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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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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.

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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 ...

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