Fiscal Consolidation (Vammalle & Hulbert)

Sub-national finances and fiscal consolidation by Camila Vammalle and Claudia Hulbert published by OECD (2/2013), indicated by Felipe Salto. “…Facing degraded finances, upward pressure on expenditures and deteriorated borrowing conditions, many sub-national governments have used public investment as an adjustment variable to reduce their budget deficits and preserve their spending on welfare, health  or education. However, such policies may hinder long-term growth perspectives.”