Fiscal Decentralization and the Challenge of Hard Budget Constraints

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"This volume brings together sound and highly original scholarship. The problem of soft budget constraints is undoubtedly the most important issue facing new and reforming federations around the world, and the editors have assembled an outstanding array of scholars to address it. This book is essential reading for policy analysts working on decentralization, as well as economists, political scientists, and the educated public."
--Timothy Goodspeed, Professor of Economics, Hunter College, City University of New York

"This is a very timely and interesting volume that tackles an important set of questions. The editors have brought together a set of papers by top-tier economists, and they have done an excellent job of positioning this volume with respect to the broader literature."
--James M. Poterba, Mitsui Professor of Economics, MIT








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