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Soc. Sci. 2015, 4(2), 373-392; doi:10.3390/socsci4020373

Fiscal Challenges in Multilayered Unions: An Overview and Case Study

1
Department of Economics and International Relations, University of Southern California, VKC 330, Los Angeles, CA 90089, USA
2
Central Bank of Iceland, Kalkofnsvegur 1, Reykjavík 150, Iceland
These authors contributed equally to this work.
*
Author to whom correspondence should be addressed.
Academic Editor: Martin J. Bull
Received: 22 April 2015 / Revised: 11 May 2015 / Accepted: 15 May 2015 / Published: 19 May 2015
View Full-Text   |   Download PDF [240 KB, uploaded 19 May 2015]

Abstract

This paper reviews recent research dealing with fiscal discipline and revisit the issues of fiscal control in federal systems, focusing on selective case studies covering the 2000s, before and after the global financial crisis (GFC). We start by contrasting the recent fiscal history of California to that of Greece, illustrating the different ways of dealing with fiscal deficiencies in a mature union, U.S., versus a young union, Eurozone. We continue with an overview of the fiscal developments in Brazil, illustrating the challenges facing federal systems in emerging markets, and possible ways to move forward in upgrading a country’s fiscal institutions. We conclude with the fiscal history of Iceland before and after the financial crisis—a standalone small country, assessed favorably by rating agencies prior to the GFC, and now recovering from a deep financial crisis. View Full-Text
Keywords: fiscal union; fiscal discipline; debt crisis fiscal union; fiscal discipline; debt crisis
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Aizenman, J.; Gunnarsson, G. Fiscal Challenges in Multilayered Unions: An Overview and Case Study. Soc. Sci. 2015, 4, 373-392.

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