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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 October 2021

Sub-national Finance and Crisis

Sub-national Finance and Crisis

(p.305) Chapter 14 Sub-national Finance and Crisis
Financial and Fiscal Policies

Y.V. Reddy

Narayan Valluri

Partha Ray

Oxford University Press

This chapter identifies recent trends and explores the effects of global financial crisis on subnational finance. Sub-national finances have also been adversely affected by the global financial crisis, though in varying ways in different countries. Most of the policy responses to the crisis have been from the central governments in several forms. Transfers to sub-national governments have been biased in favour of earmarked transfers to sub-serve national goals, having regard to absorptive capacity. Drawing from the experience of sub-national finance, in the context of the global crisis, it is possible to identify some emerging issues such as possibility of further decentralization in governments in the post-crisis years; scope for increase in the space for fiscal management in sub-national levels; and possibility of building buffers against shocks at sub-national levels.

Keywords:   sub-national finance, OECD, central government, financial markets, Spain, India, fiscal management

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