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Conventional wisdom postulates that there are benefits from decentralizing government finances...

This paper starts from a discussion of the economic case for moderated government intervention in...

This paper runs the gamut of qualitative and quantitative analyses to examine the performance of...

This paper analyzes the main sources of fiscal risks, including from unexpected changes in...

We model an economy in which domestic banks and firms face incentive constraints, as in Holmstrom...

Banks will want to influence the bank regulator to favor their interests, and they typically have...