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Economic stimulus measures in the pandemic: the role of fiscal decentralisation

Elgin, Ceyhun, Yalaman, Abdullah and Yasar, Sezer 2023. Economic stimulus measures in the pandemic: the role of fiscal decentralisation. Cambridge Journal of Regions, Economy and Society 16 (1) , pp. 167-184. 10.1093/cjres/rsac047
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Is fiscal federalism associated with economic policy responses and stimulus measures adopted by national and sub-national governments to mitigate the adverse economic effects of the COVID-19 pandemic? In this paper, we provide empirical evidence that it indeed is. Our results indicate that even after controlling for various relevant factors, countries with fiscally federal (decentralised) governments have adopted larger fiscal and macro-financial policy packages (as a percent of GDP). However, there are no significant differences in monetary-policy responses between centralised and decentralised governments. We also show that these results are robust to using different federalism measures, including different sets of control variables and different econometric specifications that include an instrumental variable estimation.

Item Type: Article
Date Type: Published Online
Status: Published
Schools: Business (Including Economics)
Publisher: Oxford University Press
ISSN: 1752-1378
Date of First Compliant Deposit: 6 April 2023
Date of Acceptance: 30 November 2022
Last Modified: 18 Nov 2023 01:22

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