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Federalism, Fiscal Space, and Public Investment Spending: Do Fiscal Rules Impose Hard Budget Constraints?

dc.contributor.authorPinaki Chakraborty
dc.description.abstractThe core emphasis of rules-based fiscal legislation at the subnational level in India is to achieve debt sustainability through a numerical ceiling on borrowing and the use of borrowed resources for public capital investment by phasing out revenue deficits. Using the Arellano Bond Panel estimation, this paper examines whether the application of fiscal rules has resulted in an increase in the fiscal space for public capital investment spending in major Indian states. This analysis shows that by controlling other factors, there is a negative relationship between fiscal rules and public capital investment spending at the state level during the rules-based fiscal regime.
dc.publisherAsian Development Bank Institute
dc.titleFederalism, Fiscal Space, and Public Investment Spending: Do Fiscal Rules Impose Hard Budget Constraints?
dc.typeWorking Papers
dc.subject.expertPublic Accounting
dc.subject.expertBusiness Financing
dc.subject.expertSocial Equity
dc.subject.expertEconomic Equity
dc.subject.expertProject Risks
dc.subject.expertProject Impact
dc.subject.expertPublic Administration
dc.subject.expertPublic Debt
dc.subject.expertLocal Government
dc.subject.expertDebt Management
dc.subject.expertPublic Accounting
dc.subject.expertNational Budget
dc.subject.expertMunicipal Bonds
dc.subject.expertLocal Government
dc.subject.expertLocal Taxes
dc.subject.expertInternational Monetary Relations
dc.subject.expertInternational Financial Market
dc.subject.expertInternational Banking
dc.subject.expertCentral Banks
dc.subject.expertBusiness Financing
dc.subject.expertFinancial Aspects
dc.subject.expertFiscal Policy
dc.subject.adbRegional Development Finance
dc.subject.adbPublic Scrutiny of City Finances
dc.subject.adbNon-Bank Financial Institutions
dc.subject.adbLocal Government Finance
dc.subject.adbGovernment Financial Institutions
dc.subject.adbForeign and Domestic Financing
dc.subject.adbFinancial Risk Management
dc.subject.adbAssessing Corporate Governance
dc.subject.adbGood Governance
dc.subject.adbGovernance Approach
dc.subject.adbUrban Development Finance
dc.subject.adbTrade Finance
dc.subject.adbSmall Business Finance
dc.subject.adbRural Finance
dc.subject.adbRoundtable on International Trade and Finance
dc.subject.adbRegional Development Finance
dc.subject.naturalInvestment Requirements
dc.subject.natural|Taxing power
dc.subject.naturalTax administration and procedure
dc.subject.naturalTax policy
dc.subject.naturalEffect of taxation on labor supply
dc.subject.naturalDecentralization in government
dc.subject.naturalCommunity power
dc.subject.naturalCorporate divestment
dc.subject.naturalCivil government
dc.subject.naturalDelegation of powers
dc.subject.naturalNeighborhood government
dc.subject.naturalSubnational governments
dc.subject.naturalDelivery of government services
dc.subject.naturalLocal taxation
dc.subject.naturalLocal government
dc.subject.naturalUse tax
dc.subject.naturalTaxing power
dc.subject.naturalState of taxation
dc.subject.naturalTax revenue estimating
dc.subject.naturalTax planning
dc.subject.naturalSpendings tax
dc.subject.naturalSpecial assessments
dc.subject.naturalTax administration and procedure
dc.subject.naturalSales tax
dc.subject.naturalReal property and taxation
dc.subject.naturalProgressive taxation
dc.subject.naturalEffect of taxation on land use
dc.subject.naturalEffect of taxation on labor supply
dc.subject.naturalIntergovernmental tax relations
dc.title.seriesADBI Working Papers
dc.title.volumeno. 637
dc.contributor.imprintAsian Development Bank Institute
oar.adminregionSouth Asia Region
oar.authorChakraborty, Pinaki

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  • ADBI Working Papers
    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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