LEADER 05407oam 22011054 450 001 9910960887903321 005 20250426110700.0 010 $a9786612843389 010 $a9781462369898 010 $a1462369898 010 $a9781452761169 010 $a1452761167 010 $a9781282843387 010 $a1282843389 010 $a9781451872712 010 $a1451872712 035 $a(CKB)3170000000055280 035 $a(EBL)1608322 035 $a(SSID)ssj0000940826 035 $a(PQKBManifestationID)11519300 035 $a(PQKBTitleCode)TC0000940826 035 $a(PQKBWorkID)10955497 035 $a(PQKB)10572487 035 $a(OCoLC)550640858 035 $a(IMF)WPIEE2009124 035 $a(MiAaPQ)EBC1608322 035 $a(IMF)WPIEA2009124 035 $aWPIEA2009124 035 $a(EXLCZ)993170000000055280 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal Incentive Effects of the German Equalization System /$fSven Jari Stehn, Annalisa Fedelino 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (31 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 08$a9781451917000 311 08$a1451917007 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Fiscal Discipline and Fiscal Transfers: A Difficult Nexus; Figures; 1. Subnational Shares in Total Spending and Revenue, 2006; 2. Comparative Composition of Subnational Revenue; A. Germany's Transfer System; 3. Net Contributing and Net Receiving La?nder; 4. Evolution of the Transfer System; B. Potential Implications of Transfers; 5. Debt by Government Level; 6: La?nder Debt; III. Framework, Methodology, and Data; A. The Inter-Temporal Budget Constraint; B. Cyclicality; C. Data; IV. Empirical Analysis; Tables; 1. Germany: Descriptive Statistics, 1985-2007 327 $aA. Univariate Analysis: Fiscal Reaction Functions2. Fiscal Behavior of the Old La?nder, 1985-2007; 3. Behavior of Primary Expenditure for La?nder, 1985-2007; 4. Robustness Check I: Behavior of Primary Expenditure for La?nder, 1985-2007; B. Multivariate Analysis: VARs; 5. Robustness Check II: Behavior of Primary Expenditure; 7. La?nder Behavior and Average Received Transfers, 1985-2007; 8. Output Gap Shock; V. Policy Implications and Conclusions; 9. Primary Spending Shock; Appendix I; Appendix Table 6: Unit root tests; References 330 3 $aDoes reliance on transfers weaken fiscal discipline and encourage pro-cyclical fiscal policies in recipient subnational governments? Using fiscal reaction functions for a panel of the German Länder, this paper finds a positive answer to both questions. Net-recipient states (Länder, benefiting from the transfer system) have not reduced primary expenditure significantly in response to rising deficits, but have instead relied on vertical transfers from the federal government to ensure debt sustainability. Moreover, they have pursued pro-cyclical policies, particularly by raising expenditures in good times. Net-contributing Länder (paying into the transfer system), in contrast, have ensured fiscal sustainability through spending adjustments; they have also been less pro-cyclical. Panel vector auto-regressions confirm these findings. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/124 606 $aIntergovernmental fiscal relations$zGermany 606 $aFiscal policy$zGermany 606 $aEconomic theory$2imf 606 $aExpenditure$2imf 606 $aExpenditures, Public$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal sustainability$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aOutput gap$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aRevenue administration$2imf 606 $aRevenue$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 607 $aGermany$2imf 615 0$aIntergovernmental fiscal relations 615 0$aFiscal policy 615 7$aEconomic theory 615 7$aExpenditure 615 7$aExpenditures, Public 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal sustainability 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aNational Government Expenditures and Related Policies: General 615 7$aOutput gap 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aRevenue administration 615 7$aRevenue 615 7$aTaxation, Subsidies, and Revenue: General 676 $a332.1/52 700 $aStehn$b Sven Jari$01815911 701 $aFedelino$b Annalisa$01814497 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960887903321 996 $aFiscal Incentive Effects of the German Equalization System$94371912 997 $aUNINA