IMF paper studies decline in vertical fiscal imbalances

IMF headquarters in Washington DC

The International Monetary Fund published in full on April 2 a working paper that studies the decline in vertical fiscal imbalances (VFIs) across four European countries.

Author Izabela Karpowicz used four countries, Italy, Norway Spain and Belgium, as case studies to examine how VFIs had declined in those countries. The working paper says VFIs come under particular scrutiny during periods of fiscal austerity.

The research concludes that greater devolution of revenue was the cause of the decline

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