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Narrowing Vertical Fiscal Imbalances in Four EU Countries

Narrowing Vertical Fiscal Imbalances in Four EU Countries by Izabela Karpowicz
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This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues - in four European countries: Belgium, Italy, Norway, and Spain. The decline in VFI was achieved through progressive devolution of revenues to sub-national governments in Belgium, Italy, and Spain, while re-centralization of health sector expenditures was the cause of the decline in the VFI in Norway.
International Monetary Fund; March 2012
22 pages; ISBN 9781475570670
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Title: Narrowing Vertical Fiscal Imbalances in Four EU Countries
Author: Izabela Karpowicz