citizen engagement, and promote sustainable economic growth.
Sazzad Islam
This systematic review explores the role of participatory budgeting (PB) in enhancing public finance systems and improving policy effectiveness within local governance contexts. Drawing upon the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 framework, this study synthesizes findings from 92 peer-reviewed articles and high-quality institutional reports published between 2000 and 2024. The review investigates how PB contributes to fiscal decentralization, budget transparency, equitable public expenditure, service delivery, social inclusion, and civic engagement. Through a rigorous analysis of empirical and theoretical contributions, the review highlights the multidimensional value of PB in realigning public spending with local needs and promoting democratic accountability. Key findings indicate that PB strengthens the alignment between public resource allocation and community-defined priorities, reduces corruption through participatory oversight mechanisms, and fosters institutional trust by enhancing transparency and inclusiveness. The evidence shows that PB not only empowers marginalized populations—such as women, youth, and ethnic minorities—but also encourages sustained civic learning, social cohesion, and citizen-state collaboration. However, successful implementation of PB is contingent upon several enabling conditions, including strong political commitment, sufficient administrative capacity, legal frameworks that institutionalize participatory practices, and the presence of an active and organized civil society. Comparative analysis across Latin America, Europe, Africa, Asia, and North America reveals that while PB principles are globally adaptable, their effectiveness varies depending on local political culture, institutional maturity, and infrastructural readiness. The review also underscores the potential of digital PB platforms in expanding access and participation, though challenges remain regarding inclusivity and the digital divide. Despite promising impacts, the review identifies notable research gaps, such as the absence of longitudinal impact assessments, limited integration of intersectional frameworks, and the underrepresentation of PB practices in fragile, post-conflict, or authoritarian contexts. Furthermore, most evaluations focus on output measures (e.g., number of projects funded) rather than long-term governance or developmental outcomes. By consolidating diverse strands of literature, this review underscores PB’s transformative potential as both a governance mechanism and a fiscal tool. It calls for more context-sensitive, interdisciplinary research to fully understand PB’s long-term contributions to inclusive development, democratic renewal, and sustainable public finance reform.
Rubhesh Jha
The global climate crisis demands urgent and transformative financial mechanisms to support mitigation and adaptation efforts. Traditional climate finance models face significant challenges, including inefficiency, limited transparency, and inequitable access, particularly for marginalized communities. Decentralized Finance (DeFi), based on blockchain technology, offers a promising solution by enhancing transparency, utilizing smart contracts, and enabling decentralized governance. This study explores the role of DeFi in revolutionizing climate finance through a mixed-methods approach. It combines quantitative analysis of blockchain-based climate finance transactions with qualitative insights from industry experts, policymakers, and developers. The findings reveal that DeFi can reduce transaction costs, improve transparency, and democratize access to climate funds, with case studies such as KlimaDAO and the Toucan Protocol illustrating its potential in carbon credit systems and renewable energy projects. However, challenges such as regulatory uncertainty, technical vulnerabilities, and scalability issues persist. This research contributes to the growing discourse on integrating DeFi into climate finance by proposing a conceptual framework for its application and outlining future research directions. The results have significant implications for academics, practitioners, and policymakers striving to create effective, scalable solutions for financing climate action.
John Paolo R. Rivera, Ramona Maria Miral, Mark Gerald Ruiz
This paper explores the fiscal impacts of climate-related phenomena in the Philippines and policy recommendations for creating a climate-resilient economy. A three-pronged empirical approach (i.e., time series, panel data, and cross-section analyses) was employed to examine the nuanced interplay of climate shocks, fiscal health, and economic sustainability. Time series analysis highlighted how structural vulnerabilities, reliance on climate-sensitive sectors, and socio-economic inequalities exacerbate long-term scarring effects on growth. Panel data analysis emphasized the acute impact of temperature on government consumption expenditure, contrasting with the mixed fiscal effects of rainfall and storms, which are influenced by mitigation measures and fiscal structures. Cross-section analysis further elucidated how the fiscal resilience of local government units depends on external revenues, pre-allocated funds, and disaster severity. Findings revealed the need for region-specific fiscal responses, diverging from established scholarly literature due to the Philippines’ decentralized disaster management and reliance on local institutions. Policy recommendations include establishing a climate resilience fund, integrating climate-responsive budgeting, reinforcing risk transfer mechanisms, incentivizing green investments, and empowering local governments to manage adaptation funds. Additionally, investing in climate research, data-driven decision-making, and public awareness campaigns is critical. Aligning climate finance with long-term development plans and the 2030 Agenda for Sustainable Development ensures that resilience is embedded within the broader development strategy. These steps aim to prepare the Philippines for climate-induced risks while fostering sustainable growth, mitigating fiscal shocks, and ensuring economic stability.
Mehdi Raza
This paper critically examines Pakistan’s fiscal federalism and highlights the challenges posed by the 18th Constitutional Amendment 2010. The research is contextualized within the broader theoretical framework of fiscal federalism. Although intended to decentralize power and grant fiscal autonomy to provinces, the amendment has created structural fiscal issues, especially within the National Finance Commission. Locking of the provincial NFC share, lack of consensus building on the NFC Award since 2009, stagnant fiscal space and tax-to-GDP ratio, vertical fiscal imbalance, and absence of a joint fiscal responsibility mechanism have a negative bearing on the macroeconomic stability of Pakistan. Limited fiscal decentralization to local governments further restricts equitable development at the grassroots level. Key recommendations include operationalizing the NFC Secretariat, revising fiscal frameworks, incentivizing provincial tax efforts, and enhancing collaboration through the Council of Common Interest to strengthen fiscal management and cohesion.
Abu Hassan Abu Bakar, Anwar Sanusi, Harsono Harsono
The issue of regional inequality has gained prominence during the era of progress, driven by the goal of promoting equitable development and enhancing the well-being of all segments of society. Papua Province is an integral part of Indonesia, and confronts intricate hurdles in addressing regional inequality. In response to these hurdles, special autonomy status and fiscal decentralization were implemented to boost regional autonomy. This study aims to scrutinize the impact of special autonomy and fiscal decentralization on regional inequality within Papua Province. The dataset used in the study spans from 2011 to 2021 and has been sourced from the Central Bureau of Statistics for Papua Province and the Directorate General of Fiscal Balance under the Ministry of Finance of the Republic of Indonesia. Multiple linear regression analysis was applied and the analytical results underscore that granting special autonomy status has exerted a noteworthy influence in diminishing regional inequality within Papua Province. Nevertheless, an unexpected finding is that fiscal decentralization has not substantially curtailed regional inequality within the region. These revelations provide a comprehensive overview of the roles played by fiscal decentralization and special autonomy in endeavors to alleviate regional inequality in Papua Province. The implications of these findings lay the groundwork for policymaking and developmental planning that foster inclusivity and sustainable progress within the Province of Papua. Keywords: special autonomy, fiscal decentralization, regional inequality
José María Durán‐Cabré, Alejandro Esteller Moré, Luca Salvadori
No abstract is available for this record.
Jinli Wang
This paper aims to comprehensively examine the impact of China's environmental decentralization on corporate environmental, social, and governance (ESG) performance and investigate the underlying mechanisms. We analyze data from Chinese listed firms spanning from 2010 to 2020. The empirical findings demonstrate that: Firstly, environmental decentralization significantly inhibits corporate ESG performance. Secondly, fiscal decentralization acts as a moderating factor whereby an increase in its level strengthens the inhibitory effect of environmental decentralization on corporate ESG performance. Thirdly, heterogeneity analysis reveals that the impact of environmental decentralization varies across different types of firms in terms of their ESG performance. Privately-owned, high-polluting, and high-tech companies are particularly inclined to reduce their ESG performance with increasing levels of environmental decentralization. Finally, our mechanism analysis indicates that environmental decentralization curtails ESG practices by exacerbating financing constraints for firms and deregulating ecological environments. These conclusions remain robust after addressing potential endogeneity issues and conducting various sensitivity tests. These findings offer valuable insights for policymakers to promote sustainable economic development.
Nasim Roshdieh, Golnaz Farzad
The main goal of this paper was to investigate the effect of fiscal decentralization on foreign direct investment (FDI) in developing countries during the years 1990-2022.For this purpose, we have used the Panel Smooth Transition Regression method (PSTR).Decentralization is the financial equivalent of the central government transferring resources to local governments.Policies that increase the proportion of provincial government financing allocated to local infrastructure through fiscal decentralization can attract more foreign direct investment.Based on the results obtained from the model estimation, on percent increase the fiscal decentralization causes to increase in foreign direct investment equal to 0.86.So, we can say that providing the necessary fields for the expansion of fiscal decentralization can help to promote foreign direct investment levels in developing countries.
Wenqian Yang, Changyi Lei
This paper explores the current state and formation mechanisms of local government debt risk in China. With the slowdown in economic growth and the reduction in land finance revenue, the scale of local government debt has expanded, and debt risks have emerged. This paper analyzes the impact of fiscal systems, regional competition, and promotion incentives on debt risk, finding that mismatched fiscal powers and responsibilities, increased fiscal decentralization, tax competition, and promotion pressures have driven debt expansion. To address these issues, the paper proposes three policy recommendations: central fiscal support to promote economic recovery, optimization of the debt structure to enhance transparency, and strict control of new debt with performance assessments. This research provides theoretical support for understanding the formation mechanisms of local government debt risk and offers references for policy formulation.
Alessandro Citanna, Mich Tvede
Should the government run an uncertain fiscal policy to finance its liabilities? We call the resulting uncertainty taxspots, and study conditions that make taxspots optimal and recurrent in standard Ramsey problems. We show that prudence and market incompleteness play a role in sustaining taxspots, and that equal-treatment randomizations can be decentralized via taxspots even in the absence of financial markets.
Ulysses Koudou
Digitalization has fundamentally changed the global economy and will continue to do so. This study investigates how the US Federal Reserve and US Treasury may work together to use decentralized finance (DeFi) systems to promote economic growth in local communities. The study looks into the potential for transformation and the difficulties in incorporating DeFi into conventional financial institutions. Research shows that the use of cash as a means of payment is widely expected to decline in the future. As a result, the public’s ability to make transactions using central bank money may decline rapidly. This study's goals are to solve economic issues, promote innovation, and increase financial efficiency. The use of in-depth interviews, theme analysis, case studies, stakeholder perspectives, comparative analysis, and document analysis is suggested as part of a qualitative research methodology. The goal of these approaches is to offer a sophisticated comprehension of the dynamics of collaboration and the consequences of DeFi integration in the context of the Federal Reserve-Treasury relationship. Important data sources that are necessary to answer the research question are indicated, such as US Treasury statistics, Federal Reserve publications, DeFi platforms, and International Monetary Fund economic indicators. Informed decision-making and policy formation may pave the way for a more inclusive and efficient financial ecosystem, which will eventually drive regional economic growth in the United States and promote monetary sovereignty for the aforementioned monetary entities. This can be achieved by investigating creative collaboration tactics between the Federal Reserve and the US Treasury.
Mohammed Ibrahim Gariba, Samuel Amponsah Odei, Frank Febiri, Romana Provazníková
The motivation of this research is the surge in the integration of the digital economy (DE) and fiscal decentralization (FD) as crucial issues for countries. To maintain sustainable growth, it is important for EU to adopt sustainable development goal (SDGs) practices. However, the connection between DE, FD, and SDG practices has not been thoroughly examined in existing literature. Therefore, the objective of this study was to examine the mediating role of DE between FD and SDGs in EU. We employed a panel dataset between 2016 and 2022 from Eurostat, the Organization for Economic Cooperation and Development, and Government Finance Statistics, using a quantitative research design, and applied the structural equation model (PLS-SEM) analysis to test the hypotheses. The results indicate that FD has a significant negative effect on economic sustainability but a significant positive effect on environmental and social SDGs. In addition, FD has a significant positive effect on DE. We also found that DE has a significant positive relationship with economic and social SDGs. However, DE has a negative but significant influence on environmental sustainability. This study also proved that DE plays a mediating role between FD and Sustainability. This study contributes to theories of fiscal federalism and resource dependency. These original findings have several practical implications for policymakers and contribute to the current debate on the role of FD in SDGs through DE. hence, we recommend that policymakers prioritize the development of broadband Internet access, e-governance resources, and invest in digital skill training programs.
Abdul Hamid Paddu, Indraswati Tri Abdi Reviane, Nur Dwiana Sari Saudi, Fitriwati Djam’an · 6 authors
This study investigates a fresh perspective on how natural resource rents (NRR) and quantity of natural resources (QNR) modulate the influence of fiscal decentralization (FD) and the Financial Development Index (FDI) on energy efficiency (ENE) and CO2 Emissions. We draw upon the Stochastic Impacts of Regression on Population, Affluence, and Technology framework, taking the BRICS countries as the subject of investigation from 1986 through 2021. Using a panel Method of Moments Quantile Regression with fixed effects, our results suggest that fiscal decentralization is favorable for environmental stability, particularly in BRICS countries with higher energy efficiency and CO2 Emission levels. Increased FDI proves environmentally harmful, with pronounced effects in more energy-efficient nations. Regarding direct influences, NRR and QNR hinder energy and CO2 efficiency, notably in countries with lower energy efficiency and CO2 emissions. Regarding indirect effects, NRR and QNR positively steer the impact of fiscal decentralization and the Financial Development Index on energy efficiency and CO2 Emissions, exhibiting stronger effects in energy-efficient nations. Among other control variables, Eco-Innovation (ECO_INNO), Solar energy production (SEP), Population (POP), and Economic Growth (GDP) foster environmental stability. We propose that fiscal decentralization should be based on a clear and responsible subnational government framework to counter rent-seeking behaviors and weak environmental conservation. Further, inclusive finance must strengthen the accessibility and cost-effectiveness of financial solutions for economic agents, promoting green consumption and investment initiatives to reach environmental stability and other Sustainable Development Goals.
Constant Fouopi Djiogap, Justin Romuald Amougou Manga, Simon Pierre Onana, Fabrice Ewolo Bitoto
Abstract We study the effects of fiscal decentralization on people's access to health and education services in Cameroon. It is generally believed that fiscal decentralization is an essential way to improve people's access to social services such as education and health. After reviewing the literature, we employed the Driscoll and Kraay estimate in a sample of 45 rural and urban municipalities for the period 2010–2020 to find our results. The results show that fiscal decentralization has a positive effect on the number of classrooms per pupil and the number of desks per pupil. At the same time, it negatively affects public hospitals per capita and the state of public hospitals. To improve people's access to education and health services in Cameroon, it is necessary to encourage the transfer of powers to municipalities. There is a need to control the actions of local officials to avoid mismanagement of resources that will not benefit the population. Also, the responsibility for selecting communal projects financed via the public investment budget within the framework of decentralization should be exclusively that of municipal executives, and not that of the central government.
Muhammad Izzul Haq, Syamsuddin Syamsuddin
ABSTRACTIn decentralization, local governments are required to be able to manage their respective fiscal resources, including capital expenditures. high economic growth in a region will ideally increase regional revenues and at the same time increase capital expenditure on the regional government. The purpose of this study is to examine the role of economic growth in moderating the influence of Local Own Revenue (Pendapatan Asli Daerah-PAD), General Allocation Funds (Dana Alokasi Umum-DAU), Special Allocation Funds (Dana Alokasi Khusus-DAK), and Remaining Budget Financing (Sisa Lebih Pembiayaan Anggaran-SILPA) on capital expenditure in Regencies/Cities. in Central Java Province. This research is quantitative using moderated regression analysis (MRA) which was processed with Eviews software version 10. Empirically, in 175 samples consisting of 35 Regency/City Regional Governments in Central Java Province in 2017-2021 it was found that without being moderated economic growth DAU has a positive effect on capital expenditure. Meanwhile PAD, DAK, and SILPA had no positive effect. The existence of economic growth is able to strengthen the influence of PAD and SILPA on Capital Expenditures. However, it was unable to strengthen the influence of the DAU and DAK on capital expenditure.Keywords: Capital Expenditure; Economic Growth; Regional Income ABSTRAKDesentralisasi menuntut pemerintah daerah untuk mampu mengurus sumberdaya fiskalnya masing-masing, termasuk di dalamnya pembelanjaan modal. tingginya pertumbuhan ekonomi suatu daerah idealnya akan meningkatkan penerimaan daerah dan sekaligus meningkatkan pembelanjaan modal. Tujuan dari penelitian ini adalah untuk menguji peran pertumbuhan ekonomi dalam memoderasi pengaruh dari Pendapatan Asli Daerah (PAD), Dana Alokasi Umum (DAU), Dana Alokasi Khusus (DAK), dan Sisa Lebih Pembiayaan Anggaran (SILPA) pada belanja modal pada Kabupaten/Kota di Provinsi Jawa Tengah. Penelitian ini bersifat kuantitatif dengan moderated regression analysis (MRA) yang diolah dengan software Eviews versi 10. Secara Empiris, pada 175 sampel yang terdiri dari 35 Pemerintah Daerah Kabupaten/Kota di Provinsi Jawa Tengah tahun 2017-2021 ditemukan hasil bahwa tanpa dimoderasi pertumbuhan ekonomi DAU berpengaruh positif pada belanja modal. Sementara itu PAD, DAK , dan SILPA tidak berpengaruh positif. Adanya pertumbuhan ekonomi mampu memperkuat pengaruh PAD dan SILPA pada belanja modal. Namun tidak mampu memperkuat pengaruh DAU dan DAK pada belanja modal.Kata Kunci: Belanja Modal; Pendapatan Daerah; Pertumbuhan Ekonomi
Yuran Chen, Qian Huang, Qiaoyun Zhang
This paper investigates the impact of digital inclusive financial development on local government expenditure incentives at the income level. It does so by constructing a multi-level government Dynamic Stochastic General Equilibrium (DSGE) model that incorporates the financial sector. By employing empirical methods that involve uncertainty shocks and counterfactual simulations, the research yields several key findings. Firstly, the development of digital inclusive finance contributes to breaking down the urban-rural dual financial structure, thus facilitating balanced economic development within regions. Secondly, it reduces the proportion of financially excluded areas, accelerates fiscal decentralization, leading to an increase in local government fiscal revenue, and, consequently, an expansion of local fiscal expenditures. Thirdly, at a certain stage of digital inclusive finance development, it tends to crowd out residents' investment and consumption. Therefore, the decentralization of fiscal power and the expansion of local government expenditure at this stage may paradoxically inhibit regional economic growth. The study's conclusions validate the significant impact of digital inclusive finance on local government incentives at the income level.
Juan Melo
This paper investigates the distribution of public school expenditures across U.S. school districts using a bayesian maximum entropy model. Covering the period 2000-2016, I explore how inter-jurisdictional competition and household choice influence spending patterns within the public education sector, providing a novel empirical treatment of the Tiebout hypothesis within a statistical equilibrium framework. The analysis reveals that these expenditures are characterized by sharply peaked and positively skewed distributions, suggesting significant socioeconomic stratification. Employing Bayesian inference and Markov Chain Monte Carlo (MCMC) sampling, I fit these patterns into a statistical equilibrium model to elucidate the roles of competition, as well as household mobility and arbitrage in shaping the distribution of educational spending. The analysis reveals how the scale parameters associated with competition and household choice critically shape the equilibrium outcomes. The model and analysis offer a statistical basis for shaping policy measures intended to affect distributional outcomes in scenarios characterized by the decentralized provision of local public goods.
Dejene Mamo
This paper examines the effect of intergovernmental fiscal transfers on the fiscal behaviour of local governments in Ethiopia for the period 2004-2018. The empirical findings suggest that central government grants bolster state-level employment and expenditure. However, grants from the central government to states do not crowd out state-level revenue collection. Hence, this paper argues that fiscal decentralisation in Ethiopia has mostly, at least in theory, taken the form of devolution of the power to tax and spend public money. However, on average state-level revenue can only finance up to 26 percent of their annual expenditure. As a result, fiscal federalism in Ethiopia appears to be a delegation of spending responsibilities. It must be considered in a decentralized tax system, but with a transfer scheme and political hierarchy. The results are robust to alternative econometric estimation techniques.
Seung‐Gyu Sim, Hyerim Park, Tae-hwan Rhee
This paper examines the impact of government investment by the local government to stimulate the local economy and social security expenditure to protect the poor in the local economy. Unlike government expenditure by the central government, the local government expenditure may suffer from efficiency loss due to the absence of nationwide `planning' and `coordination.' This paper, using the Korean panel data, empirically show that the government investment to stimulate the local economy incurs efficiency loss due to `coordination failure,' while the social security expenditure does not. The result requires us a cautious and precise approach to 'decentralization of public finance unlike decentralization of political power.
Yinxin Su, Yuzhe Wu, Charles L. Choguill, Jiaojiao Luo · 5 authors
Transit-oriented development (TOD) is a sustainable land use planning tool based on land value-added capturing and urban quality improvements and has been vigorously promoted by Chinese city governments. However, few studies have been conducted on the role of the ‘land finance’ model and on people-oriented planning approach focusing on urban inclusive growth. This paper examines the current implementation of TOD in China and attempts to explore the approach to the paradigm transformation of urban development in China. Evidence from Hangzhou illustrates that the current land-centered and property-led urban rail transit construction, although contributing to the economic sustainability of ‘urban development strategy’, has led to unaffordable housing prices and failed to decentralize population away from downtown areas. This study highlights inclusive growth models which integrate TOD planning with affordable housing for the floating population, not only to ensure equity in housing affordability and space accessibility but also to promote polycentric urban development strategies. The locations of inclusive growth models include new towns/sub-cities, traditional cores and suburbs, which are all based on existing industrial cluster areas and promote the full utilization of existing public service facilities.
Baiq Siti Ainaya Assyifa, Aminullah Achmad Muttaqin
This study aims to determine the effect of fiscal decentralization on capital expenditure in the Districts and Cities of West Nusa Teggara in the period of 2011-2021. In this study, fiscal decentralization is represented by Original Regional Revenue (ORR), General Allocation Fund (GAF), Special Allocation Fund (SAF), and Reveneu Sharing Fund (RSF). The resources of data used are budget realization report of 10 Regency/City Regional Government Province of West Nusa Tenggara that was published at the Directorate General of Financial Balance Ministry of Finance. The type of research is quantitative. Data analysis using panel data regression analysis which is used the combination period/years of 2011-2021 time series data and used the crosssection data of 10 Regency/City Regional Governments in Province of West Nusa Tenggara. The results of the study show that Original Regional Revenue (ORR) has a insignificant effect on capital expenditure. General Allocation Fund (GAF) has positive and significant effect capital expenditure. Reveneu Sharing Fund (RSF) has a positive and significant effect on capital expenditures. Special Allocation Fund (SAF) has a positive and significant effect on capital expenditures.
Shafiq Ahmed, MUZAFFAR HUSSAIN
No abstract is available for this record.