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    The Importance of Fiscal Federalism

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    According to Musgrave and Oats, fiscal federalism is the division of public sector functions and finances among different tiers of government. It is a system of transfer payments or grants by which a federal government shares its revenues with lower levels of government

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    Fiscal federalism evolves and develops over time. Federal and decentralized political systems vary in the extent to which sub-central governments enjoy policy authority, political independence from the center, and taxation powers. The institutionalist view of fiscal ...

    Solution Summary

    What is fiscal federalism and how does it relate to successful public policy making? This solution provides a clear and concise answer to this question.