Central Control of Regional Budget: Theory with Applications to Russia
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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Motivated by the recent experience in the Russian Federation, this paper examines the implications of imposing central control on the budgetary activities of a subnational government. In a highly stylised multi-task principal-agent model (Holmstrom and Milgrom (1991)), a central government cannot directly monitor the informal budgetary operations...
