An autonomous research institute under the Ministry of Finance


Intergovernmental Finance in Five Emerging Market Economies

Publication date

Aug, 2014


Report Submitted to 14th Finance Commission of India.


Tapas K. Sen, H K Amarnath, Bharatee Bhushan Dash, Manish Gupta, Sudhanshu Kumar


In this study, the features of fiscal decentralization in five such nations – Brazil, China, Indonesia, Russia, and South Africa – are surveyed, with a view to summarize the essentials of the groups of characteristics that are common to all structures of fiscal federalism. These include assignment of functional responsibilities, fiscal imbalances, intergovernmental transfers to resolve the imbalances, and sub-national borrowing. In addition, these surveys also consider the role of sub-national governments in macroeconomic stabilization in the context of the recent past – during and after the global financial crisis.



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