Definitions
Fiscal Federalism
Federal states consist of at least two tiers of government. In federal states, the sub-national tiers do not act exclusively as agents of the central level. They are (at least to some extent) autonomous and can decide for themselves on the organization and performance of the public tasks assigned to them in the Federal Constitution, as well as on the necessary expenditure and taxes (principle of autonomy). The principle of fiscal equivalence implies that, within a given jurisdiction at the different federal tiers of government, the costs of providing public goods and services should be covered and funded by those who enjoy their benefits and decide upon it. In a financially stable federalism, decision-makers, taxpayers, and beneficiaries should overlap to the highest possible degree (institutional congruence).
Sub-national Bond Spreads
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Hofmann, R. (2020). Fiscal Federalism and Sub-national Bond Yield Spreads: The Swiss Case. In: Farazmand, A. (eds) Global Encyclopedia of Public Administration, Public Policy, and Governance. Springer, Cham. https://doi.org/10.1007/978-3-319-31816-5_3927-1
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DOI: https://doi.org/10.1007/978-3-319-31816-5_3927-1
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